)
According to a report by Bloomberg, audited accounts of these two banks showed the GCB recorded a GH¢593.4 million net loss for the year ending December 2022, a first since 1993 and Standard Chartered Bank Ghana Ltd also reported a loss of 297.8 million cedis.
The report further stated that banks operating in West Africa’s second-largest economy have taken a hit of about $1.4 billion, according to Bloomberg calculations.
Meanwhile, Ghana is restructuring most of its public debt, estimated at 576 billion cedis.
The Domestic Debt Restructuring Programme (DDEP) and the foreign debt restructuring are being led byGhana’s Finance Minister Ken Ofori-Atta.
)
)
)
He is seeking to alter an agreed plan between the government of Ghana and lenders on how to repay loans.
The Ghana Government says the country is cash-strapped and is unable to honour its domestic and foreign debt obligations.
In a related development, there have been worrying concerns by local bondholders and industry experts about how the government is going about the restructuring.
)
Also the 2022 Audited Financial Statements released by some banks have shown the debt exchange programme has already taken a toll.
Ghana’s debt restructuring is critical to the government's move to get $3 billion from the International Monetary Fund (IMF).