SOCIETE GENERALE GHANA PLC HOLDS 44TH VIRTUAL ANNUAL GENERAL MEETING TO ACCOUNT TO SHAREHOLDERS OF THE BANK

PRESS RELEASE

SOCIETE GENERALE GHANA PLC HOLDS 44TH VIRTUAL ANNUAL GENERAL MEETING TO ACCOUNT TO SHAREHOLDERS OF THE BANK

Societe Generale Ghana PLC held its 44th Annual General Meeting on Wednesday 8th May 2024 to review the performance of the Bank in 2023 and account to shareholders. The virtual meeting hosted at the Bank’s Head Office, was streamed live online for shareholders to participate in.

The Board Chair, Margaret Boateng Sekyere, in her assessment of the year under review, noted the mixed trend of global economic performance in 2023. She recounted how this was acutely prevalent for Emerging Markets and Developing Economies, emphasising that, effective policy measures and a resurgence in consumer spending, counteracted weakness in the property sector. She added that, “In 2023, developing economies experienced subdued growth, primarily attributed to weaknesses in the manufacturing sector, impact of stringent monetary policies and diminished external demand.” She however shared some good news for shareholders of the Bank, affirming that “The share price of the Bank in the year under review grew significantly by 57% as the price increased from GHS1.0 at the beginning of the year to GHS1.57 at the end.” Madam Boateng Sekyere expressed optimism for the year 2024 with a continued deepening of stakeholder relationship with customers, the communities, and the regulators  

The Annual General Meeting saw the approval of the adoption of the Financial Statements of the Bank for the year ended 31 December 2023, together with reports of the Directors and the auditors of the Bank. The meeting re-elected Directors retiring by rotation and Directors appointed and retiring during the year in accordance with Section 60 of the Company’s Constitution, approval of Directors fees, appointment of Auditors, and the authorization granted to the Board of Directors to determine the remuneration of the External Auditors. .

The Managing Director of the Bank, Mr. Hakim Ouzzani, in his report to the shareholders, noted that Ghana’s path to recovery was slower than projected, citing the introduction of new fiscal policies in line with the IMF objectives as further challenges to the nation’s recovery.

Mr. Ouzzani was happy to announce the Bank’s positive performance during a difficult period. “Amidst the economic challenges plaguing the nation and the banking industry, your bank recorded a Profit after Tax of GHS 424,802,981, an impressive growth of 290% from what was recorded in the prior year.” He stated.

The MD’s report highlighted several impactful projects the Bank undertook including the Boafo Loan Launch, Sustainability Agenda, Refurbishment of the Korle Bu Hospital Surgical Department, Innovation Hub Initiatives, Ya Te So Loan campaign and the 20th Anniversary celebration. All these entrenched the Banks relationship with customers and their communities while boosting the Bank’s awareness with target stakeholders.

The meeting was a resounding success and ended with an optimistic enthusiasm for the year 2024.

Societe Generale Ghana… The Future is You!