02
Mar
FirstRand Limited, Africa’s biggest bank by market capitalization, has written off more than half the value of its holdings of Ghanaian bonds as the country grapples with a restructuring of its sovereign debt. The South African lender disclosed in a statement on Thursday, March 2, 2023. The bank said it had impaired $27.3 million to cover potential losses from Ghana’s debt revamp and reduced income from associates. The write-down includes domestic and foreign-currency bonds held as of December. “We’ve marked down both the local-currency and Eurobonds, and we’ve taken a haircut at 57% of face value,” Chief Executive Officer Alan…