Franklin Cudjoe, the president of the policy think-tank IMANI Africa, has recently recognized the significant contributions of key figures in Ghana’s economic landscape, including Sammy Gyamfi, CEO of GoldBod, Finance Minister Dr. Cassiel Ato Forson, and Bank of Ghana Governor Dr. Asiama. Cudjoe’s remarks come as a response to improvements in the country’s foreign exchange reserves attributed to these leaders’ efforts.
On January 4, 2026, Cudjoe took to social media to express his admiration for the advancements made in economic policy, particularly in contrast to earlier initiatives like the Gold-for-Oil (G4O) program. He highlighted Dr. Forson’s notable achievement in reducing Ghana’s debt from 61% of GDP to 45% within a year.
In his commentary, Cudjoe suggested that Ghana should consider extending financial support to the International Monetary Fund (IMF) to assist other nations in need, reflecting confidence in the nation’s strengthened economic position.
Despite the accolades, Cudjoe urged for greater accountability regarding reported losses associated with Ghana’s gold trading strategy. He pointed out that while GoldBod has refrained from labeling certain losses on their financial statements, it is essential for transparency to prevail in understanding a reported $214 million loss linked to gold transactions.
Cudjoe stressed that the Bank of Ghana needs to clarify the circumstances and details surrounding these losses to enhance governance and financial management practices. He expressed concern that reliance on external organizations like the IMF to disclose such information signals a weakness in domestic oversight.
The context for Cudjoe’s statements arises from recent scrutiny over substantial financial losses disclosed in the IMF’s Fifth Review report, which attributed operational costs and trading deficiencies in gold to the reported losses. In response to investigations initiated by the parliamentary Minority Caucus, Gyamfi defended GoldBod’s operations, asserting that the organization is on track for a surplus and that any losses should be associated with broader central banking issues rather than GoldBod’s direct actions.
Cudjoe’s insights highlight a crucial moment for Ghana’s economic governance as the nation navigates its financial challenges, with calls for both commendation of achievements and vigilance regarding fiscal accountability.
