…Staff Live in Luxury as Cedi Collapses
The Bank of Ghana is in the spotlight as its staff members are reportedly burdening the institution with extravagant loans while implementing outdated policies that are fueling the continuous depreciation of the national currency.
In a scathing rebuke, Togbe Afede XIV, the Agbogbomefia of the Asogli State and former BoG board member, highlighted the excessive borrowing habits of BoG employees, with an average debt of GHC566,046 per staff member as of 2022.
Togbe Afede drew comparisons with the Bank of England, pointing out that while BOE employees do not receive loans from their employer, BoG staff are heavily indebted to the institution.
The disparity in financial management is stark, with BoG spending significantly more per employee compared to BOE, leading to concerns about the central bank’s fiscal responsibility.
Furthermore, the statement criticized the BoG for maintaining high interest rates that are contributing to the depreciation of the cedi.
Togbe Afede emphasized that the BoG’s reluctance to lower interest rates is exacerbating the country’s economic challenges, making it crucial for the central bank to undergo a comprehensive overhaul and restructuring.
Highlighting the need for prudent financial practices and responsible policymaking, Togbe Afede urged the BoG to prioritize the well-being of the economy over excessive borrowing and profit-seeking behaviors.
The call for reform comes amidst concerns about the central bank’s role in shaping the country’s financial landscape and ensuring stability in the face of economic uncertainties.