April 23, 2024 12:47 pm

Ghana’s economic mess: I saw it coming after only 3 months of NPP in office; I advised but… – Togbe Afede XIV

The Agbogbomefia of the Asogli State, Togbe Afede XIV, has said “the growing frustration and sense of helplessness” among the youth caused by Ghana’s economic mess is “frightening.”

He says the sense of oneness established by the forebears to build the nation has been replaced with “greed-inspired, divisive and acrimonious politics” that have impeded Ghana’s progress.

In a statement issued by the President of the Asogli Traditional Area, he says the economic mess is as a result of a “monumental failure of leadership” which he foresaw in just three months after the NPP government took over, which he advised on but to no avail.

“…the government rushed to raise USD2.25billion from a single source. I thought the interest rate, 19.75%, was punitive, and the redemption premium was protective of the term (duration) of the bond. I saw tell-tale signs of recklessness and I advised a more critical look at proposals from the Ministry of Finance,” he said in the statement.

Speaking further, the former President of the National House of Chiefs says the first step to addressing the mess Ghana has inflicted on herself is to understand the difficulties being confronted by the state to proffer solutions to them.

He asserts Ghana’s “chaotic economic situation is the product of a toxic mix of, among others, our dishonesty; partisanship, cronyism and tribalism; greed-fuelled corruption; lack of proper planning, and the consequent episodic approach to economic management; and bad monetary policy” that have taken the nation aback.

Read below the full statement issued by Togbe Afede XIV.

Our self-inflicted monumental econ crisis

Source: GhanasOnline

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