Togbe Afede XIV has said in an article that recent events, including the Government’s inability to service its debt obligations, have finally exposed the Bank of Ghana (BoG).
Over the past several months, he said , the BoG maintained its policy rate below the year-on year inflation rate, departing from its previous approach.
And the Bank recently announced massive losses in 2022, totaling GHS60 billion, and year-end negative net worth of GHS55 billion, making it technically bankrupt.
“This is unprecedented in our history. The loss, equal to 10 % of our 2022 GDP of GHS606.82 billion (USD72.24 billion at the average 2022 cedi-dollar exchange rate of 8.4:1), is one of the largest one-year losses ever recorded by a central bank,” he said.
Below is his full write-up…