Franklin Cudjoe, the president of policy think-tank IMANI Africa, has praised the work done by GoldBod CEO Sammy Gyamfi, Finance Minister Dr Ato Forson and BoG Governor Dr Asiama.
According to Franklin Cudjoe, Sammy Gyamfi, Ato Forson, and Dr Asiama are true patriots.
He highlighted that Sammy Gyamfi, who is leading Goldbod, has brought Ghana substantial reserves, which have helped Ghana service its debts.
Franklin Cudjoe further suggested that Ghana loan money to the IMF to help the less-endowed countries.
In a post on X, Franklin Cudjoe wrote, “But seriously, Sammy Gyamfi, Ato Forson and Dr Asiama are true patriots. The Goldbod has brought us substantial reserves, which have not only helped absorb the huge losses Ghana incurred through the G4O programme, but also helped with our debt service obligations”.
He further noted that Ato Forson has reduced Ghana’s debt to GDP from 61% of GDP to 45% in just a year.
“It is instructive to note that the Finance Minister has diligently reduced the debt of Ghana ftom 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 added.
In another post, Franklin Cudjoe touched on the brouhaha surrounding the $214m BoG-GoldBod losses in their operations.
He explained that the $214m loss is large enough, and Ghanaians must 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, “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 that the way the current GoldBod system is structured, there would always be transaction losses as a result of the conversion of dollars to cedis and vice versa in the purchase of gold. 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 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. $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),- This helps in two ways: 1. In order to minimise them if they were genuinely incurred and to help prevent a gaming/rigging due to privileged information or as it is commonly called, insider information, regardless of whether the spot and onward sale price of gold are displayed by GoldBod. And 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 for us to knock our heads discussing what name to call it”.
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