Debt Restructuring: Ghana’s top Banks record losses

GCB Bank Plc, the country’s largest lender by assets, posted a 593.4 million cedis ($50.5 million) net loss for the year 2022 to end-December, its first since 1993.

Standard Chartered Bank Ghana Ltd., the biggest by market value, reported a loss of 297.8 million cedis.

The losses come as the government is attempting to restructure its debt, which has been rising steadily since the start of the decade.

The banks are expected to write off large amounts of bad loans, as well as take losses on investments in government bonds, impacting the banking sector.

There has been a sharp decline in banks’ share prices, and a decrease in their lending capacity while having a toll on investments and customer growth and patronage.