foreign banks

Ghana’s banking sector is facing one of its worst times as the sector stares at unprecedented losses after the government restructured GH¢83billion (US$6.8billion) of local debt as part of a move to finalise a US$3billion bail-out from the International Monetary Fund.  According to the Bank of Ghana (BoG), developments in the banking sector are being broadly reflected by the challenging operating environment in 2022 on account of macroeconomic conditions and the recent implementation of the Domestic Debt Exchange Programme (DDEP) which all 23 universal banks participated in. Based on December 2022 data, the central bank’s preliminary assessment of the DDEP’s…