Tax Expert Critiques Cost of New Bank of Ghana Headquarters as Excessive
Tax expert Geoffrey Kabutey Ocansey criticized the $261.8 million cost of the Bank of Ghana’s new headquarters, calling it wasteful and illogical, particularly given the nation’s economic challenges. He suggested that banks with recent losses should avoid such expenditures and proposed a constitutional review to limit state institutions’ financial decision-making powers.
Geoffrey Kabutey Ocansey, a tax expert, has labeled the $261.8 million investment in the new headquarters of the Bank of Ghana (BoG) as an extravagant allocation of resources. Speaking during an appearance on Frontline at Rainbow Radio 87.5FM, he described this expenditure as regrettable and an improper use of funds at a time when the nation faces economic challenges.
Ocansey articulates that it is illogical for a country grappling with financial difficulties to allocate such a significant sum towards a bank’s headquarters. He pointed out that entities facing losses, such as the BoG, should refrain from such sizable investments in new infrastructure.
He stated, “This is a bank that has recorded losses in recent times, and so it had no business investing $261 million in constructing a new headquarters. The country is also struggling economically, so we have no business investing $261.8 million for a new headquarters.”
Moreover, Ocansey criticized the justification offered by the BoG for the new headquarters, arguing that similar institutions in the vicinity have not undertaken comparable construction projects. He remarked, “The explanation given by the Bank of Ghana for the construction of the new office is laughable and unrealistic. It’s the most ridiculous. The most unfortunate thing is that, whether we like it or not, they have built the new headquarters.”
As a remedy, Ocansey advocates for a constitutional review aimed at curtailing the authority of state institutions and their leaders, particularly regarding decisions that can adversely affect the nation’s financial stability.
In conclusion, Geoffrey Kabutey Ocansey’s criticism of the Bank of Ghana’s decision to invest $261.8 million in a new headquarters raises significant concerns regarding financial prudence, especially amid economic struggles. His call for a constitutional review reflects a desire to enforce more stringent oversight on decisions made by state institutions that might impose financial burdens on the country.
Original Source: www.ghanaweb.com
