Accra, July 11, BBC - The Ghanaian government spent more than $1.4m (£704,000) buying 515 gold medals from a company based in the Channel Islands, officials have confirmed.
Almost half the medals were given out last week to prominent citizens at a colourful national awards ceremony.
The government says the rest will be presented over the next four years.
The medals are intended to reward outstanding contributions to Ghana. But critics say the money would have been better spent alleviating poverty.
At $65,000 (£32,700), President Kufuor's award cost many times more than an Olympic gold medal.
This prompted one journalist to make a joke comparing Mr Kufuor to the medallion-wearing American rapper, 50 Cent.
The Deputy Information Minister, Frank Agyekum, disagreed.
"You can't put a price tag on an award which is meant to encourage, motivate and congratulate people for making a great contribution to the country," he said. "This was not extravagant."
"The remaining medals will be used for the next three to four years," he added, before noting that even beauty pageant winners are given a whole house these days.
Politicians from rival parties were offered medals, but the opposition National Democratic Congress (NDC), boycotted the event.
Not surprisingly, the NDC is now making a noise about the cost of the awards
"This was a severe misplacement of priority and an insult to the intelligence of Ghanaians," said Tony Aidoo, a senior member of the party.
"How can the president decorate himself with such expensive jewellery when people are in dire need of basic amenities?" he asked, calling for a parliamentary enquiry, and for evidence that the remaining medals really exist.
"Peace and stability are priceless on the African continent," said Bright Simons, of the Ghanaian think tank, the Imani Centre for Policy and Education.
"If the process had succeeded in building a lot of reconciliation across the political spectrum, it would have been worth it," he added.
Mr Simons said the intention was honourable, but suggested the governing New Patriotic Party (NPP), could have managed the event better - by including members from across the political divide in an independent awards committee.
Ghanaians are also waiting to learn how the proceeds are spent from recently discovered oil in the country, estimated to total 2 billion barrels.
Those worried that Ghana may follow the lead of Angola and Nigeria will seek little comfort from news of how $1.4m has been spent on the medals.
Some Ghanaians are also asking why the medals could not have been produced locally - especially as their country is Africa's second largest producer of gold.