Bank of Ghana Governor Addresses Parliament on Costs of New Headquarters
Dr. Johnson Pandit Kwasi Asiama, the Governor of the Bank of Ghana, is addressing Parliament about the $250 million costs of the new headquarters, “The Bank Square.” Originally budgeted significantly lower, costs escalated amid economic challenges, leading to criticism from opposition parties. Dr. Ernest Addison, the former Governor, has completed his term and was succeeded by Dr. Asiama.
Dr. Johnson Pandit Kwasi Asiama, the Governor of the Bank of Ghana, is currently addressing Parliament about the costs associated with the new Bank of Ghana headquarters. This inquiry follows an official request from Parliament for clarity regarding the project’s total expenditure, which has raised concerns among stakeholders.
The new headquarters, known as “The Bank Square,” was inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, and is reported to have cost approximately $250 million. The construction commenced in 2019, with the initial contract awarded to Goldkey Properties Limited for $81.8 million. Funding for the project came from a combination of internally generated funds and government resources.
Over time, the costs associated with the project escalated significantly, rising from $81.8 million to $121 million, ultimately reaching an approximate total of $250 million upon its completion. This 20-storey building, located in Accra’s Central Business District, encompasses 21,551 square meters and includes various facilities, such as a banking hall and a currency processing center.
The project’s financial implications have sparked controversy, particularly in light of Ghana’s current economic circumstances, which have included a default on Eurobond debt in December 2022 and dependence on a $3 billion International Monetary Fund (IMF) bailout in 2023. Critics, including the National Democratic Congress (NDC), have disparaged the project as a waste of public resources, raising issues regarding the Bank’s transparency and financial priorities.
Notably, Dr. Ernest Addison, who was the Governor during the project’s oversight, entered terminal leave on February 3, 2025, ahead of his retirement scheduled for March 28, 2025. Following his departure, Dr. Johnson Pandit Kwasi Asiama was sworn in as the new Governor of the Bank of Ghana on February 25, 2025, alongside Dr. Zakari Mumuni as the First Deputy Governor.
In conclusion, the Bank of Ghana’s new headquarters has become a focal point of debate regarding fiscal responsibility amid economic challenges. The significant cost increase, alongside criticisms from opposition parties, highlights the ongoing concerns over public spending and transparency within governmental projects. The transition of leadership at the Bank of Ghana adds another layer to the ongoing scrutiny surrounding the project.
Original Source: www.ghanaweb.com
