The new Bank of Ghana headquarters
The Bank of Ghana (BoG) has announced plans to commission Architectural and Engineering Services Limited (AESL), a state-owned consultancy firm, to conduct a value-for-money audit on its new $261 million headquarters.
The decision comes in response to growing public scrutiny and debate over the project’s cost.
BoG Governor, Dr. Johnson Asiama, during a parliamentary appearance on Wednesday, March 5, 2025, stated that the audit is part of efforts to ensure transparency and accountability in the execution of the project.
He added that the newly reconstituted BoG Board, set to be sworn in next week, will review legacy issues, including the headquarters project.
“We have scheduled a detailed briefing on the new BoG building for the board’s agenda. Following this, we intend to seek the board’s authorization to engage AESL for a value-for-money audit into the project. We believe this will bring clarity to the matter and provide closure to the concerns surrounding the new Bank of Ghana building,” Dr. Asiama said.
The audit will assess whether the project’s costs align with prevailing market rates and offer recommendations to ensure cost efficiency.
The move follows mounting pressure from civil society organisations and opposition groups, who have questioned the rationale behind the project’s hefty price tag, which is part of the central bank’s broader infrastructure upgrade agenda.
Dr. Asiama also highlighted the BoG’s commitment to prudent financial management, emphasizing its core mandate of ensuring price stability and supporting Ghana’s economic recovery efforts.
“The Bank of Ghana remains committed to its responsibility of ensuring financial sector resilience and fostering economic growth.
“These priorities guide our actions. As an independent central bank, we recognize that public trust is fundamental to our operations. That trust is built on transparency, sound decision-making, and a demonstrated commitment to prudent financial management,” he added.
ID/MA
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