President of IMANI Africa, Franklin Cudjoe, has expressed strong optimism about Ghana’s economic prospects, arguing that recent gains in fiscal management and reforms in the gold trading sector could soon position the country as a supporter of international institutions rather than a beneficiary of their assistance.
Commenting on developments in Ghana’s gold trading system and broader economic management, Mr. Cudjoe praised the leadership of key state officials, describing them as patriots committed to advancing the national interest.
He singled out the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi; the Minister for Finance, Dr. Cassiel Ato Forson; and the Governor of the Bank of Ghana, Dr. Johnson Asiamah, for what he described as their instrumental roles in driving positive economic outcomes.
“But seriously, Sammy Gyamfi, Ato Forson and Dr. Asiamah are true patriots. The GoldBod has brought us substantial reserves which have not only helped absorb the huge losses Ghana incurred through the Gold-for-Oil (G4O) programme, but are also supporting our debt service obligations,” Mr. Cudjoe said.
According to him, the strengthened reserves have helped offset losses associated with the G4O programme while easing pressure on the country’s debt servicing.
He further noted a significant improvement in Ghana’s debt position, attributing the progress to fiscal discipline and effective coordination between the Ministry of Finance and the Bank of Ghana.
Mr. Cudjoe pointed out that Ghana’s debt-to-GDP ratio had declined sharply within a year, describing the development as both remarkable and encouraging.
“It is instructive to note that the Finance Minister has diligently reduced the debt of Ghana from 61 per cent of GDP to 45 per cent in a year,” he said.
“I think we should be loaning money to the IMF so they can help other less endowed countries,” he added.
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