Bank Of Ghana To Commission Controversial Multimillion-Dollar Headquarters On November 20

• The Bank of Ghana will commission the controversial new headquarters building on November 20
• The planned project to erect a multimillion-dollar headquarters has attracted criticism over the past year
• There have been claims the project cost as much as $250 million, which the Bank of Ghana has denied

The Bank of Ghana will commission its newly constructed headquarters at West Ridge, known as 'The Bank Square', on November 20.

Graphic Online reported that President Nana Akufo-Addo is expected to be the special guest of honour at the ceremony.

The construction of the new headquarters has sparked controversy in the wake of the central bank's massive losses in the past few years.

For example, the central bank recorded losses of GH¢60.81 in the 2022 fiscal year.

Given this, people like North Tongu MP Samuel Okudzeto blasted the central bank’s leadership for spending GH¢711 million on projects, like office remodelling, during an economic crisis.

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

The Bank of Ghana claimed that its headquarters project, in particular, is crucial to its operational needs and that halting construction would have been more financially detrimental.

Concerns over BoG building's inconsistent cost

The MP for North Tongu published documents suggesting that the project cost had shot up to over $250 million within a short time.

The Bank of Ghana, however, said Goldkey Properties Limited was awarded the contract for $121,078,517.94 after five firms were initially shortlisted.

The central bank also rejected earlier claims that it breached procurement rules in its new office building project.

BoG justifies expenditure on new office

Despite its financial troubles, YEN.com.gh reported that the bank justified spending millions on a new head office.

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The central bank said its current structure was vulnerable to collapse in the event of strong winds and earthquakes.

The BoG said it arrived at the decision to construct a new headquarters building after a structural integrity assessment.

Proofread by Bruce Douglas, senior copy editor at YEN.com.gh

Source: YEN.com.gh