FirstRand Bank

Africa’s biggest bank by market capitalization, FirstRand Limited has written-off about 57 percent in the value of its holdings in Ghanaian bonds. The development comes on the back of Ghana’s decision to undertake a debt restructuring programme for its sovereign debt component. In a statement issued by the South Africa-based lender on March 2, 2023, FirstRand said it had impaired about $27.3 million to cover potential losses from Ghana’s debt restructuring exercise and reduced income from associates. The bank further explained that the write-offs in the value of its Ghanaian bonds include both domestic and foreign-currency bonds held as of…