Bright Simons Concerned BoG Headquarters Building Saga Fast Becoming Like Cathedral After $220 Million Spent

• Bright Simons has said the BoG head office project lacks transparency and seems to be sinking too much state funds
• The renowned IMANI policy analyst is worried that even after $220 million has been spent on the project, it is only 50% complete
• He also expressed worry in a tweet on Monday, August 21, 2023, that the initial budget for the project has been tripled within a short space of time

A policy analyst with IMANI Centre for Policy and Education, Bright Simons, has said it is curious that the Bank of Ghana has tripled its budget for a new headquarters project but it is only 50% complete.

Simons tweeted on Monday, August 21, 2023, that the project that has swallowed over $220 million already is only halfway complete.

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"After Opposition MPs went frontal on the Bank of Ghana's evasiveness on the cost & procurement of its new head office, some facts are emerging. But Ghana really needs to get serious! Is BoG seriously saying that after more than $220m spent, the building is still just 50% done?" he quizzed.

New BoG headquarters project

The central bank has said a structural integrity assessment it conducted a while ago informed the decision for the new head office building project.

In a statement, the BoG explained that its main building does not have the required strength to be considered safe for usage.

"This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected," it explained.

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It further said the building was not earthquake-proof and could not withstand such activity.

“The building also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area."

The BoG noted further that its actions were in line with positioning Ghana as the financial hub of the subregion.

But for many the rising cost of the budget for the bold project remains a major cause of concern.

Bright Simons also said details emerging about the ongoing project make the new BoG headquarters sound like the controversial National Cathedral project brouhaha that has swallowed so much cash.

"That even after completion most of the high-value features like the datacenter will be postponed? After the original budget has tripled? Effectively, a $220m shell of a building is 3x over budget & still at 50% completion. What kind of project mgmt is that? Another cathedral?" he asked.

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Okudzeto Ablakwa questions why BoG project cost jumped from $81m to $250m

In a related story, 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.

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.

NDC wades into Bank of Ghana insolvency

Meanwhile, YEN.com.gh has reported in a separate story that NDC has called on Bank of Ghana Governor Dr Ernest Addison to resign immediately for his part in the losses at the central bank last year.

Minority Leader Cassiel Ato Forson spoke on behalf of the opposition party during the Moment of Truth series on Tuesday, August 8.

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The NDC described the BoG Governor, President Nana Akufo-Addo, Vice President Dr Mahamudu Bawumia and Finance Minister Ken Ofori-Atta as criminals.

Source: YEN.com.gh