\n
T<\/p>\n
he Agbogbomefia of Asogli State and former President of the National House of Chiefs, Togbe Afede XIV, has opined that Ghana would have filed for bankruptcy if it were to be a company.<\/p>\n
He noted that he pointed to the current IMF deal and its harsh conditions for the Ghanaian people.<\/p>\n
He cited the challenges posed by the Domestic Debt Exchange Programme.<\/p>\n
In an opinion piece titled \u2018Bank of Ghana has failed us,\u2019 released on Tuesday, December 26, 2023, Togbe Afede XIV was worried about the current condition of the country.<\/p>\n
In his view, the country has fallen short of the dreams envisioned by its founding fathers and urgently requires a reorientation.<\/p>\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.<\/p>\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.<\/p>\n
\u201cThis was effectively what we did when we went back to the IMF for bailout and implemented the Domestic Debt Exchange Programme (DDEP).<\/p>\n
\u201cWe eventually defaulted on our debts. Holders of Government bonds suffered massive losses, and the outlook remains dim.\u201d<\/p>\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.<\/p>\n
\u201cAnd 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.<\/p>\n
Source:\u00a0<\/strong>rainbowradioonline.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
T he Agbogbomefia of Asogli State and former President of the National House of Chiefs, Togbe Afede XIV, has opined that Ghana would have filed for bankruptcy if it were to be a company. He noted that he pointed to the current IMF deal and its harsh conditions for the Ghanaian people. He cited the […]<\/p>\n","protected":false},"author":1,"featured_media":136890,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-136886","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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