Access Holding Plc said it has set aside N103.1bn as impairment loss resulting from the economic impact of Ghana’s sovereign debt crisis.
Access also said the West African country’s debts in its books have been valued at N348.1bn as of December 2022.
The Group said in its 2022 financial statement that it “took an impairment of N103.10Bn in recognition of the economic loss impact of Ghana sovereign debt crisis (Domestic debt and Eurobonds).
“Whilst the economic loss on Ghana Domestic debt has been determined via a Domestic Debt Exchange Programme (DDE) with definite terms, unlike the DDE, the Ghanaian government has not yet presented restructuring terms for the Eurobonds.
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“Though restructuring parameters are subject to a lot of uncertainty, the possibility of further material impairment charge for this event is considered remote. The fair value for Ghana sovereign debts in the books of the Group amount to N348.15Bn.”
Ghana has exchanged 87.8 billion cedis of notes that paid an average of 19 per cent, with bonds paying only 8.35 per cent.
The exchange was made through the Domestic Debt Exchange Programme (DDEP).
Ghana’s debt restructuring is one of the conditions given to Ghana by the International Monetary Fund before it can access the $3bn bailout.
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