Here’s a bold statement: Ghana’s economic strategy might be missing the forest for the trees. While the government aims to boost international reserves to an impressive 15 months of import cover by 2028, one prominent voice is urging a dramatic shift in focus. Franklin Cudjoe, CEO of the IMANI Centre for Policy and Education, argues that strengthening domestic value chains should take precedence over this ambitious reserve target. But here's where it gets controversial: Cudjoe believes the billions earmarked for gold purchases could be better spent fixing the cracks in Ghana’s economic foundation.
Cudjoe’s critique comes in response to Finance Minister Ato’s announcement on February 25, 2026, outlining plans to increase gross international reserves from 5.7 months of import cover to 15 months by 2028. The strategy relies heavily on weekly gold purchases of 3.02 tonnes, projected to generate a staggering US$25.28 billion annually. Sounds impressive, right? But Cudjoe isn’t convinced. In a Citi FM interview on February 28, 2026, he argued that while building reserves is important, it shouldn’t come at the expense of addressing critical weaknesses in Ghana’s value chains.
“Ato’s ambition is commendable, but we need to ask ourselves: are we prioritizing the right things?” Cudjoe questioned. “Instead of solely focusing on accumulating reserves, why not invest in strengthening our value chains? This would create a more resilient and sustainable economy in the long run.” He highlighted the Volta Basin as a prime example of an area where strategic investment could yield significant returns, emphasizing the need for proper integration and development.
And this is the part most people miss: Value chains are the backbone of any economy. They encompass every step of production, from raw materials to the final product, and their efficiency directly impacts economic growth. By addressing gaps in these chains, Ghana could reduce dependency on imports, boost local industries, and create jobs. Cudjoe’s argument isn’t just about reallocating funds—it’s about rethinking economic priorities.
But here’s the question: Is Cudjoe’s critique a wake-up call or a misguided diversion? Should Ghana prioritize long-term economic resilience over short-term reserve targets? What do you think? Share your thoughts in the comments—let’s spark a conversation about the future of Ghana’s economy.
