• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Banks initiate efforts to recover GHS 2.4bn bad debt; target defaulted borrowers

2 years ago
in Banking & Finance, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
62
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Banks initiate efforts to recover GHS 2.4bn bad debt; target defaulted borrowers

Chief Executive of the Ghana Association of Banks (GAB), John Awuah, has highlighted efforts by commercial banks in the country to recover loans classified as bad debt which amounted to over GHS 2.4 billion at end-August 2023.

Speaking in an interview, he emphasized that these debts have not been entirely forgiven but rather termed as “written off” for accounting purposes.

According to him, GAB has initiated discussions with the Office of the Chief Justice to seek legal assistance in addressing the legal aspects of recovering the loans.

Additionally, GAB is collaborating with the Lands Commission to streamline the documentation of land titles used as collateral for loans. These efforts, he noted, are aimed at helping banks recover the loans to strengthen the operations of financial institutions in the country.

According to data from the Bank of Ghana’s Monetary Policy Report in September 2023, non-performing loans (NPLs) in the banking industry increased by 53.6 percent, reaching GHS 14.5 billion in August 2023, compared to GHS 9.5 billion in August 2022. The increase is attributed in part to the revaluation of foreign currency NPLs and the deterioration of domestic currency loans.

The majority of NPLs are attributed to the private sector, which accounted for 95.0 percent of NPLs in August 2023. This proportion is slightly lower than the 95.9 percent recorded in August 2022, while NPLs from the public sector increased to 5.0 percent from 4.1 percent a year ago.

RelatedPosts

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

Transfer DealSheet: Latest on Benjamin Sesko, Nicolas Jackson and More

Gov’t Targets 650,000 Tonnes of Cocoa Production for 2025/26 Crop Season, Eyes 1 Million Tonne Output in the Long-term 

The rising NPLs could have an impact on the cost of credit for new loans. Mr. Awuah mentioned that this situation may affect good borrowers’ ability to access credit and obtain favorable interest rates.

Tags: bad debtBanksBanks initiate efforts to recover GHS 2.4bn bad debt from defaulted borrowersBOGGAB
No Result
View All Result

Highlights

Shoprite to Exit Ghana and Malawi Sharpening Focus on Core South African Market

Gold Fields Forecasts Total Gold Production of 2.4 Million Ounces for 2025

Gold Fields Projects 236% Rise in H1 Profit on Strong Output and Record Gold Prices

Price, Power, and Policy: A Legal and Economic Examination of the DSTV Pricing Dispute in Ghana

GCB Bank Honoured for Excellence in Project Delivery at 2025 PMEA

Top 10 African Countries With The Highest Borrowing Costs in 2025

Trending

Features

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

August 5, 2025

Lewis Hamilton's Future at Ferrari in Question After Tough Hungarian GP Lewis Hamilton's tumultuous start at Ferrari...

Transfer DealSheet: Latest on Benjamin Sesko, Nicolas Jackson and More

August 5, 2025

Gov’t Targets 650,000 Tonnes of Cocoa Production for 2025/26 Crop Season, Eyes 1 Million Tonne Output in the Long-term 

August 5, 2025

Shoprite to Exit Ghana and Malawi Sharpening Focus on Core South African Market

August 5, 2025

Gold Fields Forecasts Total Gold Production of 2.4 Million Ounces for 2025

August 5, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.