BoG paid private developer over $35m for construction of a new corporate office – A-G Report

According to a JoyNews report sighted by GhanaWeb Business, the central bank made other payments to the contractors for the period under review.

The report said the “total progress payments to contractors for the period under review were US$117,150,255.37 compared with US$32,246,487.75 for the corresponding period of 2021, representing an increase of US$84,903,767.62 or 263.3%.”

The A-G’s report highlighted that the upsurge was attributable to the construction of Bank of Ghana corporate office in Tamale and sports infrastructure for the hosting and organization of the 13th African games in Accra.

This, it said, accounted for 30.7% and 30.5% respectively of the total amount of US$117,150,255.37.

Meanwhile, the Bank of Ghana announced that their current building in Accra was no longer fit-for-purpose, hence, the need for a new office building.

It also said a structural integrity assessment conducted by the central bank revealed that the current head office building built in the early 1960s could not stand any major earth tremors.

Some individuals and groups including the Minority caucus in parliament have maintained it is reckless for the central bank to think of building a new head office at a time when it had recorded GH¢60.8 billion and negative equity of GH¢55.1 billion.

He stressed that Ghanaians were suffering and urgent measures needed to be put in place to lessen the economic burden.

But the BoG has said the new headquarters was 41% completed and is expected to be completed by September 2024.