Dr Johnson Asiama the Governor of the Bank of Ghana (BoG) has revealed the Prospective buyers engaging BoG in the sale of shares in Société Générale.
According to the BoG boss, the Central Bank is making sure all potential investors meet the necessary fit and proper requirements.
Speaking during the 123rd Monetary Policy Committee (MPC) press conference in Accra on Friday, March 28 he stated, “The sale of shares in Societe Generale is ongoing, a number of prospective buyers have touched base with us. But as you know, we are central bank regulators, ours is to issue a no objection, ours is to ensure that the prospective buyer meets the fit and proper requirements. And so we await negotiations on their part. When it is included, we will then look at the aspect that we have to look at.
“We will have to make sure that they meet the policy guidelines when it comes to mergers and acquisitions, and to make sure that everything is fit and proper”.
“So that is where we are as far as the SG transaction is concerned. We are waiting for the shareholders, we are waiting for the agreements that can be reached, and then we will get involved for that sale to go to the next step”, he added.
The Managing Director of Société Générale Ghana, Hakim Ouzzani speaking at the 44th Annual General Meeting of Société Générale Ghana in Accra on Wednesday, May 8 stated, “Some rumours have indeed taken root regarding SG Ghana. But it’s important to mention to all our stakeholders and our shareholders that the news item being circulated in the media was not issued by the group nor by SG Ghana”.
Meanwhile, last year the former Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, also confirmed that the bidding process for the acquisition of shares in Société Générale Ghana is currently underway.
Speaking during the 120th Monetary Policy Committee (MPC) press conference in Accra on Friday, September 27, Dr. Addison revealed that the BoG has received a complete list of potential buyers interested in acquiring shares in Société Générale Ghana. He noted that once Société Générale finalizes its decision on the preferred bidder, the central bank will be informed accordingly.
“As an update, we have been furnished with all the bidders of shares that are being disposed of. So, the bidding process is still ongoing, and hopefully, when they decide on the preferred bidder, they will also let us know,” Dr. Addison stated.
The Société Générale Group, which holds a 60.22% stake in its Ghanaian subsidiary, announced in May 2024 that it had initiated a strategic review of its operations.
While no formal decisions had been made at the time, the group assured that any significant developments would be communicated in accordance with legal requirements.
In response to rumors that Société Générale was planning to exit Ghana, the bank’s Managing Director, Hakim Ouzzani, clarified during the 44th Annual General Meeting in May that these reports were unfounded.
He emphasized that the news did not originate from the bank or its parent group and reassured stakeholders of the bank’s continued commitment to strengthening its capital base in line with its strategic objectives.
