Togbe Afede XIV, the Agbogbomefia of Asogli, claims that Ghana would have declared bankruptcy by now if it were a business.
The chief voiced his concerns in a recently released opinion piece titled ‘Bank of Ghana has failed us,’ pointing to the stringent conditions of the current IMF deal and the challenges posed by the Domestic Debt Exchange Programme (DDEP).
Togbe Afede XIV underscored the harsh impact of these financial measures on the Ghanaian people, particularly emphasizing the difficulties arising from the DDEP.
He lamented the failure of Ghana to live up to the dreams envisioned by its founding fathers, calling for an urgent reorientation to address the economic challenges faced under the current government.
“The Ghana we have today is obviously 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,” Togbe Afede XIV said.
The chief reminded the public of his earlier warning in December 2021 during a courtesy call by the Speaker of Parliament, where he asserted that Ghana would have filed for bankruptcy if it were a company.
He pointed out that this prediction seemed to have come true with the country seeking a bailout from the IMF and implementing the DDEP, resulting in defaults on debts and substantial losses for holders of government bonds.
“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 GH¢60 billion, and year-end negative net worth of GH¢55 billion, making it technically bankrupt,” Togbe Afede XIV added.
