The Governor of the Central Bank, Dr. Johnson Pandit Kwasi Asiama, has addressed concerns regarding the cost of the new Bank of Ghana headquarters, which was constructed under the previous government.
During his address at Parliament today, he disclosed that the total project cost is $261.8 million.
Dr. Asiama explained that the project was initially valued by the Public Procurement Authority (PPA) at 81.8 million US dollars but later increased to 121.1 million dollars after the Bank of Ghana requested for re-evaluation.
He further told parliament that as of February this year, approximately $230 million has been disbursed towards the project, leaving an outstanding balance of $31.8 million owed to the contractor.
Additionally, $48.3 million has been paid in taxes and levies associated with the construction. Separate contracts have also been awarded for additional infrastructure beyond the core building.
The 20-storey building spans 21,551 square meters and features a banking hall, a currency processing center, and extensive parking facilities.
Despite various justifications, the cost has sparked significant controversy, particularly given the country’s economic challenges, including a default on Eurobond debt in December 2022 and reliance on a $3 billion IMF bailout in 2023.
Mr. Asiama assured parliament that the Bank of Ghana remains fully focused on its primary responsibilities, to maintain price stability, which is to ensure financial sector resilience, and to foster economic growth.
“Mr. Speaker, we want to assure this Honorable House that the new board will exercise its oversight responsibilities efficiently, and the new board will ensure value for money in all our undertakings”.
By: Mary Quartey
