Bank Of Ghana Under Fire: Ablakwa Blasts Central Bank For Spending GH¢711M On Projects During Crisis

Bank Of Ghana Under Fire: Ablakwa Blasts Central Bank For Spending GH¢711M On Projects During Crisis

  • North Tongu legislator Samuel Okudzeto Ablakwa has condemned the Bank of Ghana for spending on infrastructure
  • GH¢711 million in capital spending by the central bank was outlined in an independent audit report by Deloitte for 2022
  • Ablakwa accused the Bank of Ghana of trying to conceal these expenditures from Ghanaians

The Bank of Ghana has taken more heat from the North Tongu MP, Samuel Okudzeto Ablakwa, over its expenditure in 2022.

Ablakwa has blasted the central bank’s leadership for spending GH¢711 million on projects, like office remodelling, during an economic crisis.

Samuel Okudzeto Ablakwa fires BoG
Samuel Okudzeto Ablakwa (L) and BoG governor Ernest Addison (R). Source: Facebook/@Samuel Okudzeto Ablakwa/@Bank of Ghana
Source: Facebook

According to an independent audit report by Deloitte, the money was spent on ongoing projects like the remodelling of some regional offices, the new Bank of Ghana Headquarters project and the development of a Guest House in Tamale.

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This spending came as the central bank made record losses of some GH¢60 billion.

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Reacting to the report on social media, Ablakwa also accused the BoG leadership of trying to hide the transaction:

“What is equally disgraceful and condemnable was BoG’s attempt to conceal these risky humongous transactions by its disingenuous refusal to disclose them in its original financial statement presented to auditors."
If the Bank of Ghana had nothing to hide and was really proud of its sleazy new headquarters project and all the other dubious constructions, why did they deploy such elaborate opaque concealment schemes just to avoid accountability?”

Ablakwa piles pressure on BoG

Ablakwa has been critical of the BoG's spending on a new headquarters building in particular.

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

The BoG, however, said a company called Goldkey Properties Limited was given the contract for $121,078,517.94.

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

BoG justifies expenditure on new office

Earlier, reported that the BoG justified spending millions on a new head office despite its financial troubles.

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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