The Governor of Ghana’s Central Bank, Dr. Johnson Pandit Kwasi Asiama, is currently appearing before Parliament to address concerns regarding the cost of the new Bank of Ghana headquarters, constructed under the former Nana Addo Dankwa Akufo-Addo administration.
His appearance follows an invitation from the House seeking answers on the project’s total expenditure.
Dubbed “The Bank Square,” the building was commissioned on November 20, 2024, by President Akufo-Addo at a reported cost of approximately $250 million.
Construction began in 2019, with the initial contract awarded to Goldkey Properties Limited in 2020 for $81.8 million. Funding was reportedly sourced from internally generated funds and government support.
However, the project’s cost escalated significantly over time, rising to $121 million before ultimately reaching approximately $250 million upon completion.
The 20-storey building, located in Accra’s Central Business District, spans 21,551 square meters and features 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 (NDC), condemned the project as 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 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.
Watch the briefing by the BoG Governor below:
GA/MA