Godfred Bokpin

Also known as: Prof Bokpin · Professor Bokpin · Prof. Godfred Bokpin · Professor Godfred Bokpin · Prof. Bokpin · Godfred Alufar Bokpin · Professor Godfred Alufar Bokpin · Gofred Bokpin · Prof. Godfred Alufar Bokpin

University of Ghana economist warning that Ghana's gold-dependent macroeconomic stability is fragile and vulnerable to commodity price shocks.

2026-04-272026-10-07

In coverage

Verbatim sentences from the source article.

August 2026
24 AugJoy Online
Economist Professor Godfred Bokpin has warned that Ghana risks repeating the mistakes that followed the country’s debt relief under the Heavily Indebted Poor Countries (HIPC) programme if the government fails to properly manage the fiscal space created by recent debt restructurin …
Ghana risks repeating post-HIPC debt mistakes – Prof Bokpin
24 AugJoy Online
Professor of Finance and economist at the University of Ghana, Godfred Bokpin, has warned that Ghana’s gold-driven macroeconomic stability is fragile and could be reversed by a sharp decline in global gold prices. …
‘The gains are not durable’ – Prof Bokpin warns over Ghana’s gold-driven stability
24 AugJoy Online
We are sacrificing long-term survival for short-term praise – Prof Bokpin Economist Professor Godfred Bokpin has criticised Ghana’s growing reliance on gold as a key driver of economic stability, warning that the country risks sacrificing its long-term survival for short-term eco …
Ghana’s gold-driven growth model is unsustainable – Prof Bokpin
20 AugJoy Online
Economist and University of Ghana Professor, Godfred Bokpin, has cautioned that the financial losses recorded under the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme (DGPP) could eventually require taxpayers to bear the cost of recapitalising the central bank. …
DGPP losses could leave taxpayers to recapitalise BoG – Prof Bokpin
19 AugJoy Online
Economist Professor Godfred Alufar Bokpin has cautioned against crediting the Ghana Gold Board (GoldBod) for Ghana’s recent macroeconomic stability. …
Don’t credit GoldBod for Ghana’s macroeconomic stability – Bokpin
19 AugJoy Online
Economist Professor Godfred Alufar Bokpin says the true cost of Ghana’s gold-buying intervention goes beyond the losses reported in the Bank of Ghana’s (BoG) books. …
GoldBod’s real cost to Ghana far higher than reported losses – Bokpin
19 AugJoy Online
Economist Professor Godfred Alufar Bokpin says the losses associated with Ghana’s domestic gold purchase programme are too significant to sustain, despite the GoldBod’s success in bringing more gold-related foreign exchange into the country. …
GoldBod losses too costly to sustain, govt plans major cut, says Bokpin
18 AugJoy Online
Economist Professor Godfred Alufar Bokpin says the GoldBod initiative has significantly reduced gold smuggling and helped Ghana retain more foreign exchange from the artisanal and small-scale mining sector. …
GoldBod has plugged gold smuggling leak and crowded in FX – Bokpin
18 AugJoy Online
Economist Professor Godfred Alufar Bokpin says the GoldBod intervention has significantly helped Ghana to retain foreign exchange from the country’s gold sector but argues that the programme has suffered major “design defects”. …
GoldBod had ‘design defects’ that could have been avoided – Prof Bokpin
18 AugJoy Online
… Godfred Bokpin, says the financial costs associated with the Ghana Gold Board (GoldBod) could have been minimised if authorities had undertaken a more comprehensive assessment of the gold value chain before operationalising and aggressively scaling up the institution. …
GoldBod costs could have been minimised with better planning – Prof. Bokpin

Business

Ghana's MSMEs face hidden municipal taxes undermining national reforms

The News

Ghana's small businesses are burdened by fragmented and opaque regulatory enforcement at the municipal level that constitutes a "hidden tax" offsetting national tax reforms. While the Value Added Tax Act reduced the effective VAT rate from 21.9% to 20% and raised the registration threshold to GHS 750,000 in annual turnover, compliance costs consume much of the relief before reaching MSMEs, which account for 92% of all businesses and nearly 70% of GDP.

21 September 2026 · Joy Online →

Monday 21 September

Ghana's MSMEs face hidden municipal taxes undermining national reforms
Ghana's small businesses are burdened by fragmented and opaque regulatory enforcement at the municipal level that constitutes a "hidden tax" offsetting national tax reforms. While the Value Added Tax Act reduced the effective VAT rate from 21.9% to 20% and raised the registration threshold to GHS 750,000 in annual turnover, compliance costs consume much of the relief before reaching MSMEs, which account for 92% of all businesses and nearly 70% of GDP.
21 September 2026 · Joy Online →

Tuesday 8 September

Business Roundtable urges Ghana to build resilient economy
The inaugural Business Roundtable Extended 2026 Executive Dialogue convened government, business, academia and development partners in Accra to call for Ghana to use macroeconomic stabilisation to build a more productive, diversified, competitive and resilient economy.
8 September 2026 · Joy Online →

Thursday 3 September

SOE profits must reflect real operational efficiency gains
Banking consultant Dr Richmond Atuahene has cautioned that Ghana's State-Owned Enterprises' reported profit turnaround—from a GH¢2.25 billion loss in 2024 to GH¢19.8 billion profit in 2025—should not be celebrated without examining whether the gains reflect genuine operational efficiency rather than financial manipulation.
3 September 2026 · Joy Online →
Ghana must review and divest non-strategic state enterprises
Banking consultant Dr Richmond Atuahene has called for a critical review of state-owned enterprises, warning that reported SOE profits may not reflect operational efficiency and that Ghana should distinguish between strategically important enterprises and those that could be removed from government's portfolio.
3 September 2026 · Joy Online →

Tuesday 1 September

Prof. Bokpin urges Mahama stronger action against illegal mining
Professor Godfred Bokpin has called on President John Dramani Mahama to take stronger and more decisive action against galamsey, following the death of seven illegal miners in a pit collapse at Asaman Tamfoe in the Eastern Region on August 29, 2026. Bokpin argues that an effective leader should demonstrate the same level of commitment to tackling the galamsey crisis as the President has shown in other areas of the economy and society.
1 September 2026 · Joy Online →

Friday 28 August

Finance Minister to lead inaugural BRT Extended session in September
Ghana's Finance Minister Dr. Ato Forson will headline the first BRT Extended session on 2 September 2026, discussing economic resilience and reforms following the main Business Roundtable 2026 event.
28 August 2026 · Joy Online →

Tuesday 25 August

IMANI urges Ghana to diversify economy beyond natural resources
The IMANI Centre for Policy and Education has called on Ghana to move away from heavy dependence on natural resources and raw-material exports toward a more diversified economic model. Economist Professor Godfred Bokpin argued that economies relying extensively on natural resources struggle to achieve sustainable growth, and that no country has achieved sustainable development solely through such a model.
25 August 2026 · Joy Online →

Monday 24 August

Growth model relying on environmental destruction unsustainable, says economist
Professor Godfred Bokpin of the University of Ghana Business School warned that Ghana cannot achieve sustainable economic development through a growth model dependent on illegal mining and environmental destruction. He called for a comprehensive value-chain assessment of the gold sector that weighs financial gains from gold exports against the environmental costs of illegal mining on forests, water bodies and ecosystems.
24 August 2026 · Joy Online →
Environmental costs must factor into gold sector assessment
Professor Godfred Bokpin argues that Ghana cannot justify environmental destruction through forests, water bodies and ecosystems in pursuit of macroeconomic gains from gold mining, and calls for comprehensive value-chain analysis that accounts for environmental degradation costs before determining true economic benefit.
24 August 2026 · Joy Online →
Ghana's gold-driven gains vulnerable to sharp price declines
Prof. Godfred Bokpin warns that Ghana's recent economic gains could be wiped out within six to eight months if global gold prices fall by more than 40 per cent, as the country's macroeconomic stability remains highly exposed to commodity price fluctuations.
24 August 2026 · Joy Online →
Ghana must avoid fiscal mistakes following debt restructuring
Professor Godfred Bokpin warns that Ghana risks repeating post-HIPC debt mistakes if the government fails to properly manage the fiscal space created by recent debt restructuring and expenditure controls. He notes that Ghana now faces a similar situation to 2006, when after completing the HIPC programme the debt-to-GDP ratio fell below 30 per cent, but should use this opportunity to build a sustainable economy rather than justify increased spending and borrowing.
24 August 2026 · Joy Online →
Prof Bokpin warns Ghana's gold-driven stability is fragile
University of Ghana economist Godfred Bokpin has cautioned that Ghana's macroeconomic stability, driven by the global gold price boom, is not durable and could be reversed by a sharp decline in gold prices. He warned that a 40 per cent decline in gold prices could wipe out reported economic gains within six to eight months, and called for stress testing of the strategy and a comprehensive value-chain assessment that includes environmental costs.
24 August 2026 · Joy Online →
Ghana's gold-dependent economy risks collapse if prices fall
Economist Professor Godfred Bokpin warned that Ghana is sacrificing long-term survival for short-term economic gains through over-reliance on gold, and that a sharp fall in global gold prices could wipe out macroeconomic stability gains within months while environmental damage from mining is being overlooked.
24 August 2026 · Joy Online →

Thursday 20 August

BoG gold purchases could cost taxpayers for recapitalization
Economist Professor Godfred Bokpin warns that financial losses under the Bank of Ghana's Domestic Gold Purchase Programme could require taxpayers to fund recapitalization of the central bank, as the losses have affected the bank's equity position.
20 August 2026 · Joy Online →

Wednesday 19 August

GoldBod deserves credit for forex gains, not macroeconomic stability
Economist Godfred Bokpin says the Ghana Gold Board has played an important role in bringing gold-related foreign exchange into the formal economy and reducing gold smuggling, but broader macroeconomic stability results from fiscal and monetary policy. He notes that while GoldBod has narrowed the gap significantly and brought foreign exchange that may have previously been lost to smuggling, the programme has come with significant financial losses that must be considered when assessing its overall impact.
19 August 2026 · Joy Online →
GoldBod's true cost to Ghana exceeds Bank of Ghana's reported losses
Economist Professor Godfred Alufar Bokpin says the real cost of Ghana's gold-buying intervention extends beyond losses in the Bank of Ghana's books, and must include wider fiscal and financial costs such as taxes surrendered to attract artisanal and small-scale gold producers into the formal market. The IMF's latest assessment puts losses from the Domestic Gold Purchase Programme at more than US$1.7 billion in 2025, but Bokpin contends this figure does not capture the full cost to Ghana.
19 August 2026 · Joy Online →
GoldBod's significant losses unsustainable, economist warns
Professor Godfred Alufar Bokpin says Ghana's domestic gold purchase programme has incurred substantial losses that are too costly to sustain, though he acknowledges GoldBod's success in reducing gold smuggling and boosting foreign exchange inflows. He attributes the losses partly to design defects in the programme and argues better planning could have minimised losses while preserving its benefits.
19 August 2026 · Joy Online →

Tuesday 18 August

GoldBod has reduced gold smuggling and retained more foreign exchange
Economist Professor Godfred Alufar Bokpin says the GoldBod initiative has significantly reduced gold smuggling and helped Ghana retain more foreign exchange from artisanal and small-scale mining, with the gap between Ghana's gold export figures and those of importing countries narrowing significantly since GoldBod's introduction.
18 August 2026 · Joy Online →
GoldBod helped retain forex but suffered design defects
Economist Professor Godfred Alufar Bokpin says GoldBod has successfully helped Ghana retain foreign exchange from the gold sector and narrowed the smuggling gap, but argues the programme suffered major design defects that better planning and expert input could have prevented.
18 August 2026 · Joy Online →
Better planning could have minimized Gold Board costs
Prof. Godfred Bokpin, economist at the University of Ghana, says the Ghana Gold Board's financial costs could have been reduced through more comprehensive assessment of the gold value chain before scaling up operations, along with greater transparency and openness to expert input.
18 August 2026 · Joy Online →
GoldBod operations creating losses on Bank of Ghana balance sheet
Economist Professor Godfred Bokpin has warned that Ghana Gold Board operations are imposing significant losses on the Bank of Ghana's balance sheet and raising concerns about the true fiscal cost of the government's domestic gold purchasing programme. He noted that while GoldBod has brought more foreign exchange into the formal system by purchasing gold from artisanal and small-scale miners, the programme was scaled up without sufficient consideration of full costs, and resulting liabilities accumulate on the central bank's books and could eventually require government recapitalisation.
18 August 2026 · Joy Online →

Tuesday 11 August

Prof Bokpin questions road quality despite Ghana's education progress
Economist Godfred Bokpin has criticized the durability of Ghana's road infrastructure, noting that earlier generations built more lasting roads with less formal education and technical expertise. He expressed concern that despite advances in education and availability of trained professionals, Ghana struggles to maintain durable roads, and cited the lengthy rehabilitation of the Tema-Accra motorway as an example.
11 August 2026 · Joy Online →
Prof Bokpin calls for emergency action on deteriorating road network
Financial economist Professor Godfred Bokpin has expressed concern over the deteriorating state of roads in Ghana, criticizing successive governments' ability to maintain infrastructure despite advances in education and technical knowledge. He highlighted the poor condition of the Accra-Kumasi highway and Tema-Accra Motorway as critical routes requiring urgent rehabilitation, noting that the poor state of the Accra-Kumasi road has significantly increased travel time between the two cities.
11 August 2026 · Joy Online →
Ghana's economy stuck in cycle of instability since 1992
Prof. Godfred Bokpin says Ghana has failed to move beyond macroeconomic stability since 1992, instead cycling through periods of economic instability and painful recovery, with the cost of restoring stability becoming enormous and increasingly unbearable for the country.
11 August 2026 · Joy Online →

Monday 10 August

Alternative readings of professor's Ghana economic crisis warnings
An analysis challenges Professor Bokpin's characterisation of Ghana as approaching a "failed state," arguing that Ghana's declining inflation, fiscal consolidation, and democratic stability distinguish it from actual state failure; the piece also contends that while macroeconomic stability alone does not drive transformation, it remains a necessary precondition for it.
10 August 2026 · Joy Online →
Attorney-General to investigate bribery scheme in Aksa energy deal
Ghana's Attorney-General announced plans to investigate persons implicated in a bribery scheme involving a Turkish energy company and a power plant project, following the conviction of former Goldman Sachs banker Asante Kwaku Berko by a U.S. federal jury on charges including conspiracy to violate the Foreign Corrupt Practices Act and money laundering.
10 August 2026 · The Chronicle →

Saturday 8 August

IMF reforms must address Ghana's persistent energy crisis
Economist Prof. Godfred Bokpin warns that weaknesses in Ghana's energy sector pose a threat to fiscal stability and calls for greater transparency, broader consultation, and clearly defined private-sector participation in electricity distribution. He notes that problems at the Electricity Company of Ghana—including high distribution losses, weak revenue collection, and financial burdens on the state—predate the current IMF programme, though the programme has improved transparency and revenue distribution mechanisms.
8 August 2026 · Joy Online →
ECG and SOEs cost Ghana 2.5–3.2% GDP annually, Bokpin warns
Economist Prof. Godfred Bokpin says state-owned enterprises, including the Electricity Company of Ghana and COCOBOD, have cost Ghana between 2.5% and 3.2% of its GDP over the past 15 to 20 years through inefficiencies. He calls for stronger policy reforms targeting these enterprises and greater transparency on any private-sector participation in ECG.
8 August 2026 · Joy Online →
Prof Bokpin calls for ECG reform transparency, flags fiscal risks
Economist Prof. Godfred Bokpin has urged greater transparency and national consultation on Ghana's electricity sector reforms, warning that ECG's financial challenges pose a major risk to fiscal stability. He notes that long-standing structural problems including inefficiencies, weak revenue collection, and power generation obligations predate the current IMF programme.
8 August 2026 · Joy Online →
ECG inefficiencies risk pushing Ghana back to IMF
Economist Prof Bokpin warned that persistent inefficiencies in the Electricity Company of Ghana and other state-owned enterprises could force Ghana to seek another IMF intervention. He said Ghana has lost between 2.5% and 3.2% of its GDP over the past 15 to 20 years due to such inefficiencies, and the energy sector's extra-budgetary allocations sometimes exceed combined budgets for Health, Food and Agriculture, and Education.
8 August 2026 · Joy Online →