The Agbogbomefia of Asogli State, Togbe Afede XIV, is livid about the state of Ghana’s economy, especially the ever-increasing cost of living and the all-time record indebtedness, resulting from reckless borrowing.
According to him, apart from the poor nature of the economy, the country is also full of scandals. “It is so incredible that for a small country, almost every day there is something new. From the PDS scandal involving the Electricity Company of Ghana, the Ameri scandal and the very bad scandal surrounding the National Cathedral project, to judgement debts that we do not deserve to pay and the list goes on,” he said.
Togbe Afede XIV was speaking at the 2024 Asogli Te Za Grand Durbar held in Ho recently.
He also told his subjects that “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 to.
‘We are suffering from the effects of high price increases. Inflation is very high in our country, the calculated rate is softening recently only because of prior massive price increases – the base effect”.
He said though the country is well-endowed, it is often vulnerable to external economic variables. Inflation has eaten so deep into the core of the economy that “Our cedi knows only one direction, and that is, depreciation.
“From a rate of GHc4 to the dollar about eight years ago, it is now more than GHc16 to the dollar, and that has been an important factor in the high inflation and the suffering of our people.”
Togbe Afede XIV added that, “So many of our young compatriots cannot get jobs, 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.”
He said most depressing is the rise in the incidence of suicide cases. “According to reports, eighty-one (81) Ghanaians succeeded in taking their own lives, out of about 543, who had attempted during the first half of this year alone.
“Compared to the record of the whole of last year, when forty-eight (48) people killed themselves, one can sense the growing desperation among our people.”
Togbe Afede XIV is sad that well-paid and very well-to-do Public Servants are monopolising scholarships that should be going to the poor.
“This kind of thing cannot be tolerated in any serious country. Where is justice when the rich go for what is intended for the poor, and where is the freedom when most people are afraid to talk about these matters?”
He said it is common knowledge that public officials in some institutions deposit state funds in private banks and receive kickbacks. Later, the banks lend the funds to government and invest in Treasury Bills.
“Also, very recently, we heard about this story of Agyapadie, quite worrying because it talks about a plot by a few people to seize control of our economy while trying to undermine other Ghanaians who also deserve the opportunities that this country has to offer.
“Many of the people who do the wrong things against us go to church and occupy the front rows and yet steal our monies. Again, by the good grace of God, we should be able to recognise all of these people in their disguise.”
Togbe Afede XIV added that, “We are victims of bad policies and decisions by our fiscal and momentary authorities. Recently, we all became aware of the Bank of Ghana putting up a head office-building in which they invested more than US$250 million of our money – 0.35 % of our GDP. That should not have been happening in any serious country.”
He noted that the Bank of Ghana is an organisation that also rewards its staff excessively while they are unable to achieve the price stability or the financial sector stability that are their mandates.
“In 2023, the average employee cost the bank over GHc73,000 per month, not a year! So, we can see the unfairness and, therefore, the lack of justice in our country.”
Togbe Afede XIV was puzzled by the reported purchase of spare parts by the ambulance service. “Recently, we heard about the importation of about US$34 million or so worth of spare parts to back US$59 million worth of ambulance purchases.
“I don’t know how many of us buy brand new cars and invest a lot of money in spare parts in advance. But this is happening in our country.”
He does not understand why “the US$35 million Komenda Sugar Factory is being considered for leasing at US$1 million per year. These certainly are not good decisions for our country. Very sad indeed.”
From Edmond Gyebi, Ho
