No procurement law was breached – BoG addresses new head office building controversy

The Bank of Ghana has dismissed claims that it failed to follow all procurement laws regarding its new head office building.

At a presser on Monday, August 21, the Central Bank Governor Dr Ernest Addison, said the bank meticulously adhered to all required public procurement processes throughout the project’s development.

He categorically stated that no procurement laws were violated during the process, reaffirming the institution’s commitment to transparency and due process.

The press conference comes amid recent media discussions concerning the BoG’s new head office building, located in Accra.

Acknowledging the concerns surrounding the project, the Governor offered insights into the evolution of the project and the bank’s commitment to transparency.

He said the search began as far back as the 1990s when the bank first embarked on the search for suitable land and a secure location for its new office.

Dr. Addison clarified that multiple attempts were made to secure land for this purpose, and the process was marked by careful consideration of various factors, including security and functionality.

“In 2012, the bank was allocated an unnumbered 5.19-acre land at Accra Central by the Lands Commission which also had issues. The bank did not have access to the land since the Ministry of Foreign Affairs and Regional Integration refused to give the bank vacant possession on the grounds that they had never agreed to give up ownership of the land.

“The bank continued to search for suitable land for its Head Office throughout the period from 2013 to 2016. More recently in 2018, the bank approached the SIC to acquire its vacant land at Ridge near the Ridge Hospital. The government issued an Executive Instrument to allow the bank to acquire that land and SIC was duly compensated,” he explained.

Following the land acquisition, Dr. Addison said, the Central Bank embarked on planning the construction of its new head office.

According to the Governor, the architectural considerations were aimed at meeting the standards of modern Central Banks on an international scale.

The design encompassed various essential features, including data centers, currency processing facilities, vaults, and other sensitive installations, in line with central bank headquarters in Abuja and Dakar.

He reiterated that the decision to commence construction was made in 2019 when the bank was generating profits.

Dr. Addison assured the public that the Central Bank remained committed to its policy mandate and the nation’s economic well-being.

Below is the full speech.