Finance

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.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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