Société Générale has refuted claims about its departure from the Ghanaian banking sector, asserting that such rumors are baseless. During the 44th Annual General Meeting, Managing Director Hakim Ouzzani clarified that the reports did not originate from the bank itself.
“Some rumors have indeed circulated regarding SG Ghana. However, it’s important to emphasize to all our stakeholders and shareholders that the news being circulated in the media was not issued by the group nor by SG Ghana. We don’t want to comment further, but I strongly insist that the reports are not from SG or SG Ghana,” Ouzzani stated.
Contrary to the speculation, Société Générale is not exiting Ghana after its 20 years of operation. Instead, the bank is undergoing operational adjustments to better align with international market conditions. The recent agreement to sell its Moroccan business to Saham Group and the divestment from several African countries in 2023, including Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad, has fueled speculation. However, the bank clarified that its focus is on strategic markets where it can establish a significant presence.
Société Générale’s decision aligns with its broader plan announced on its website on April 12, 2024, which emphasizes concentrating resources on key markets to solidify its position as a major bank, particularly in Africa where it has a longstanding presence.
