Bank of Ghana Governor Discusses $250 Million Headquarters Cost to Parliament

Dr. Johnson Pandit Kwasi Asiama, Governor of the Bank of Ghana, addressed Parliament regarding the $250 million cost of the new headquarters, “The Bank Square,” inaugurated in 2024. Constructed under the previous administration, the project faced criticism for its rising expenses amidst economic challenges. Dr. Ernest Addison’s leadership transitioned to Dr. Asiama amid ongoing discussions about financial management and transparency in public spending.

Dr. Johnson Pandit Kwasi Asiama, the Governor of the Bank of Ghana, appeared before Parliament to discuss the financial implications of the new Bank of Ghana headquarters. This inquiry was prompted by concerns regarding the project, which was initially costed at $250 million under the former President Akufo-Addo’s administration. His address was aimed at clarifying the total expenditure involved in the construction of the facility.

Known as “The Bank Square,” the headquarters was inaugurated on November 20, 2024. The construction project commenced in 2019, with Goldkey Properties Limited awarded the initial contract for $81.8 million in 2020. Funding was obtained through a combination of the bank’s internal resources and government assistance.

Initially projected costs increased significantly during the project timeline, ultimately reaching nearly $250 million upon completion. The 20-storey headquarters, located in Accra’s Central Business District, covers an area of 21,551 square meters, incorporating a spacious banking hall, currency processing center, and ample parking.

The increased expenditure has generated considerable debate, especially given Ghana’s current economic difficulties, including a default on Eurobond debt and the implementation of a $3 billion IMF bailout. Critics, notably the National Democratic Congress, have dubbed the spending as excessive and criticized the transparency concerning the bank’s financial management amidst ongoing fiscal challenges.

Dr. Ernest Addison, the previous Governor who oversaw the project, began terminal leave on February 3, 2025, ahead of his retirement later in March. At this time, President John Dramani Mahama appointed Dr. Johnson Pandit Kwasi Asiama as the new Governor, and Dr. Zakari Mumuni as the First Deputy Governor.

The briefing by Dr. Johnson Pandit Kwasi Asiama outlined the substantial expenses associated with the Bank of Ghana’s new headquarters, raising questions about fiscal responsibility amid economic strain. The building’s extensive cost has ignited controversy, with opposition critics highlighting concerns over transparency and financial prioritization. The leadership transition in the Bank of Ghana comes during a challenging economic period for the country as it navigates debt and international financial support.

Original Source: www.ghanaweb.com