Bank Of Ghana Rejects Accusations Of Procurement Infractions In Purported $250 Million Office Project

Bank Of Ghana Rejects Accusations Of Procurement Infractions In Purported $250 Million Office Project

  • The governor of the Bank of Ghana has denied claims his institution breached procurement laws in its office project
  • The Bank of Ghana has maintained the project cost at $121 million, despite claims it has exceeded $250 million
  • Goldkey Properties Limited was given a $121,078,517.94 contract for the project back in 2020 after a restricted tender

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The Bank of Ghana has rejected claims that it breached procurement rules in its new office building project, alleged to cost $250 million.

During a press conference on Monday, August 21, 2023, the Governor of the Bank of Ghana, Dr. Ernest Addison, said the project which started in 2019 followed due process.

BoG on Ablawaka claims
BoG governor Ernest Addison and North Tongu MP Samuel Okudzeto Ablakwa (L). Source: Facebook/UniversityOfGhanaBusinessSchool/@SamuelOkudzetoAblakwa
Source: Facebook

The central bank later released a statement saying it got approval for a restricted tender because of security concerns.

"The Bank wrote to the PPA on 14th January 2020, for approval to use the Restricted Tender Method. This procurement method was on the basis of national security considerations."

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Out of a shortlist of five firms, Goldkey Properties Limited, was eventually given the contract for $121,078,517.94.

The project located at West Ridge, which is 41% complete, is expected to be finished in 2024.

The project is under scrutiny after the MP for North Tongu, Samuel Okudzeto Ablakwa, published documents showing that the project cost has shot up to over $250 million within a short space of time.

BoG justifies expenditure on new office

The BoG justified spending millions on a new head office despite its financial troubles. 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 the decision to construct a new office after a structural integrity assessment.

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Dormaahene raises concerns with project

Dormaahene Osagyefo Oseadeeyo Agyemang Badu II has also spoken against the Bank Of Ghana's new office project. earlier reported that Dormaahene appealed to President Nana Akufo-Addo to stop the central bank's purported $250 million plan.

Badu II said the multi-million dollar project was not prudent given the current economic crisis in Ghana.

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