Isaac Adongo, Member of Parliament for Bolgatanga Central
The Member of Parliament for Bolgatanga Central, Isaac Adongo, has raised concerns over the escalating cost of the new Bank of Ghana headquarters.
During a session in Parliament, Adongo questioned the Governor of the Bank of Ghana, Dr. Johnson Asiama, seeking clarity on why the project’s cost had surged from $88 million to $261.8 million.
He stated, “Was it that the Bank of Ghana had excess funds to spend while everyone else was tightening their belts? Can they tell us who the second-highest bidder for the construction was? Were they also quoting $121 billion? As we speak today, five years later, we still don’t have a value-for-money audit.”
Adongo further asked, “Mr. Chairman, I want to find out, was this project, like the National Cathedral, where the figure kept changing?”
However, the Speaker of Parliament instructed him to refrain from comparing the project to the National Cathedral.
Dr. Johnson Pandit Kwasi Asiama, Governor of Ghana’s Central Bank, appeared before Parliament on March 5, 2025 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 followed an invitation from Parliament seeking answers about the project’s total expenditure.
Dubbed “The Bank Square,” the building was commissioned on November 20, 2024, by former 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 reportedly came from internally generated funds and government support.
However, costs escalated significantly over time, first 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 includes a banking hall, a currency processing center, and extensive parking facilities.
Despite various justifications, the cost of the project has sparked widespread controversy, particularly given Ghana’s economic challenges, including a Eurobond debt default 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 of Ghana’s transparency and financial priorities during a period of fiscal strain.
SSD/MA