Bank of Ghana Justifies $11.1 Million Furnishing Expense for New HQ

Dr. Johnson Asiama, Governor of the Bank of Ghana, defended a $11.1 million furnishing cost for the new headquarters during a parliamentary session. He emphasized that the previous building was structurally inadequate and communicated the bank’s commitment to financial stability and modernizing its workspace, despite criticism regarding project costs amid economic challenges.

On Wednesday, Dr. Johnson Asiama, the Governor of the Bank of Ghana (BoG), addressed Parliament’s Committee of the Whole regarding the $11.1 million furnishing cost for the bank’s new headquarters. This Committee collectively deliberates on national matters, and for this session, media presence was permitted.

The modern facility, inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, has raised concerns due to its significant expenditure. Dr. Asiama defended this cost, emphasizing the inadequacies of the old bank office, which was structurally unsound and unsuitable for operation. He stated, “Mr. Speaker, furniture and furnishings were awarded at $11.1 million.”

He asserted the BoG’s dedication to responsible financial management, highlighting its critical role in ensuring financial stability. The new headquarters is poised to enhance the bank’s capacity to oversee Ghana’s financial system, aligning with the government’s goal of economic stability and sectoral growth.

Although the project faces scrutiny regarding its financial implications in light of existing economic difficulties, the BoG insists that the new headquarters will offer a secure and contemporary environment for its personnel, thereby improving services within the financial sector. Despite the criticism, Dr. Asiama expressed confidence in the project’s potential, underscoring the necessity of a stable and effective financial system for Ghana’s economic advancement.

In summary, the Bank of Ghana’s Governor defended the $11.1 million furnishing cost for the new headquarters, underscoring the structural inadequacies of the previous office. While facing criticism over economic prioritization, the bank asserts that the new facility will enhance operational efficiency and strengthen the financial system, ultimately supporting the nation’s economic goals.

Original Source: www.ghanabusinessnews.com