Finance

BoG Governor to appear before Parliament over $250 million cost of new BoG headquarters

The Governor of Ghana’s Central Bank, Dr. Johnson Pandit Kwasi Asiama, is scheduled to appear before the Parliament of Ghana on Wednesday, March 5, 2025.

Announcing the Business Statement of Parliament for the week ending Friday, March 7, 2025, the Majority Leader, Mahama Ayariga, stated that the governor would address the House regarding the cost of the new Bank of Ghana head office, constructed under the erstwhile Nana Addo Dankwa Akufo-Addo government.

“The governor’s invitation is scheduled for Wednesday and will take place at a committee of the whole. It has been provided for in the draft document that we have,” he said.

The new Bank of Ghana headquarters, dubbed “The Bank Square,” was commissioned on November 20, 2024, by President Akufo-Addo at a reported cost of approximately $250 million.

Construction began in 2019 under a contract initially awarded to Goldkey Properties Limited in 2020 for $81.8 million, with funding purportedly sourced from internally generated funds and government support.

However, the project’s cost escalated significantly over time, with revised figures rising to $121 million and eventually reaching approximately $250 million upon completion.

The 20-storey building, located in Accra’s Central Business District, spans 21,551 square meters and includes features such as a banking hall, a currency processing center, and extensive parking facilities.

Despite various justifications, the cost has sparked significant controversy, particularly given the country’s economic challenges, including a default on Eurobond debt in December 2022 and reliance on a $3 billion IMF bailout in 2023.

Critics, including the then-opposition National Democratic Congress, labeled it an extravagant misuse of public funds, questioning the bank’s transparency and financial priorities during a period of fiscal strain.

Dr. Ernest Addison, who oversaw the project as Governor of the Bank of Ghana, proceeded on terminal leave starting February 3, 2025, ahead of his retirement on March 28, 2025, after serving two full terms since his initial appointment in April 2017.

In his stead, President John Dramani Mahama swore in Dr. Johnson Pandit Kwasi Asiama as the new Governor of the Bank of Ghana, alongside Dr. Zakari Mumuni as the First Deputy Governor, on February 25, 2025.

 

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. 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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