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Business"We don’t want to be surprised" - BoG tells Société Générale on...

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“We don’t want to be surprised” – BoG tells Société Générale on shares acquisition

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The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has informed the management of Société Générale Ghana that the central bank expects transparency regarding the individuals interested in acquiring shares in the bank.

On Wednesday, May 8, the Managing Director of Société Générale Ghana, Hakim Ouzzani, dismissed media reports suggesting the bank was exiting Ghana as mere rumours, stating that such reports did not originate from the bank.

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In a statement on Thursday, May 9, the management of Société Générale Ghana acknowledged that the Société Générale Group had initiated a strategic review.

Regarding the situation, Governor Addison noted that the central bank has not yet received any formal information on the bank’s next steps.

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Dr Addison said this during the 118th Monetary Policy Committee (MPC) press conference in Accra on Monday, May 27.

“This is an area where we have not formally received any information from SG both from their group or from the office in Accra.

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“I have had discussions with their office in Cote I’dvoire and I have complained that we don’t want to be surprised.

“We are hearing things in the air and we want to see the long list of those that are interested in acquiring their shares, we do not even want to see the shortlist. So I have expressed those concerns to their representatives in their Cote D’Ivoire office and hopefully we will hear something from the group very soon.”

Meanwhile, Société Générale Ghana has assured that further details will be communicated in accordance with applicable legislation at the appropriate time.

“Societe Generale Ghana has been informed that Societe Generale Group, which holds 60.22% of Societe Generale Ghana, has initiated a strategic review. If a concrete development were to be decided, a subsequent communication will be made at the appropriate time according to applicable legislation,” the statement said.

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