Bad debt

Banks Wrote-Off GH¢4.33Bn As Bad Debt In 2023

Banks Wrote-Off GH¢4.33Bn As Bad Debt In 2023

Banks in Ghana wrote off GH¢4.33 billion as bad debt in 2023, a 79.2% reduction over that of 2022. The bad debt was classified as loan losses, depreciation & others. In 2023, the total bad debt was estimated at GH¢20.8 billion. According to the Bank of Ghana, banks reported lower impairments on financial assets in 2023. Total provisions and impairments contracted by 79.2% in December 2023, after increasing sharply in December 2022 on account of the huge impairments on restructured bonds. Meanwhile, asset quality risks were elevated in December 2023, reflecting the lingering impact of the 2022 macroeconomic challenges on…
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