Parliament has approved a £17.25 million lease agreement that will enable Ghana to retain Regina House in London, the property that houses the Ghana International Bank (GHIB), for another 150 years.
The approval paves the way for the Ministry of Finance to renew the head lease with the Wardens and Commonalty of the Mystery of Mercers ahead of the expiration of the current lease in September 2027.
Presenting the agreement to Parliament, Deputy Minister for Finance, Thomas Nyarko Ampem, described Regina House as one of Ghana’s most valuable overseas assets, noting that it has been under the country’s control since 1937.
He said the property, located in the heart of London’s financial district, has served as the headquarters of the Ghana International Bank for decades and remains an important symbol of Ghana’s presence in the United Kingdom.
According to him, the building currently generates about £1.4 million in rental income annually, with government intending to use the revenue to repay the cost of the lease while supporting the continued operations of the bank.
“This is one of the assets that the colonial administration handed over to us. We have held the property for almost a century now, from 1937. It is due to expire in 2027, and we believe it is important for us to renew the lease for Ghana International Bank to deepen our financial services in the UK,” he said.
Mr Nyarko Ampem added that rental income generated from tenants occupying sections of the building would also be accumulated to acquire other strategic properties in the United Kingdom to support Ghana’s diplomatic and commercial interests.
The agreement was approved following the adoption of a report by Parliament’s committee responsible for examining the transaction.
The decision comes amid growing public interest in the future of Regina House, with concerns raised over the condition of parts of the building and calls for refurbishment works to preserve its long-term value.
There have also been proposals for portions of the property not occupied by Ghana International Bank to be leased to commercial tenants to generate additional revenue.
Supporters of the agreement say the lease extension safeguards one of Ghana’s most strategic assets abroad while providing long-term certainty for the operations of Ghana International Bank and creating opportunities for future redevelopment and commercial use.
The approval authorises the government to proceed with the execution of the lease extension in accordance with the relevant legal and financial requirements.
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