According to Ghana central bank, Last year, sixteen of the 23 commercial banks registered losses amounting to USD 730.88 mln due to the nation’s domestic debt restructuring program. Only five banks posted profits in 2022, including UBA, GTB, FBN, Société General Bank, and BOA. Aimed at securing a USD 3 bln IMF bailout, the initiative saw participation from these banks. Nevertheless, a significant recovery was observed in Q1 2023, with banks returning to profit as of April.