{"id":4320,"date":"2024-10-30T11:06:33","date_gmt":"2024-10-30T11:06:33","guid":{"rendered":"https:\/\/storylinegh.com\/?p=4320"},"modified":"2024-10-30T11:06:33","modified_gmt":"2024-10-30T11:06:33","slug":"phase-2-of-ddep-shows-limited-impact-on-2023-financial-performance-says-bank-of-ghana","status":"publish","type":"post","link":"https:\/\/storylinegh.com\/index.php\/2024\/10\/30\/phase-2-of-ddep-shows-limited-impact-on-2023-financial-performance-says-bank-of-ghana\/","title":{"rendered":"PHASE 2 OF DDEP SHOWS LIMITED IMPACT ON 2023 FINANCIAL PERFORMANCE, SAYS BANK OF GHANA"},"content":{"rendered":"\n

The Bank of Ghana (BoG) has reported that Phase 2 of the Domestic Debt Exchange Programme (DDEP) had a relatively minor effect on the audited financial performance of banks for 2023<\/strong>. This assessment is outlined in the BoG\u2019s 2024 Financial Stability Review, which attributes the low impact to reduced levels of bank holdings and improved restructuring terms. Additionally, many banks had already accounted for impairments in 2022, leading to a robust recovery in their financial performance this year.<\/p>\n\n\n\n

In August 2023, the Government of Ghana successfully negotiated and restructured bond holdings worth GHS30.01 billion with pension funds as part of the DDEP. The report notes that while the immediate impact on banks was minimal, future external debt restructuring\u2014especially concerning Eurobonds\u2014could lead to additional impairments for banks and other financial institutions involved. However, the report also highlights regulatory measures in place, including regulatory reliefs and recapitalization plans, aimed at mitigating the effects of the government’s debt operations on the financial sector.<\/p>\n\n\n

\n
\"\"
Dr. Ernest Addison , Governor, BoG<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n

Furthermore, the report indicates that the DDEP has created fiscal space for the government and contributed to a decrease in the debt-to-Gross Domestic Product (GDP) ratio. Launched on July 14, 2023, the second phase of the DDEP focused on restructuring Cocoa Bills amounting to GH\u00a28.1 billion and locally issued US dollar-denominated bonds totaling $808.99 million.<\/p>\n\n\n\n

Overall, the BoG emphasizes the importance of the Financial Sector Strengthening Strategy (FSSS), developed in 2023 to ensure that risks to the financial system are promptly identified and addressed, thereby enhancing the stability of the banking sector amid ongoing economic adjustments.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Ghana (BoG) has reported that Phase 2 of the Domestic Debt Exchange Programme (DDEP) had a relatively minor effect on the audited<\/p>\n","protected":false},"author":123462,"featured_media":4321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46,5,104],"tags":[],"class_list":["post-4320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-inside-ghana","category-news","two-columns"],"yoast_head":"\nPHASE 2 OF DDEP SHOWS LIMITED IMPACT ON 2023 FINANCIAL PERFORMANCE, SAYS BANK OF GHANA - Storyline<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/storylinegh.com\/index.php\/2024\/10\/30\/phase-2-of-ddep-shows-limited-impact-on-2023-financial-performance-says-bank-of-ghana\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PHASE 2 OF DDEP SHOWS LIMITED IMPACT ON 2023 FINANCIAL PERFORMANCE, SAYS BANK OF GHANA - 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