The Bank of Ghana (BoG) has received the complete list of prospective buyers interested in acquiring shares of Société Générale Ghana, as announced by Governor Dr. Ernest Addison. This development comes after the BoG requested the list to avoid any surprises in the bidding process. Dr. Addison confirmed that the bidding process is ongoing and the central bank awaits notification of the preferred bidders selected by Société Générale.
During the 120th Monetary Policy Committee (MPC) press conference in Accra, Dr. Addison stated that the BoG has been furnished with the list of bidders, and the bidding process is still underway. The central bank’s primary concern is to ensure transparency and avoid surprises in the share acquisition process.
In May, Dr. Addison expressed concerns about the lack of information from Société Générale regarding the bidding process. He emphasized the importance of transparency, stating that the BoG wants to see the full list of interested buyers, not just the shortlist.
Société Générale Ghana’s management issued a statement in May, announcing that the Société Générale Group had initiated a strategic review. The bank assured stakeholders that further details would be communicated in accordance with applicable legislation.
Rumors had circulated about Société Générale’s potential withdrawal from Ghana after nearly 20 years of operations. The bank has engaged investment bank Lazard to explore potential buyers for its operations in Ghana, Cameroon, and Tunisia.
Absa Bank is reportedly considering acquiring Société Générale’s subsidiaries. However, no official confirmation has been made.
Société Générale Ghana has undergone significant transformations since its inception in 1975. The bank was initially known as Security Guarantee Trust Limited and later changed its name to Social Security Bank Limited.
In 2003, Société Générale acquired a controlling stake in the bank, which was later renamed Société Générale Ghana. The bank has since expanded its operations and increased its share capital.
The Bank of Ghana’s involvement in the bidding process ensures that the acquisition process is transparent and in the best interest of stakeholders. The outcome of the bidding process will determine the future direction of Société Générale Ghana.
As the bidding process unfolds, stakeholders will be keeping a close eye on developments. The acquisition of Société Générale Ghana’s shares is expected to have significant implications for Ghana’s banking sector.
