Togbe Afede XIV Decries State of Ghana’s Economy

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Togbe Afede XIV Decries State of Ghana’s Economy

The Agbogbomefia of Asogli State, Togbe Afede XIV, has expressed deep concern over the state of Ghana's economy, highlighting soaring debt levels, inflation, and the worsening living conditions of citizens. Speaking at the 2024 Asogli Te Za Grand Durbar in Ho, he lamented the nation’s struggles despite its abundant resources.

“Our country is heavily indebted,” he remarked. “We have accumulated so much debt, yet lack so much. One wonders where all the money borrowed has gone to. We are suffering the effects of high price increases, and inflation remains high. The cedi’s depreciation has contributed significantly to the hardship, moving from 4 cedis to the dollar eight years ago to over 16 cedis today.”

Youth Unemployment and Social Despair

Togbe Afede highlighted growing frustrations among the youth, citing high unemployment rates that have led many to seek opportunities abroad. He also noted an alarming rise in suicides. “In the first half of this year, 81 Ghanaians succeeded in taking their own lives, compared to 48 for the whole of last year. This reflects the desperation among our people.”

Corruption and Governance Failures

He criticized the prevalence of scandals, ranging from the PDS and Ameri deals to the controversies surrounding the National Cathedral project and unjustified judgment debts. “Our country is full of scandals,” he said. “For a small nation, it’s incredible how frequently these occur.”

Togbe Afede also condemned the monopolization of scholarships by wealthy public officials, which he described as a betrayal of the poor. “Where is justice when the rich take what is intended for the poor?” he asked.

Questionable Decisions by Institutions

He pointed to the Bank of Ghana’s new $250 million headquarters and its high staff costs—an average of GHS 73,000 per employee per month—as signs of misplaced priorities. He also criticized the decision to pre-purchase $34 million in spare parts for ambulances valued at $59 million, calling it wasteful.

Additionally, he questioned the leasing of the Komenda Sugar Factory for $1 million annually, describing it as a poor decision for a $35 million investment.

A Call for Accountability

Togbe Afede called for urgent reforms and accountability from policymakers. “We are victims of bad policies and decisions by our fiscal and monetary authorities,” he said, urging Ghanaians to demand better governance.

He concluded by calling for vigilance, saying, “Many of those who do wrong go to church and occupy the front rows. By God’s grace, we should be able to recognize them despite their disguises.”