The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has confirmed that the bidding process for the acquisition of shares in Société Générale Ghana is currently underway. The central bank is awaiting further updates on the preferred bidders, as part of the ongoing sale of the bank’s shares.
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.
This follows an earlier directive from the BoG, asking Société Générale Ghana’s management to submit a full list of bidders to ensure transparency and prevent any surprises. During a previous MPC press conference in May 2024, Dr. Addison expressed concerns about a lack of communication from the bank regarding its strategic plans. At that time, the BoG had not received formal information from either the Accra office or the Société Générale Group.
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.
However, it has been reported that Société Générale has engaged investment bank Lazard to explore potential buyers for its operations in Ghana, Cameroon, and Tunisia. Among the interested parties, Absa Bank is rumored to be considering the acquisition of these subsidiaries.
The bidding process remains ongoing, and the final outcome will be closely watched by the financial industry and stakeholders in Ghana.
