‘Controversial’ Bank of Ghana HQ cost $261.8million – Governor reveals

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has presented details of the new Bank of Ghana office constructed under the erstwhile Akufo-Addo government, stating the total cost as $ 261.8 million.

Dr. Asiama told Parliament on Wednesday, February 5, that the previous government paid $230 million to the contractor, with an outstanding balance of $31.8 million still owed to the construction firm.

The construction of the new office raised eyebrows due to the initial cost as the NDC Caucus questioned the importance of the building initiated at a time Ghana was reeling under the dreadful impact of COVID-19.

Briefing parliament, Dr. Asiama explained that the cost of the edifice increased by $88 million after the design of the project.

Dr. Asiama also noted that an additional $48.3 million has been paid in taxes and levies associated with the construction of the building.

“As of February this year, a total of approximately $230 million has been paid towards the project, with an outstanding balance of $31.8 million still due to the contractor,” he revealed.

“We believe this will bring clarity to the matter, and we believe this will bring closure to the issue of our new Bank of Ghana building,” he said.

The new 20-storey headquarters of the Bank of Ghana, also known as The Bank Square, is located at 42 Castle Road in Accra and was commissioned on November 20, 2024, by President Akufo-Addo.

It is 98 percent complete, with features that include an Electronic Integrated System, an Information and Communication Technology (ICT) system, and a car park.

The BOG governor said the project was constructed by Ghanaian firm Goldkey Properties Limited through a restricted tender process recommended by the Public Procurement Authority (PPA).