It is indeed now clear how we ended up as a Junk Economy – Elikem Kotoko fires Abena Osei Asare

In an Official Facebook Post on 14 October 2026, political commentator Elikem Kotoko launched a sharp critique of former Deputy Finance Minister and Member of Parliament, Hon. Abena Osei Asare, following exchanges surrounding Ghana’s mining sector, foreign exchange flows, and the operations of GoldBod.

The comments emerged amid ongoing public discussions about the management of Ghana’s gold resources and the country’s foreign exchange earnings. Recent debates have focused on how large-scale mining companies handle their forex proceeds, with questions being raised about the role of banks, regulators, and government agencies in the forex market.

Reacting to the matter, Elikem Kotoko expressed surprise that a former Deputy Finance Minister, a chartered accountant, and an experienced Member of Parliament would allegedly appear unfamiliar with the practice of large-scale mining companies selling foreign exchange through commercial banks.

According to him, such knowledge should be basic for anyone who has spent years within Ghana’s economic management team. He argued that individuals entrusted with overseeing important areas of the country’s financial administration should possess a thorough understanding of how key sectors of the economy operate.

“It’s indeed now clear how we ended up as a Junk Economy,” Elikem Kotoko remarked, using the comment to criticize what he believes were weaknesses in economic management during the previous administration.

His comments also appeared to defend GoldBod Chief Executive Officer Sammy Gyamfi, who has recently been at the center of discussions regarding Ghana’s gold trade and foreign exchange policies. Kotoko suggested that criticisms directed at GoldBod and its leadership have exposed gaps in understanding among some of the institution’s critics.

The post quickly generated reactions online, with supporters of the National Democratic Congress (NDC) praising Kotoko’s intervention and arguing that recent discussions have highlighted deficiencies in policy decisions taken under the previous government.

Others, however, viewed the comments as another example of growing political polarization, arguing that economic issues should be debated based on facts and policy analysis rather than partisan attacks. They contend that differences in interpretation of economic matters do not necessarily imply ignorance and that public discourse should focus on evidence-based arguments.

Observers note that the exchange reflects the broader political contest currently taking place over the legacy of Ghana’s economic management. The country’s debt challenges, IMF programme, inflationary pressures, and currency difficulties continue to influence political discussions, with both major parties offering competing explanations for how the situation developed.

For critics of the previous administration, economic difficulties experienced in recent years justify closer scrutiny of the decisions taken by key economic managers. Supporters of the former government, however, maintain that external factors, including global economic shocks, played a significant role in shaping Ghana’s challenges.

At its core, Elikem Kotoko’s criticism speaks to a larger debate about competence, accountability, and economic stewardship. By questioning the understanding of a former Deputy Finance Minister, he sought to reinforce the argument that Ghana’s economic difficulties were not accidental but reflected deeper policy shortcomings.

As discussions continue, the debate surrounding GoldBod, foreign exchange management, and the country’s economic direction is expected to remain an important issue in Ghana’s political and economic discourse.

Source: Elikem Kotoko, Official Facebook Post, 14 October, 2026.