According to Togbe Afede XIV, the paramount chief of Asogli, if Ghana were a company, it would have declared bankruptcy.
In an article titled ‘Bank of Ghana has failed us,’ the paramount chief expressed dissatisfaction with the economic and fiscal shortcomings of the nation, attributing them to ineffective and poorly crafted policies.
Togbe Afede XIV contended that Ghana has significantly fallen short of the aspirations of its founding fathers. Instead of addressing the mistakes made, he criticized the country’s leaders for fostering a “disturbing sense of helplessness among the population.” He drew a parallel between the government’s request for an extended credit facility from the International Monetary Fund (IMF) and a company seeking bankruptcy protection.
“The Ghana we have today is obviously not what our founding fathers dreamed of. We have failed woefully but have pretended otherwise. Instead of giving hope, our leaders have created a frightening sense of helplessness among the populace, especially the youth.
“As I said earlier in December 2021, during a courtesy call by the Speaker of Parliament, Ghana would have filed for bankruptcy if it were a company. This was effectively what we did when we went back to the IMF for bailout and implemented the Domestic Debt Exchange Programme (DDEP). We eventually defaulted on our debts. Holders of government bonds suffered massive losses, and the outlook remains dim.”
“Recent events, including the government’s inability to service its debt obligations, have finally exposed BOG. Over the past several months, BOG maintained its policy rate below the year-on-year inflation rate, departing from its previous approach. And the Bank recently announced massive losses in 2022, totaling GHS60 billion, and a year-end negative net worth of GHS55 billion, making it technically bankrupt,” Togbe Afede XIV added.
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