Fitch downgrades 3 major Ghanaian banks from 'b-' to 'ccc'


Fitch Ratings has downgraded the viability (VR) ratings of Ecobank Ghana Limited, Guaranty Trust Bank (Ghana) Limited (GTB Ghana) and United Bank for Africa (Ghana) Limited (UBA Ghana) from “b-” to “ ccc”. This revision follows the downgrading of Ghana's long-term sovereign rating from "B-" to "CCC" on August 10. The downgrade of these banks further reflects Fitch's view on transfer and convertibility risk in Ghana. In its report published Monday, August 22, the rating agency indicates that the ratings of support for shareholders,