Ghana would have filed for bankruptcy if it were a company – Togbe Afede

Ghana, according to the paramount chief of Asogli, Togbe Afede XIV, would have filed for bankruptcy if it were a company.

The Paramount Chief, in an opinion piece titled ‘Bank of Ghana has failed us,’ complained about the economic and fiscal failures of the country, which he attributed to poor and ill-crafted policies.

Togbe Afede XIV argued that Ghana has failed woefully to achieve what the founding fathers of the country had dreamt of and that instead of finding ways to right the wrongs that have been committed, the country’s leaders have rather created a “frightening sense of helplessness among the populace.”

He likened the government’s appeal to the International Monetary Fund (IMF) for an extended credit facility to a company filing for bankruptcy.

“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.

“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 year-end negative net worth of GHS55 billion, making it technically bankrupt,” Togbe Afede XIV added.