DDEP Archives - Page 2 of 2

09 Aug

8 Banks Accounted For 67% Of Banking Industry Exposure To DDEP – 2023 Ghana Banking Survey

Wontumi1Business2023 Ghana Banking Survey, Banks, DDEP

Eight banks accounted for 67% of the banking industry exposure to the Domestic Debt Exchange Programme. This confirmed Joy Business story in November 2023 that eight banks were highly exposed to the Government of Ghana bonds. According to the 2023 Ghana Banking Survey by accounting professional, PwC, 72% of the impairment charge in 2022 were attributed to these banks. GCB, Consolidated Bank Ghana, Ecobank Bank Ghana and Absa Bank Ghana recorded the highest impairment charges of ¢1.81 billion, ¢1.77 billion, ¢1.62 billion and ¢1.61 billion respectively. However, the banks most impacted by impairment charge as a proportion of their investment…

13 Jul

Some Financial Sector Stakeholders Commend Ofori-Atta For Fulfilling His Promise To Domestic Bondholders

Wontumi1BusinessDDEP, Extractive Governance Reporting Centre, Ken Ofori-Atta, Ministry of Finance

Some stakeholders in Ghana’s economic and financial sector have commended the Minister of Finance, Ken Ofori-Atta, for fulfilling his promise to the domestic bondholders, a move that has finally ended the agitations and complaints that surrounded the government’s Domestic Debt Exchange Programme. The Extractive Governance Reporting Centre (EGRC) in a statement acknowledged the sincerity of the finance minister and officials of the Ministry of Finance in their dealings with the domestic and individual bondholders. “We are happy that the concerns of the individual bondholders have been addressed. Let’s all support the Finance Minister, Ken Ofori-Atta and the government to address…

06 Jul

Société Générale Ghana Records GHS 109M Profit In 2022 Despite DDEP Impact

Wontumi1BusinessDDEP, Societe General

Société Générale Ghana Plc recorded a GHS 109 million profit after tax for the year 2022 as compared to the GHS 184 million cedis recorded in 2021. This represents a decrease in the profit margin of the bank. This comes on the back of the implementation of the Domestic Debt Exchange Programme (DDEP) by government which led to a general decline in the profitability of the banking sector in Ghana. Speaking at the Facts behind the Figures series organized by the Ghana Stock Exchange in Accra, the Managing Director of Société Générale Bank Plc, Hakim Ouzzani highlighted the overall performance…

05 Jul

IMF Conditionalities Not Preventing Energy Sector Leakages – ACEP

Wontumi1BusinessDDEP, Energy Sector Leakages, IMF

The Africa Centre for Energy Policy (ACEP) has disclosed that the conditionalities of the International Monetary Fund are not helping curb the revenue leakages in the country’s energy sector. In a report dubbed, ‘Protecting Ghana’s Economic Sustainability in the Face of Power Sector Risks,’ the energy think tank said the already implemented conditionalities are not reflected in the revenue mobilisation efforcitibts of the country. The report said though electricity tariffs have been increased by 100 percent in the last ten months, there is still a liquidity challenge confronting the sector. “The IMF conditionalities are already being operationalised, primarily based on…

04 Jul

DDEP: Rural Banks Investors Unhappy With BoG Directive To Halt Dividend Payment

Wontumi1BusinessAssociation of Rural Banks, BoG, DDEP

Some shareholders of Rural Banks in the country have expressed dissatisfaction at a directive from the Bank of Ghana (BoG) to halt payment of dividends. The Bank of Ghana gave the directive as part of measures to reduce the impact of the COVID-19 pandemic, the current economic challenges, and the impact of the Domestic Debt Exchange Programme (DDEP) on the financial sector. The move is also aimed at building the capital adequacy ratio of banks and specialised-deposit taking institutions. Reacting to the issue in an interview with Joy Business, the Executive Director of the Association of Rural Banks, Comfort Owusu…

30 Jun

GCB Bank Posts Strong Performance In 2022 Despite DDEP, Poised For Growth In 2023

Wontumi1BusinessDDEP, GCB Bank

GCB Bank PLC (GCB) has announced its full-year (FY) 2022 financial results highlighting the Bank’s strong performance despite the impact of the Domestic Debt Exchange Programme (DDEP). Total Operating Revenue grew by 24 percent to GHS 3.0 billion. This was underpinned by broad based growth across all the key revenue lines. Net interest income was up 11 percent, fees & commissions grew 7 percent. Trading Income was phenomenal with a growth of 208 percent to end at GHS 487 million. Operating cost went up 29 percent recording GHS 1.6 billion on account of inflationary and currency depreciation effects. Pre-provision profit…

15 Apr

No Second Round Of DDEP, It Was A Misunderstanding – Ofori-Atta Assures

wontumionline.comBusinessDDEP, OFORI ATTA

Finance Minister, Ken Ofori-Atta, has explained that there will not be another round of domestic debt restructured. An earlier report had indicated that whiles the minister was making an address at the ongoing IMF/World Bank Spring meetings, he hinted at a possible debt restructuring targeted at pension funds. According to him, the statement he made was misconstrued to mean he said there would be a second round of DDEP. “We are not planning a second round of the domestic debt exchange programme for pension funds. I think it was a misunderstanding,” he is quoted by myjoyonline.com He maintained that the…