Ghana’s banking sector recorded a pre-tax return on equity of 22% and a return on assets of 4.3% in the first eight months of 2026, according to Fitch Ratings.
The credit rating agency said the sector’s healthy profitability could slightly diversify the earnings base of Attijariwafa bank (AWB), following its acquisition of a 55.2% stake in Societe Generale’s Ghanaian subsidiary.
Fitch said the transaction was likely to be ratings-neutral for AWB because Societe Generale Ghana (SGG) had assets of less than USD1 billion at the end of 2025. That represented about 1% of AWB’s total assets and 11% of its total equity.
The subsidiary’s relatively small size means the deal is unlikely to materially increase AWB’s exposure to the rest of Africa or put pressure on its capital ratios. Fitch expects SGG to make only a modest contribution to AWB’s assets and net income in the medium term, with its 2025 net income equivalent to 3% of AWB’s total.
“The acquisition will not significantly increase AWB’s exposure to the rest of Africa, although we expect it may slightly diversify AWB’s earnings base due to Ghanaian banks’ healthy profitability metrics,” Fitch said.
Exposure to the rest of Africa declined to 24% of AWB’s consolidated assets at the end of the first half of 2026, compared with 26% at the end of 2023. Fitch said the level remained high, although detailed country-level exposure reduced group-wide risks.
Moroccan assets increased by about 4% in the first half of 2026, broadly in line with growth elsewhere in Africa. Fitch expects continued expansion in Morocco to support the relative importance of AWB’s domestic operations.
The assessment follows comments from the Governor of the Bank of Ghana on the condition of the domestic banking industry. Speaking at the 132nd MPC press conference in Accra on Thursday, September 24, he said the sector remained solvent, profitable and liquid, while asset quality was improving.
“In August 2026, total assets of the sector increased by 20.5 percent, year-on-year, to GH¢500.2 billion, supported by robust deposit mobilisation and growth in other funding sources,” he said.
The capital adequacy ratio rose to 19.1 per cent in August 2026 from 18.3 per cent in August 2025, while the Non-Performing Loan (NPL) ratio fell from 20.8% to 15.7% over the same period.
However, the governor warned that credit risk remained elevated and urged banks to follow NPL guidelines to strengthen confidence in the financial system.
Fitch said Ghana’s operating environment was improving as macroeconomic conditions stabilised after volatility linked to the 2024 sovereign debt restructuring. Its upgrade of Ghana’s Long-Term Issuer Default Ratings to ‘B’/Positive from ‘B-’/Stable in May reflected lower government debt relative to GDP and higher international reserves.
AWB’s common equity Tier 1 ratio was 10.2% at end-2025 and is expected to remain between 10% and 11% in the near term. Its return on equity was 17.5% in the first half of 2026, annualised.
The agency also said AWB’s exposure to Ghanaian cedi volatility should be very limited. Its Long-Term Issuer Default Rating was upgraded to ‘BB+’/Stable from ‘BB’/Stable in December 2025.
