Bank of Ghana has failed us – Togbe Afede dissects sorry state of Ghana’s economy

Leader of the Asogli State, Togbe Afede XIV has taken a swipe at the Bank of Ghana over its central role in the worsening state of Ghana’s economy.

The respected financial analyst stated in a piece titled “Bank of Ghana has failed us” that there was no justification for the apex bank to claim credit for the current state of the economy while comparing it to the major crisis of inflation and currency depreciation that hit in 2022 to 2023.

“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,” he stated in part.

Togbe Afede insisted that the economy was in shambles and that even though things can be turned around, it would take a lot of commitment on the part of all stakeholders to achieve that.

“We are victims of predatory economics, where policies or decisions were presented to us well-packaged, only for us to realise during implementation that they were designed to benefit a privileged few, as we saw with some of the COVID-19 initiatives and in the ill-fated award of Electricity Company of Ghana to PDS Ghana Ltd.

“We are also victims of a constitution that protects even our worst leaders. The result is the annoying and arrogant display of “conspicuous consumption” by our leaders and their cronies.

“I hold the view that poverty is not God’s desire for man. So, I remain optimistic that we can turn our fortunes around and make a paradise out of our beautiful country, maximise the welfare and happiness of every Ghanaian, so that we can enjoy genuine sustainable peace and unity and make it unnecessary for the youth to embark on hazardous journeys in search for greener pastures,” he added.

He dissected the issue of debts accumulation by the Nana Addo Dankwa Akufo-Addo government as well as areas like the policy and interest rates as well as inflation.

In wrapping up, he addressed the BoG’s mandate, dividends and issue relating to governance.

Read his 7-page piece below:

SARA

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