The Bank of Ghana (BoG) will inaugurate its newly built headquarters, “The Bank Square,” on November 20 in Accra. President Nana Addo Dankwa Akufo-Addo will be the special guest of honor at the ceremony, which will commence at 10 a.m. The event is by invitation only.
However, the construction of the new headquarters has sparked debate in July this year, especially in light of the BoG’s reported 10.5 billion cedis loss in 2023. The bank paid approximately $250 million for the project, a move that has attracted scrutiny from several stakeholders.
Member of Parliament Yusif Suleman raised concerns about the rationale behind the Bank of Ghana proceeding with the high-cost project in the face of such significant losses. In response, Mr. Stephen Opata, Special Advisor to the BoG Governor, justified the project by stating that stopping construction would have been inefficient and incurred additional costs due to the advanced stage of development and the presence of contractors on site.
Mr. Opata further clarified that while the losses were concerning, they were due to multiple factors beyond the new headquarters’ construction. “I hear you clearly,” he acknowledged, “but this project was way advanced. Stopping it mid-way would not have been the best decision under the circumstances.”
The BoG’s position is that the headquarters project was crucial to its operational needs and that halting construction would have been more financially detrimental.
Source: graphiconline
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