The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has justified the cost of the central bank’s new headquarters.
he explained that the project was necessary due to structural defects in the existing building, which was constructed in the late 19th century.
Speaking before Parliament in response to a probe into the cost of the project, Dr. Asiama revealed that the 98% complete structure was initially planned to have 25 floors but was limited to 20 floors due to spatial constraints.
He explained that discussions about acquiring land for the new headquarters began in 2011 under his predecessor, Dr. Philip Addison, but the project faced delays due to difficulties in securing a suitable location. However, in 2019, a new Board of Directors commissioned a structural integrity audit, which confirmed that the old headquarters had developed significant defects, making it unsafe for use.
Following this assessment, the Board approved the development of a new corporate headquarters to enhance operational efficiency and modernize banking infrastructure.
Dr. Asiama explained the cost components of the project as follows, Building Construction – $261.8 million, ICT Infrastructure – $8.6 million, Electronic Security Systems – $15.8 million, Furniture and Furnishings – $11.1 million.
He further disclosed that the initial valuation of the project by the Public Procurement Authority (PPA) was $81.8 million, but the figure increased to $121.1 million following a redesign. Additional modifications, including a Building Management System (BMS) and enhanced security features, raised the total cost to $251.8 million.
As of February 2025, the Bank of Ghana had paid approximately $230 million towards the project, with an outstanding balance of $21.8 million to be settled with the contractor. Additionally, $48.3 million has been paid in taxes and levies related to the construction.
The governor assured Parliament that the project underwent a competitive procurement process, which was approved by the PPA, leading to the selection of Messrs Goldkey Properties Ltd as the contractor under a turnkey agreement.
He emphasized that the new headquarters aligns with the needs of a modern central bank, ensuring a secure and technologically advanced work environment.
Dr. Asiama acknowledged the public scrutiny surrounding the project but reiterated that the Bank of Ghana remains committed to price stability, economic resilience, and transparency in its financial operations.
“The new board will ensure value for money in all undertakings and uphold the highest standards of financial prudence,” he assured.
The parliamentary probe into the cost of the BoG headquarters continues, as stakeholders seek further clarifications on the expenditure.
Source: www.kumasimail.com
