"Togbe Afede XIV likens Ghana’s economic crisis to a bankrupt company"

" Togbe Afede XIV likens Ghana's economic crisis to a bankrupt company \r\n\r\nTogbe Afede XIV has expressed concerns about Ghana's financial conditions, juxtaposing it to a company that would have filed for bankruptcy.\r\n\r\nHe emphasized this perspective by pointing to the current IMF deal and its harsh conditions on the Ghanaian people, particularly citing the challenges posed by the Domestic Debt Exchange Programme.\r\n\r\nIn an opinion piece titled 'Bank of Ghana has failed us,' Togbe Afede XIV highlighted the economic conditions the country is facing under the current government.\r\n\r\nHe said Ghana has fallen short of the dreams envisioned by its founding fathers and urgently requires a reorientation.\r\n\r\n\u201cThe 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.\r\n\r\n\u201cAs 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.\r\n\r\n\"This was effectively what we did when we went back to the IMF for bailout and implemented the Domestic Debt Exchange Programme (DDEP).\r\n\r\n\"We eventually defaulted on our debts. Holders of Government bonds suffered massive losses, and the outlook remains dim.\u201d\r\n\r\n\u201cRecent events, including the Government\u2019s 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.\r\n\r\n\"And the Bank recently announced massive losses in 2022, totalling GH\u00a260 billion, and year-end negative net worth of GH\u00a255 billion, making it technically bankrupt,\u201d Togbe Afede XIV added.\r\n\r\n "

"Togbe Afede XIV likens Ghana’s economic crisis to a bankrupt company"

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