{"id":64001,"date":"2024-01-07T07:43:50","date_gmt":"2024-01-07T07:43:50","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=64001"},"modified":"2024-01-07T07:27:04","modified_gmt":"2024-01-07T07:27:04","slug":"togbe-afede-writes-bank-of-ghana-has-failed","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed","title":{"rendered":"Togbe Afede writes: Bank of Ghana has failed"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Ghana. <\/strong><\/span><b>Togbe Afede XIV has said in an article that recent events, including the Government\u2019s inability to service its debt obligations, have finally exposed the Bank of Ghana (BoG). <\/b><\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>\u201cThis 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,\u201d he said.<\/p>\n<p>Below is his full write-up&#8230;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"693\" height=\"852\" class=\"alignnone wp-image-63999 size-full\" src=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1704599692.852544.jpg\" srcset=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1704599692.852544.jpg 693w, https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1704599692.852544-244x300.jpg 244w\" sizes=\"auto, (max-width: 693px) 100vw, 693px\" \/><\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/ghana\">Ghana<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Ghana. Togbe Afede XIV has said in an article that recent events, including the Government\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":64000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[5092,5096,429],"class_list":["post-64001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Togbe Afede writes: Bank of Ghana has failed - Ghana<\/title>\n<meta name=\"description\" content=\"Togbe Afede XIV has said in an article that recent events, including the Government\u2019s inability to service its debt o ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Togbe Afede writes: Bank of Ghana has failed\" \/>\n<meta property=\"og:description\" content=\"Togbe Afede XIV has said in an article that recent events, including the Government\u2019s inability to service its debt o ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-07T07:43:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1704599705.290095.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"712\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Togbe Afede writes: Bank of Ghana has failed\",\"datePublished\":\"2024-01-07T07:43:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed\"},\"wordCount\":141,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1704599705.290095.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/togbe-afede-writes-bank-of-ghana-has-failed\",\"name\":\"Togbe Afede writes: Bank of Ghana has failed - 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