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‘The old Bank of Ghana HQ lacked structural integrity’ – BoG Governor

Faridatu Seidu — Wed, 05 Mar 2025 13:54:45 +0000

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has stated that the old headquarters of the central bank lacked structural integrity, making the construction of a new facility necessary.

In his appearance before Parliament to address questions about the new headquarters, Dr. Asiama explained that discussions about the need for a new building began as far back as 2011.

During that time, the board considered acquiring land for the project, but no specific location was chosen before the board’s tenure ended.

“Mr. Speaker, even in 2016, when I was the Deputy Governor, the same issue was being considered; however, we could not settle on a specific location,” he said.

Dr. Asiama further revealed that a structural integrity audit was conducted on the existing headquarters in 2019, under a new board. The findings showed that the building, constructed in the late 1950s, had significant defects and was no longer fit for purpose.

“The existing headquarters had developed significant structural defects and was no longer fit for purpose,” he emphasized.

Despite concerns about the necessity and cost of the new building, Dr. Asiama defended the decision, asserting that expert assessments highlighted the need for a modern, structurally sound facility to ensure the effective operation of the central bank.

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BoG Governor reveals $11m cost for furnishing new headquarters

Faridatu Seidu — Wed, 05 Mar 2025 13:50:24 +0000

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that furnishing the central bank’s newly constructed headquarters will cost $11.1 million.

The state-of-the-art facility, located in Accra, was inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, with key government officials, BoG executives, and financial sector leaders in attendance.

The project, however, sparked criticism, particularly from the then-Minority in Parliament, who called for the resignation of former Governor Dr. Ernest Addison and his deputies due to concerns about the bank’s spending.

Speaking to Parliament on Wednesday, March 5, Dr. Asiama defended the expenditure, clarifying that the old BoG office had structural defects and was no longer suitable for operations.

“Furniture and furnishings were awarded at $11.1 million,” he stated.

He further assured lawmakers of the BoG’s commitment to prudent financial management and its role in maintaining financial stability in the country.

The new facility is expected to enhance the central bank’s operational efficiency and strengthen its ability to regulate Ghana’s financial sector effectively.

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Our new headquarters will improve efficiency – BoG Governor

Faridatu Seidu — Wed, 20 Nov 2024 13:34:33 +0000

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has expressed optimism that the newly inaugurated headquarters of the Central Bank will enhance operational efficiency and bolster Ghana’s reputation as a leader in Africa’s financial sector.

Speaking at the inauguration ceremony on Wednesday, November 20, Dr. Addison highlighted the strategic role of the state-of-the-art facility in unifying the bank’s operations and strengthening the nation’s financial system.

Dr. Addison explained that the primary purpose of the new headquarters is to consolidate the bank’s offices, which are currently spread across Accra, under one roof.

new Bank of Ghana Headquarters

This centralisation, he noted, is key to improving coordination, communication, and cost-efficiency in the bank’s operations.

“This new head office allows us to streamline our activities, enhance communication, reduce costs, and create synergies for greater efficiency.

“It is part of our broader modernisation strategy, positioning the Bank of Ghana as a forward-looking institution ready to meet the evolving demands of the global financial landscape,” he stated.

Dr. Addison further described the new headquarters as a significant civic landmark, symbolising Ghana’s commitment to excellence in financial governance.

“The Bank Square was designed with the future in mind and stands as one of Accra’s most important modern landmarks. This facility will play a pivotal role in solidifying Ghana’s position as a leading force in Africa’s financial ecosystem.”

The $250 million project features three key structures: the Tower Block, Urban Block, and Amenities Block, complemented by basements, podiums, and ancillary facilities.

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BoG denies procurement breaches in construction of new headquarters

Dorcas Abedu-Kennedy — Fri, 18 Aug 2023 15:46:36 +0000

The Bank of Ghana (BoG) has denied breaching the procurement laws in the construction of its new headquarters located at Ridge in the Greater Accra region.

According to the bank, it secured all the required approvals from the Public Procurement Authority (PPA) before commencing the construction.

The Head of Research at the BoG, Dr Philip Abradu-Otoo, disclosed this on News Night on Joy FM with Evans Mensah on August 17, 2023.

Dr. Abradu-Otoo assured that the central bank will soon release details and all the necessary documents covering the construction of the headquarters.

“All necessary approvals were obtained from the PPA, we broke no procurement law”, he stressed.

Background

The BoG’s response follows allegations by the Member of Parliament for North Tongu, Samuel Okudzato Abalkwa, suggesting that the cost of the building has been inflated from US$81 million to $250 million.

Mr. Ablakwa has also rejected claims that the process to construct the building commenced under the erstwhile National Democratic Congress government.

In addition, the North Tongu MP raised issues about serious governance breaches with the project.

Concerns of Procurement Breaches

However, responding to the issues, Dr. Abradu-Otoo insisted that the PPA was involved in evaluating all the documents covering the building.

“As a transparent and law-abiding Institution, we operate within the laws of the country”, he maintained.

Dr. Abradu-Otoo also defended the BoG’s decision to use Restricted Tendering Procurement Method, stating that it was justified, evaluated and approved by the PPA.

He reiterated that details of the entire process will soon be released to clear all doubts in the public domain.

Bank of Ghana on justification of Headquarters

The Bank of Ghana has already explained that a structural integrity assessment conducted on its current headquarters in the Central Business District of Accra showed that the office, which was built in 1960 is no longer fit for purpose.

The central bank added that the building can’t no longer stand any major earth tremors.

The bank in statement, released noted that “the outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage”.

The bank also said that the Board and Management considered a new Head Office building as the most important priority project to support the operational efficiency of the bank, and also put the Bank of Ghana in a very good position to be the host of the Regional Central Bank as it currently host the West African Monetary Institute (WAMI) of the Sub region.