Ghanaian banks will return to profit this year - Ghana Amalgamated Trust

Bank  Ghana Ghana’s banks were pushed into losses following the debt revamp excercise

Sat, 13 May 2023 Source: Bloomberg

Ghana’s banks that were pushed into losses by a government debt revamp will return to profits this year, the country’s financial rescuer said.

Thanks to aggressive impairment accounting, the lenders limited most of the losses from a sovereign-debt exchange to last year’s financial statements, Eric Otoo, managing director of Ghana Amalgamated Trust, said in an interview.

They did so even though the regulator had given them the choice to spread the costs over four years, said the head of the institution set up in 2018 to recapitalize select domestic banks.

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Source: Bloomberg
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