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

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Togbe Afede XIV, the leader of the Asogli State, has slammed the Bank of Ghana for its prominent role in Ghana’s deteriorating economy.

The acclaimed financial expert argued in a post titled “Bank of Ghana has failed us” that there was no basis for the central bank to take credit for the current status of the economy when compared to the big crisis of inflation and currency depreciation that plagued the country in 2022 to 2023.

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“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 argued that the economy was in disarray and that, while things may be turned around, it would require a lot of dedication from all parties.

“We are victims of predatory economics, where policies or decisions were presented to us well-packaged, only for us to realize 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, maximize 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 discussed the Nana Addo Dankwa Akufo-Addo government’s debt building, as well as policy and interest rate issues, as well as inflation.

In closing, he discussed the BoG’s mandate, dividends, and governance issues.

 

 

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