The Ghana Investment Promotion Authority (GIPA) has expressed optimism that the acquisition of Société Générale Ghana by Morocco’s Attijariwafa Bank will strengthen Moroccan investment flows into Ghana and deepen economic ties between the two countries.
The Chief Executive Officer of GIPA, Simon Madjie, made the observation when he engaged the Managing Director of Société Générale Ghana, Hakim Ouzzani, who paid a courtesy visit to the investment promotion agency.
Mr Madjie assured the Moroccan-linked shareholder of Ghana’s commitment to supporting a smooth transition as Attijariwafa Bank prepares to take over the operations of Société Générale Ghana, including its client portfolios and employees.
The engagement follows an agreement announced by Société Générale Group on October 1, 2026, to divest its entire 60.22% stake in Société Générale Ghana. Under the transaction, Attijariwafa Bank will acquire 55.22%, while the Social Security and National Insurance Trust (SSNIT) will acquire a further 5% stake. The transaction remains subject to the required financial and regulatory approvals.
Attijariwafa Bank, one of Morocco’s major banking groups, will become the new majority shareholder and take control of the Ghanaian bank once the transaction receives the necessary approvals. The group said the move forms part of its strategy to expand its presence in Africa and strengthen its position in English-speaking African markets.
GIPA noted that the transaction could create opportunities for increased Moroccan foreign direct investment into Ghana, with Mr Madjie inviting Société Générale Ghana and Attijariwafa Bank to participate in the Invest Ghana Summit scheduled for November 16–17, 2026.
The proposed takeover comes as Ghana seeks to attract more foreign investment into the economy. Ghana recorded US$2.62 billion in foreign direct investment in 2025 across 254 projects, according to the latest investment data compiled by GIPA and other public institutions.
Globally, foreign direct investment rose by six per cent to US$1.6 trillion in 2025, according to UN Trade and Development, although the organisation noted that the recovery was uneven and concentrated in a relatively small number of economies and sectors.
The Attijariwafa transaction also adds to an expanding Moroccan business presence in Ghana. Morocco’s Foreign Ministry indicated in July that Moroccan businesses were increasingly active in Ghana in areas including banking, housing and infrastructure, while the two governments encouraged stronger reciprocal investment flows.
Ghana and Morocco have also moved to create a broader framework for economic cooperation. In July, the two countries signed 11 cooperation agreements covering sectors including trade, aviation, customs, mining, education, scientific research, vocational training and investment-related cooperation.
The agreements followed the Second Session of the Ghana-Morocco Permanent Joint Commission for Cooperation and included plans to strengthen private-sector engagement. The two countries also agreed to establish a Ghana-Morocco Economic and Investment Forum to facilitate business partnerships and investment opportunities.
For GIPA, the planned change in ownership of Société Générale Ghana therefore represents not only a change in the bank’s majority shareholder but also an opportunity to deepen Ghana-Morocco commercial relations and attract further Moroccan capital into the Ghanaian economy.
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