Dormaahene Urges Akufo-Addo To Stop Bank Of Ghana From Spending $250 Million On New Head Office

• Dormaahene Osagyefo Oseadeeyo Agyemang Badu II has spoken against the Bank Of Ghana's new office project
• The Dormaahene has appealed to President Nana Akufo-Addo to stop the central bank's $250 million plan
• Badu II said the $250 million project was not prudent given the current economic crisis in Ghana

The Dormaahene, Osagyefo Oseadeeyo Agyemang Badu II, has called on President Nana Akufo-Addo to stop the Bank of Ghana (BoG) from building its new $250 million headquarters.

The Dormaahene said such an investment during Ghana’s economic crisis is misplaced.

Speaking at his palace in Dormaa in the Bono Region, he said the President needed to intervene in the issue.

“We heard that the BoG is building a new headquarters at a cost of 250 million dollars. That is about a quarter of the money we are seeking from the IMF.”

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“We want the President to intervene. He should meet with them and rescind that decision and communicate same to us,” the chief said.

The Minority in Parliament has criticised the BoG’s plans and asked for details on the cost of the project.

The Bawku MP, Mahama Ayariga, made an RTI request for information on procurement of the land for the construction of the new headquarters building, as well as the names of consultants and project managers.

BoG justifies $250 million expenditure

The BoG justified spending $250 million on a new head office despite its financial troubles.

YEN.com.gh reported that the central bank said its current structure is vulnerable to collapse in the event of strong winds and earthquakes.

The BoG arrived at these decision to construct a new office after a structural integrity assessment.

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Ablakwa sounds alarm over project

The MP for North Tongu, Samuel Okudzeto Ablakwa, 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.

Potential BoG recapitalisation levy

YEN.com.gh also reported that the Minority in Parliament warned Ghanaians that the government could introduce a new tax to support the Bank of Ghana.

The Minority has said this new tax will be described as the Bank of Ghana recapitalisation levy.

This assertion followed the NDC's call for the Bank of Ghana leadership to resign after GH¢60 billion in losses.

Source: YEN.com.gh