Togbe Afede returns GHS365,000 ex-gratia to the state

He has thus returned the money to the state through the Bank of Ghana.

In a statement issued by the Agbogbomefia, he said he received monthly payments and allowances while as a member of the Council of State therefore he sees no need for the payment of the ex-gratia.

“I did not think the payment was made to trap me, as is being speculated. I believe it was paid to everybody who served on the Council of State. However, I thought that extra payment was inappropriate for a short, effectively part-time work, for which I received a monthly salary and was entitled to other privileges. So, I was very uncomfortable with it,” Togbe Afede XIV said in a statement.

“After weeks of trying, I obtained advice on how to refund inappropriate payments to the State, and on March 4, 2022, I made the refund into the Controller & Accountant General’s Department Suspense Account at the Bank of Ghana.”

Togbe Afede XIV has been in the news recently due to his criticism of the Bank of Ghana on the increase of the policy rate.

He described the Central bank's response as "misrepresentations and outright lies".

Togbe Afede XIV Pulse Ghana

The paramount chief indicated that the responses from the BoG are "lame, and failed to address the core issues I raised".

He said none of the BoG's arguments justify the astronomically high monetary policy rates that have burdened our economy over the past 20 years.

He said "It is unfortunate that not since May 2003 when I questioned the soundness of BOG’s monetary policy has there been any open debate on the subject. I would urge our economists to show some interest. The "independence" of BOG does not grant it immunity from constructive criticism. BOG must demonstrate a genuine commitment to stability, growth, and employment generation."