The Social Security and National Insurance Trust (SSNIT) has announced that it has secured an additional 5.0% stake in Societe Generale Ghana.

The development now brings SSNIT's total holding in the bank to 24.36%, from 19.36.

In a statement issued today, SSNIT said the development follows the completion of the acquisition of Societe Generale Group’s 60.22% controlling stake in the bank by Attijariwafa Bank and SSNIT.

It explained that the “Trust appreciates the support of the Government of Ghana, particularly the Minister responsible for Finance, who was instrumental in securing the additional stake and completing the transaction”.

“The deal enhances the Trust’s position to safeguard and grow contributors’ retirement assets while supporting the long-term development and stability of the Bank”, it added.

SSNIT continued that “The transaction also advances greater Ghanaian participation in the banking sector by increasing local ownership in a major financial institution”.

“This reflects the importance of ensuring that Ghanaian workers, pensioners and institutions benefit more directly from the growth and performance of the country’s financial sector”, SSNIT added.

The Trust commended Attijariwafa Bank for its cooperation throughout the transaction and acknowledged the Bank of Ghana and the Securities and Exchange Commission for their regulatory oversight.