Akufo-Addo Commissions New Bank Of Ghana Headquarters: "More Than Just A Structure"
- President Nana Akufo-Addo commissioned the new headquarters of the Bank of Ghana in Accra
- Akufo-Addo said the new Bank of Ghana building has modernised Ghana’s financial infrastructure
- There had been claims the project cost as much as $250 million, which the Bank of Ghana denied
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President Nana Akufo-Addo has commissioned the controversial new headquarters of the Bank of Ghana at Ridge in Accra.
The commissioning brought together state officials, Bank of Ghana executives, and other major players in Ghana’s financial sector.
In his address, President Akufo-Addo lauded the building, saying it modernised Ghana’s financial infrastructure.
“It is a testament to Ghana’s commitment to economic stability and our aspirations to position ourselves as a financial hub in the region."
The Bank of Ghana governor, Dr. Ernest Addison, also expressed hope that the new headquarters will consolidate the bank’s operations.
"This new facility allows us to bring all these operational units under one roof, streamlining our processes, improving communication, and creating cost efficiencies."
He also highlighted the headquarters’ design as a forward-thinking project that aims to meet the demands of a dynamic global financial environment.
Why the new building is controversial
The construction of the new headquarters caused controversy because 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.
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.
It also said its current structure was vulnerable to collapse in the event of strong winds and earthquakes.
Concerns over building's inconsistent cost
YEN.com.gh reported that the MP for North Tongu, Samuel Okudzeto Ablakwa, published documents suggesting that the project cost had shot up to over $250 million within a short time.
The Bank of Ghana, however, said one 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.
Proofread by Samuel Gitonga, Copy Editor at YEN.com.gh
Source: YEN.com.gh
