In her assessment of the year under review, Board Chair, Mrs. Margaret Boateng Sekyere, observed that Global economic growth in 2024 maintained its drive, with the January 2025 World Economic Outlook (WEO) report revising growth upwards from 3.2% to 3.3%.
She mentioned that Global financial conditions eased slightly in late 2024 but remained tight overall. Policy rates stayed high due to stower than-expected disinflation in some areas, rising long-term bond yields in advanced economies, and uncertainty about U.S. trade and immigration policies.
The effects of these tight policies and uncertainties are a negative impact on equity prices and investor sentiments on Emerging Markets and Developing Economies.
The Board Chair, referencing data from Bank of Ghana, noted that the Ghanaian banking sector remained profitable, well-capitalized, and liquid in 2024, with assets growing by 33.8%. She revealed however that although profits increased compared to 2023, the growth rate slowed, moderating profitability indicators.
Reporting on the bank’s share performance for 2024, the Board Chair revealed a slight decline in the share price.”The share price of the Bank in the year under review declined marginally by 4% as price decreased from GHc1.57 at the beginning of the year to GH¢1.5 at the end”, she concluded.
Managing Director of the bank, Mr. Hakim Ouzzani, in his report, observed that the banking sector showed resilience in 2024, continuing its recovery post-DDEP. He announced that “Societe Generale Ghana made a net profit of GHS551,299,247 for the year ended 31st December 2024 which is a 30% increase from 2023. However, Return on Equity declined to 23% from 28% the previous year, primarily due to a rise in shareholders’ equity following a successful fixed asset revaluation”.
The MD highlighted several impactful and life changing CSR/ESG projects undertaken by the bank within the year, including the Numesua Borehole in Kumasi, Kodie Borehole, tree planting exercise and many others. He also listed several innovative products rolled out by the bank as parts of efforts to continuously enhance customer experience.
These include the SG Ghana Home Sweet Loan product and the SG Woman Club Initiative.
The 45″ Annual General Meeting, saw the adoption of the Financial Statements of the Company and reports of the directors and the auditors of the Company for the year ended 31 December 2024.
The meeting also executed the business of re-electing an Executive Director and Non-Executive Directors, electing a Non-Executive Director, approved Directors’ fees and granted authorization to the Directors to determine the remuneration of the Auditors.
The meeting ended with great optimism for growth and continued shareholder value for 2025.
Societe Generale Ghana Plc
Societe Generale Ghana is one of the leading banks in Ghana with 40-networked branches and outlets across the country. The Bank provides Retail and Corporate clients with dedicated innovative products and services aimed at satisfying and anticipating customers’ needs.
The Bank is recognized for supporting individuals and businesses of various sizes and backgrounds to achieve their full potential.
The Bank is the foremost innovator in the Banking industry spearheading key reforms such as Factoring, Cash Management, Foreign Exchange and Commodity Hedging, Consumer Credit Loan and Bill Payments to meet its customers’ needs.
