Ghanaian investment went bad for United Bank for Africa (UBA) as its subsidiary in the West African country was forced to take on losses due to Ghana’s financial crisis.
UBA’s subsidiary in Ghana had N38.576 billion investment in the bonds issued by the Ghanaian government in 2022, but the value of the investment held by the Nigerian commercial bank was cut by 37 per cent, resulting in N14.238 billion loss in its financial period for 2022.
Contributing factor to the investment loss is the ripple effect from the loan deal Ghanaian government had with the International Monetary Fund (IMF) to obtain $3 billion.
