As a result of the domestic debt exchange programme, and the economic challenges Ghana faced in 2022, some banks recorded huge losses.
When the country’s debt levels began rising and the need for a debt restructuring become inevitable, there were predictions that some banks were going to take a hit, since they were knee-deep in government business.
The volatility of these banks even led to some downgrades by international rating agencies.
However, per their audited financial statements, some of the top banks in Ghana recorded huge losses (Profit before Tax) to the tune of about GH¢4.9 billion. Out of 21 banks, only 6 recorded profits in 2022.
Some of the top banks that recorded losses are as follows:
CBG
ABSA bank
CAL Bank
GCB
Ecobank
Standard Chartered Bank
For impaired assets, Absa Bank recorded the most casualty, writing off GH¢2.12 billion.
This was followed by Consolidated Bank and GCB Bank which also wrote off GH¢2.11 and GH¢2.08 billion respectively.
Meanwhile, six banks recorded profits (profits before tax, PBT) in 2022.
These include GT Bank (GH¢191m), Societe Generale (GH¢172m), FBN Nigeria (GH¢102m), and UBA (GH¢91m).
Source: ghanaweb.com
