In an op-ed titled 'Bank of Ghana has failed us,' Togbe Afede XIV expressed his dissatisfaction with the economic and fiscal policies of the country, attributing them to poor governance.
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Ghana's economic woes evoke comparisons to corporate bankruptcy - Togbe Afede XIV
In a stark commentary on the nation's economic trajectory, Togbe Afede XIV, the paramount chief of Asogli, draws a parallel between Ghana's fiscal challenges and the prospect of corporate bankruptcy expressing dissatisfaction with the economic and fiscal policies, Togbe Afede XIV asserts that if Ghana were treated as a company, it would have faced bankruptcy.
Togbe Afede XIV
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In his critique, Togbe Afede XIV argued that Ghana has fallen short of the aspirations set by the country's founding fathers. He lamented the failure to address the issues at hand, emphasizing that instead of instilling hope, the leadership has generated a "frightening sense of helplessness among the populace, especially the youth."
Drawing a parallel between the government seeking an extended credit facility from the International Monetary Fund (IMF) and a company filing for bankruptcy, Togbe Afede XIV highlighted the severity of Ghana's economic challenges.
"The Ghana we have today is not what our founding fathers dreamt 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," stated Togbe Afede XIV.
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He continued by pointing out the consequences of seeking assistance from the IMF, noting that the country's default on debts, particularly through the implementation of the Domestic Debt Exchange Programme (DDEP), resulted in significant losses for bondholders.
"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 year-end negative net worth of GHS55 billion, making it technically bankrupt," added Togbe Afede XIV.
The paramount chief's concerns highlight the need for a thorough examination of Ghana's economic policies and governance structures to address the challenges faced by the nation.
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