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Bank of Ghana justifies the construction of $250 million new head office

The management of the Bank of Ghana (BoG) has justified why they invested $250 million in the construction of a new building to serve as its new headquarters in Accra.

In a statement on Wednesday, August 9, 2023, the central bank explained that a structural integrity assessment it conducted revealed that its current Head Office building is no longer "fit for purpose" and could not stand any major earth tremors.

According to the Bank of Ghana, unlike its current BoG Head Office building, built by the Nkrumah Government in the early 1960s, the new Head Office can stand major earth tremors.

It said "The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage. This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected"

"The building also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area. Based on the above, and looking at the strategic objective of positioning Ghana as the financial hub of the sub-region, with prospects of a potential Headquarters for a future regional Central Bank"

"The Board and Management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank, and also position the Bank of Ghana in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the sub-region."

Earlier, the National Democratic Congress (NDC) accused the Bank of Ghana, of claiming the construction of a new head office at an alleged cost of $250 million.

The Minority Leader, Dr. Cassiel Ato Forson, said it the money blown has taken a toll on Ghana's economic stability, exacerbating the living conditions of its citizens.

Speaking during the NDC's Moment of Truth series on Tuesday, August 8, 2023, he asserted that a new central bank headquarters was allegedly being erected in the Ridge area of Accra adding that their stance reflected a sentiment of disappointment with the Bank of Ghana's handling of financial matters, branding the institution as insensitive to the nation's plight.

Credit: Pulse Ghana

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