Ofori-Atta Defends Under Fire Bank Of Ghana: “It Is Important For Us To Support"

• The Minister of Finance, Ken Ofori-Atta, has jumped to the defence of the Governor of the Bank of Ghana
• Ofori-Atta has asked Ghanaians to support the embattled central bank’s multimillion-dollar office project
• The minister mounted the defence in an article titled ‘Standing Strong with the Bank of Ghana’

Minister of Finance Ken Ofori-Atta has urged Ghanaians to support the Bank of Ghana’s new multimillion-dollar building project.

In an article by the minister, Ofori-Atta said the new structure would be befitting Ghana because it hosts the African Continental Free Trade Agreement office.

In his September 13, 2023 article, the minister called on Ghanaians to support the BoG governor, Ernest Addison, who is under pressure to resign by the Minority in Parliament.

“In these nearly seven years, we have worked together to ensure: the inviolability of the banking system; the establishment of the Consolidated Bank of Ghana (CBG) and the Development Bank of Ghana; the raising of over $10 billion in the Eurobond market and AfriExim bank.

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“It is important for us to support such a critical institution to modernise its operations and have a befitting office space for a country that hosts the AfCFTA and has a vision to become the financial services hub of the continent,” Ofori-Atta added about the bank.

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.

The BoG noted that 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.

BoG justifies expenditure on new office

The BoG justified spending millions on a new head office despite its financial troubles.

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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 the decision to construct a new office after a structural integrity assessment.

Dormaahene raises concerns with project

Dormaahene Osagyefo Oseadeeyo Agyemang Badu II has also spoken against the Bank Of Ghana's new office project.

YEN.com.gh 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.

Source: YEN.com.gh