Dr. Johnson Asiama, the Governor of the Bank of Ghana (BoG), has justified the $230 million spent on the bank’s new headquarters, emphasizing that the expense is necessary for the bank’s operational efficiency and to align with global financial sector standards.
In his statement to Parliament on Wednesday, March 5, Dr. Asiama revealed that a total of approximately $230 million has been paid towards the project, with an outstanding balance of $31.8 million yet to be settled.
He noted that the initial projected cost of the headquarters, estimated at $81.8 million by the Public Procurement Authority (PPA), had undergone multiple reviews and adjustments due to redesigns and additional infrastructure requirements.
“The project was initially valued by the PPA at $81.8 million but later increased to $121.1 million. After the Bank of Ghana requested a re-evaluation, this was revised again to $222.8 million after the redesign and inclusion of building management systems,” Dr. Asiama explained.
Dr. Asiama also disclosed that separate contracts were awarded for critical infrastructure, including ICT systems and network infrastructure ($8.6 million), integrated electronic systems ($15.8 million), and furniture and furnishings ($11.1 million).
Additionally, $48.3 million had been paid in taxes and levies related to the construction.
The Governor emphasized that the new headquarters was necessary, citing a 2019 structural integrity audit that deemed the old BoG HQ unfit for purpose.
“The old BoG office had structural defects and was no longer fit for purpose,” Dr. Asiama stated.
Dr. Asiama’s defense of the expenditure comes amid public debate over the project’s timing and necessity, given Ghana’s economic challenges.
However, he reassured Parliament that the expenditure was in line with the BoG’s mandate to maintain financial stability and strengthen the country’s financial sector.
Minority Leader Alexander Afenyo-Markin has also weighed in on the issue, stating that the cost breakdown of the project, as presented by Dr. Asiama, confirms that the project adhered to due process.
–BY Daniel Bampoe
