Société Générale to exit Ghana after 20 years

French Bank Société Générale has decided to exit the Ghanaian market, marking the end of its 20-year presence in the country.

In addition to Ghana, the bank has opted to cease operations in other African nations, namely Tunisia and Cameroon.

Recently, Société Générale finalized deals with Saham Group to offload its Moroccan operations

Citing its long-standing presence in Africa, Société Générale aims to focus its resources on markets where it can assert itself as a leading bank, aligning with its overarching strategy outlined on its website on April 12, 2024.

The move by Société Générale to exit Ghana and other African markets mirrors similar actions taken by its European counterparts

Barclays and Standard Chartered are notable examples, with the latter scaling back operations in some countries while maintaining a presence in Ghana and select African nations.

As European and other non-African banks exit, there is speculation that African banks, particularly those from South Africa and Nigeria, may emerge as dominant forces in the continent’s banking sector.