Economic analyst and president of policy think-tank IMANI Africa, Franklin Cudjoe
Economic analyst and president of policy think-tank IMANI Africa, Franklin Cudjoe, has lauded GoldBod CEO Sammy Gyamfi, Finance Minister Dr Ato Forson and BoG Governor Dr Asiama as “true patriots”, noting the substantial foreign exchange reserves Ghana has accumulated through their efforts.
In a series of posts on X on January 4, 2026, Cudjoe acknowledged improvements in economic policy compared with past initiatives such as the Gold-for-Oil (G4O) strategy and policies implemented by the three key figures.
He singled out Dr Forson, particularly, for his efforts in reducing the debt of Ghana from 61% of GDP to 45% within 2025.
According to him, Ghana should begin loaning money to the IMF.
“Sammy Gyamfi, Ato Forson and Dr Asiama are true patriots. The GoldBod has brought us substantial reserves which have not only helped absolve the huge losses Ghana incurred through the G4O programme, but also helped with our debt service obligations. It is instructive to note that the Finance Minister has diligently reduced the debt of Ghana from 61% of GDP to 45% in a year!!
“I think we should be loaning money to the IMF, so they can help other less endowed countries,” he said.
NPP’s 3% withholding tax on small-scale gold contributed to 2021 financial woes – Sammy Gyamfi
However, Cudjoe backed calls for clear accounting and accountability following contentious claims of significant losses linked to Ghana’s gold-reserve strategy.
“I can understand why GoldBod wouldn’t acknowledge that the losses should be classified as such on their books, because it thinks they are just playing an intermediate role between the Bank of Ghana and the aggregators of gold since it is the bank that provides the cedis for gold purchases and ultimately receives proceeds of gold sold abroad in dollars.
But they are losses, transactional or trade losses. A $214m loss is large enough for us to understand how it occurred, the period it occurred and where it occurred (as in with which buyers of our gold and the quantum of loss per buyer),” he wrote.
He warned that relying on external entities like the IMF to surface such information before domestic disclosure indicates weaknesses in governance and public financial management.
“I think the Bank of Ghana should provide answers to how the $214m loss happened and what they will do to minimise it in future transactions.
“My worry though is that it had to take the IMF to receive this information and then publish it for us to knock our heads discussing what name to call it,” he added.
Cudjoe’s remarks come amid scrutiny over US$214 million in reported G4R losses in the first nine months of 2025—figures disclosed in the International Monetary Fund’s Fifth Review report under Ghana’s Extended Credit Facility.
The International Monetary Fund (IMF) in its Fifth Review report under Ghana’s Extended Credit Facility cited operational costs and trading shortfalls associated with gold transactions as the principal drivers of these losses.
In response to calls from the parliamentary Minority Caucus for a bipartisan enquiry into the alleged $214 million and other loss claims, GoldBod’s CEO, Sammy Gyamfi, argued that the institution itself has not made losses and is on track to post a surplus; he maintains that any losses attributed to gold trading relate to broader central bank programmes, not GoldBod’s operations.
See the post below:
But seriously, Sammy Gyamfi, Ato Forson and Dr. Asiama are true patriots. The Goldbod has brought us substantial reserves which have not only helped absolve the huge losses Ghana incurred through the G4O programme, but helping with our debt service obligations. It is instructive…
— Franklin CUDJOE (@lordcudjoe) January 4, 2026
Having followed the Gold-for-Oil and GoldBod programmes, it is clear significant lessons have been learned by the current government in order not to repeat past mistakes. And GoldBod, the Bank of Ghana and the Finance Ministry deserve enormous commendation.
However, it is clear…
— Franklin CUDJOE (@lordcudjoe) January 4, 2026
ID/BAI
