The Bank of Ghana (BoG) is set to officially commission its newly completed headquarters, ‘The Bank Square’, on November 20 in Accra.
President Nana Addo Dankwa Akufo-Addo will attend the event as the special guest of honour. The ceremony is by invitation only.
The construction of the new headquarters has sparked debate, particularly after the BoG reported a 10.5 billion cedis loss in 2023.
The project, at $250 million, has drawn scrutiny from various stakeholders, including Member of Parliament for Bole-Bamboi, Yusif Suleman, who questioned the prudence of continuing with such a costly endeavour amidst significant financial losses.
In defence of the project, Stephen Opata, Special Advisor to the BoG Governor, explained that halting construction would have been inefficient, leading to additional costs due to the advanced stage of development and ongoing contractor work.
He further emphasized that while the BoG’s losses were concerning, they were caused by multiple factors unrelated to the headquarters project.
“I hear you clearly,” he acknowledged, “but this project was way advanced. Stopping it mid-way would not have been the best decision under the circumstances.”
The Bank of Ghana (BoG) maintains that the construction of its new headquarters was essential to meeting its long-term operational requirements.
The bank argues that stopping the project at such an advanced stage would have resulted in even greater financial losses, as it would have incurred substantial additional costs.
According to BoG officials, halting construction would have led to contractual penalties, disruption of the construction schedule, and the need to pay for the completion of unfinished work.
These unforeseen costs, they claim, would have far outweighed the financial burden of continuing with the project.