The Agbogbomefia of the Asogli State, Togbe Afede XIV, has expressed outrage about the state of Ghana’s economy, particularly the ever-rising cost of living and the record-high national debt resulting from reckless borrowing.
Speaking at the 2024 Asogli Te Za Grand Durbar in Ho, he remarked: “Our country is heavily indebted. The sad part is that we have accumulated so much debt, yet we lack so much, and one wonders where all the money borrowed has gone.
“We are suffering the effects of high price increases. Inflation is very high in our country, and the calculated rate is softening recently only because of prior massive price increases—the base effect.”
Togbe Afede XIV noted that although the country is well-endowed, it remains vulnerable to external economic variables.
“Inflation has eaten so deeply into the core of the economy that our cedi knows only one direction, and that is depreciation.
“From a rate of four cedis to the dollar about eight years ago, it is now more than 16 cedis to the dollar, and that has been an important factor in the high inflation and the suffering of our people.”
He further expressed concern about unemployment, stating: “So many of our young compatriots cannot get jobs for many years after school. The consequence has been growing frustration among our youth, many of whom are looking for opportunities to exit our country. We have also seen an increase in strikes and demonstrations, all because our citizens are not happy.”
The most distressing issue, he said, is the rise in suicide cases. “According to reports, 81 Ghanaians succeeded in taking their own lives out of about 543 who attempted suicide during the first half of this year alone.
“Compared to the record of the whole of last year, when 48 people killed themselves, one can sense the growing desperation among our people.”
Togbe Afede XIV also lamented the prevalence of scandals in Ghana, citing examples such as the PDS scandal involving the Electricity Company of Ghana, the Ameri deal, issues surrounding the National Cathedral project, and undeserved judgment debts.
“Our country is full of scandals. It is incredible that for a small country, almost every day, there is something new,” he stated.
He criticized well-paid public servants for monopolizing scholarships meant for the poor.
“This kind of thing cannot be tolerated in any serious country. Where is justice when the rich take what is intended for the poor? And where is the freedom when most people are afraid to talk about these matters?”
He pointed out unethical practices, such as public officials depositing state funds in private banks to receive kickbacks.
“Recently, we heard about the Agyapadie story, quite worrying because it talks about a plot by a few people to seize control of our economy while undermining other Ghanaians who also deserve opportunities in this country.”
He criticized the Bank of Ghana for investing over $250 million in a new head office. “This is an organization that also rewards its staff excessively while failing to achieve the price and financial sector stability that are its mandates.”
“In 2023, the average employee at the Bank of Ghana cost over GH¢73,000 per month—not per year! This highlights the unfairness and lack of justice in our country,” he added.
Togbe Afede XIV questioned the rationale behind certain decisions, including the reported $34 million spare parts purchase for ambulances and the Komenda Sugar Factory’s $1 million annual lease agreement.
“These certainly are not good decisions for our country. Very sad indeed.”
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