Bank of Ghana upgrades GH¢1 coin

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Pulse-gh Dec. 7, 2022 6:02 a.m.

Bank of Ghana upgrades GH¢1 coin

GCB Bank’s long-term local currency deposit rating was downgraded to Caa3 from Caa2 and is one notch higher than the bank’s Ca long-term foreign currency deposit rating.

In a related development, Ghana’s second-biggest bank, GCB Bank, has been downgraded by international rating agency, Moody’s.

The bank’s deposit ratings reflect the expected losses that depositors will incur following the sovereign debt restructuring.

The Central Bank stated that the existing and the upgradedGH¢1 coins will co-circulate until the existing coin is gradually withdrawn..

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