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Bank of Ghana: Togbe Afede XIV Exposes BOG Staff’s GH¢566,046 Debt

According to the Agbogbomefia, the BOG’s extravagance is typical of “poorly supervised cash-rich state-owned enterprises,” accusing these enterprises of increasing remuneration and expenditures at will.

As of the end of 2022, the average Bank of Ghana staff member owed the bank a total of GH¢566,046 in loans, Togbe Afede XIV, a former board member has revealed.

With the figure raising his figure raising eyebrows, the Agbogbomefia of the Asogli State has likened the situation to “a case of the poor living like the king.”

In a statement made available to The Accra Times, the former president of the National House of Chiefs criticized the central bank for its excessive spending, which he believes is disproportionate to its income.

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This criticism comes as a surprise, given the bank’s role in regulating the country’s financial sector.

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In the detailed article, he compares the Bank of Ghana to the Bank of England.

Togbe Afede XIV’s comparison to the Bank of England (BOE) highlights the disparity between the two central banks. While the BOE is known for its prudent financial management, the Bank of Ghana’s financial dealings have raised concerns. The former board member’s statement has sparked a conversation about the need for fiscal responsibility within the central bank.

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“Unlike BOE staff who do not receive loans from their employer, BOG staff owe the bank GH₵566,046 (£51,459) on average or per employee as at the end of 2022. It is difficult to imagine how the technically bankrupt institution is funding its exorbitant expenditures,” the statement reads.

Still drawing comparisons between the two banks, he expressed his dismay at the huge disparity between the spending culture of the two banks.

“It is difficult to believe how some BOG’s operating incomes and expenses compare with those of the Bank of England (BOE). For example, BOG spent GHGH¢1.62 billion (£147.27 million at 2022 average cedi-pound exchange rate) on its 2,203 employees, that is, £66,851 per employee, about 38x Ghana’s GDP per capita,” he added.

“BOE on the other hand, with an average labour force of 4,675 per their 2021-22 financial report, spent £448 million, that is, £95,829 per employee, about 2.6x UK’s GDP per capita,” excerpts of the statement read.

As of 2022, the BOG had a staff strength of 2,203 with an average monthly cost of GH¢61,304.

According to the Agbogbomefia, the BOG’s extravagance is typical of “poorly supervised cash-rich state-owned enterprises, accusing these enterprises of increasing remuneration and expenditures at will.

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