Bank of Ghana Head Office: Okudzeto Ablakwa Questions Why Project Cost Mysteriously Jumped From $81M To $250M

Bank of Ghana Head Office: Okudzeto Ablakwa Questions Why Project Cost Mysteriously Jumped From $81M To $250M

  • MP for North Tongu has published documents he says he intercepted, which show that the ongoing construction of the BoG headquarters lacks transparency
  • According to him, although the BoG quoted $81 million as the initial cost, the project cost has shot up to over $250 million within a short space of time
  • The BoG has said its new head office is crucial because the current one suffers structural defects and could collapse in the event of an earthquake

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Opposition MP Samuel Okudzeto Ablakwa raised questions about, what he calls, the mysterious spike in the cost of the new head office for the Bank of Ghana (BoG).

The NDC MP for North Tongu in the Volta Region said he intercepted documents showing that Acting Chief Executive of the Public Procurement Authority (PPA), Frank Mantey, has also questioned how within just eight months, the cost of the BoG Head Office shot up from $81.8 million to $121 million.

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"Experts say this staggering $40 million increase in the project cost between January and September 2020 in a dollar-denominated contract is absolutely mind-boggling," Ablakwa wrote on Facebook.
Ablakwa questions why new BoG headquarters project cost has jumped from $81m to $250m.
Samuel Okudzeto Ablakwa and the old BoG building. Source: Facehook/@okudzetoablakwa
Source: UGC

Project cost now exceeds $250 million

In an exhaustive post on the matter on Facebook, Ablakwa claimed that patriotic insiders at the central bank working with him on his oversight role on the project expressed grave concern about how the BoG office complex, which started at $81.8 million, is now exceeding $250 million.

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"This scary development invokes memories of the scandalous Akufo-Addo Cathedral, which started at $100 million and has now exceeded $400 million;
"It is most astonishing for MisGovernor Addison who has presided over the BoG’s biggest losses in living memory of GHS60.8billion to initiate an $81.8million head office project only to now saddle Ghanaians with a bill which is about three times more. The height of recklessness and gross mismanagement!" Ablakwa was blunt.

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Why BoG is constructing a new head office

The BoG has explained that a structural integrity assessment of its current headquarters building constructed in the 1960s no longer fits its purpose.

The BoG further stated that the current building that houses its head office could not stand any major earth tremors.

It said that based on the above and considering its plan to position Ghana as the financial hub of the subregion, the BoG board and management considered a new head office building as the most important priority project to support its operational efficiency.

Bank of Ghana vows never to lend money to government again

In other news, the Bank of Ghana has announced that it will no longer lend money to the government to avoid a repeat of the huge losses it incurred in 2022.

The central bank said the zero financing policy is also part of a grand plan to recoup some GH¢60.8 billion it lost in 2022.

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Director of Research at the Bank of Ghana Dr Philip Abradu-Otoo disclosed during a TV programme that the policy would be implemented to the letter.

Bank of Ghana explains GH¢131m for "vehicle maintenance" reported in a separate story that the Bank of Ghana has moved to dispel concerns that it has been reckless in the use of state funds relating to expenses on vehicle maintenance.

The central bank disclosed in its 2022 Annual Financial Report that it used GH¢131 million for just vehicle maintenance within 12 months last year.

But clarifying, the BoG said "vehicle maintenance" is a generic term that includes fuel cost and car parts, among others.

Kennedy Agyapong says he doesn't need government contracts

Meanwhile, has reported in a separate story that Kennedy Agypong has said it is not true that he makes his wealth through contracts awarded to him by the NPP government alone.

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According to him, he has many income streams, with money coming from rent alone hitting some $800,000 a month after tax. He made the remarks during an interview on TV3.

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