In 2022, Ghana experienced economic challenges that necessitated a debt restructuring, which included a domestic debt exchange program. Due to the high level of government business some banks were involved in, it was predicted that they would be adversely affected. As a result, international rating agencies downgraded the banks’ ratings, and some of the top banks in Ghana have reported significant losses in their audited financial statements, with profits before tax totaling around GH¢4.9 billion. Only six out of 21 banks recorded profits in the same period.
In terms of impaired assets, Absa Bank suffered the greatest loss, writing off GH¢2.12 billion. Consolidated Bank and GCB Bank followed closely, each writing off GH¢2.11 billion and GH¢2.08 billion, respectively.
On the other hand, six banks achieved profits (profits before tax, PBT) in 2022. These banks are GT Bank (GH¢191 million), Societe Generale (GH¢172 million), FBN Nigeria (GH¢102 million), and UBA (GH¢91 million).