Ghana’s move to restructure its local currency and overseas debt has resulted in the first loss on record for two of the top banks. GCB Bank Plc, the country’s largest lender by assets, posted a 593.4 mln cedis (USD 50.5 mln) net loss for the year to the end of December. Standard Chartered Bank Ghana Ltd., the biggest by market value, reported a loss of 297.8 mln cedis. Banks operating in the economy have taken a hit of about USD 1.4 bln as Ghana restructures most of its public debt, estimated at 576 bln cedis. As part of the revamp, Ghana exchanged 87.8 bln cedis of local notes that paid an average of 19%, with bonds returning as little as 8.35%, resulting in losses for financial institutions.