New Bank Of Ghana Boss Confirms Akufo-Addo Government Spent $230 Million On New Headquarters
- The Governor of the Bank of Ghana, Dr Johnson Asiama, disclosed that the Akufo-Addo administration paid $230 million for the new building
- Asiama told Parliament that there is an outstanding balance of $31.8 million still due to the construction firm
- He also noted that furnishing the Central Bank’s new headquarters would cost $11 million
The new Governor of the Bank of Ghana, Dr Johnson Asiama, has disclosed that the Akufo-Addo administration paid $230 million to the contractor involved in its new building project.
Asiama noted that there is an outstanding balance of $31.8 million still due to the construction firm.
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For example, the central bank's boss noted that furnishing the Central Bank’s new headquarters would cost $11 million.
He disclosed to Parliament on March 5 that the total cost of the project has risen to $261.8 million, with the payments being made as recently as February 2025.
"As of February this year, a total of approximately $230 million has been paid towards the project, with an outstanding balance of $31.8 million still due to the contractor."
Asiama also noted that an additional $48.3 million has been paid in taxes related to the construction.
Several other facilities were part of the project, including an Integrated Communication and Computing (ICC) system and Network Infrastructure, which cost $8.6 million, the governor explained.
He noted that these investments are aimed at ensuring the Bank of Ghana operates in a secure and technologically advanced environment.
Nana Akufo-Addo commissioned the controversial new headquarters of the Bank of Ghana at Ridge in Accra on November 20, 2024.
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 million 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
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.
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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.
Bank of Ghana launches gold coin
YEN.com.gh reported that the Bank of Ghana launched the Ghana Gold Coin (GGC) as a new financial instrument to diversify the public’s investment options.
The coins were made available on November 26, 2024, in three denominations: 0.25 oz, 0.50 oz and 1.00 oz.
Their prices were set at GH¢11,188.12, GH¢22,409.74 and GH¢45,020.48 respectively.
According to the Central Bank, these prices were based on the previous day’s London Bullion Market Association (LBMA) PM gold price, which was set at $2,635.40, and the Bloomberg USD to GHS exchange rate of 15.7500.
An advisor at the Bank of Ghana, Dr Steve Opata, said the Central Bank was trying to ensure inclusivity with the coins.
Proofread by Samuel Gitonga, Copy Editor at YEN.com.gh
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Source: YEN.com.gh
