The Bank of Ghana (BoG) is overseeing the ongoing sale of shares in Société Générale Ghana, with multiple prospective buyers now in contact with the central bank, according to Dr. Johnson Asiama, Governor of the BoG.

Speaking at the 123rd Monetary Policy Committee (MPC) press conference in Accra on March 28, Dr. Asiama emphasized that the BoG’s role is to ensure any potential buyer meets the regulatory requirements before moving forward with the transaction. “As a central bank, our responsibility is to issue a no-objection once the buyer satisfies the ‘fit and proper’ criteria,” he stated.

Dr. Asiama outlined the bank’s involvement in the transaction, noting that BoG will review the negotiations and ensure that any deal adheres to the guidelines for mergers and acquisitions in the country. He added that the process remains in its early stages as BoG awaits final agreements between the shareholders.

In a statement released on May 9, 2024, Société Générale Ghana confirmed that its majority shareholder, Société Générale Group, had initiated a strategic review of its operations. The French banking giant, which holds a 60.22% stake in the Ghanaian subsidiary, indicated that any concrete decisions would be communicated in accordance with local regulations.

Despite rumors circulating regarding the bank’s potential exit from Ghana, the management of Société Générale Ghana sought to clarify the situation at its 44th Annual General Meeting, assuring stakeholders that such reports were unfounded. “The news item being circulated was not issued by the group or Société Générale Ghana,” the company stated, affirming its commitment to strengthening its capital base in line with its broader group strategy.

The developments come nearly two decades after Société Générale’s entry into the Ghanaian market, raising questions about the bank’s future in the region.

Source:TheDotNews