"Had it been a company, Ghana would have declared bankruptcy." According to Togbe Afede,

Ghana's financial situation has drawn criticism from the Agbogbomefia of Asogli, Togbe Afede XIV, who likened the country to a business that would have declared bankruptcy.

The chief emphasized this viewpoint by referring to the current IMF agreement and the severe terms it places on the Ghanaian people, highlighting in particular the difficulties presented by the Domestic Debt Exchange Program.

On Tuesday, December 26, 2023, Togbe Afede XIV wrote an opinion post titled "Bank of Ghana has failed us," in which he discussed the dire economic circumstances the nation finds itself in under the current administration.

He claimed that Ghana urgently needs to turn around since it has not lived up to the aspirations of its founding fathers.

It is clear that the Ghana of today is not what our founding fathers imagined. Despite our ignominious failure, we have feigned otherwise. Rather of instilling optimism, our leaders have terrified the people, especially the young people, into feeling helpless.

"As I stated earlier in December 2021, in response to a courteous call from the Speaker of Parliament, Ghana, if it were a firm, would have filed for bankruptcy.

"When we implemented the Domestic Debt Exchange Programme (DDEP) and went back to the IMF for bailout, this is essentially what we did."

"We finally fell behind on our payments. Government bond holders incurred significant losses, and the future seems bleak.

"Recent developments, such as the Government's incapacity to pay down its debt, have at last made BOG transparent. In contrast to its prior strategy, BOG has maintained its policy rate below the inflation rate year over year for the past few months.

"The Bank has declared massive losses of GH¢60 billion for 2022, and a negative net worth of GH¢55 billion at year's end, technically rendering it bankrupt," Togbe Afede XIV continued.

The insights made by Togbe Afede XIV add to the current discussion concerning Ghana's economic problems and the necessity of targeted interventions.