Tax Expert Criticizes Cost of Bank of Ghana Headquarters as Wasteful

Tax expert Geoffrey Kabutey Ocansey has condemned the $261.8 million Bank of Ghana headquarters as unnecessary, citing economic struggles and recent losses. He highlights that neighboring banks have not pursued similar expenditures and calls for a constitutional review to limit decision-making powers in state institutions.

Geoffrey Kabutey Ocansey, a tax expert, has criticized the $261.8 million investment in the new Bank of Ghana headquarters, labeling it as a wasteful endeavor. During a discussion on Frontline at Rainbow Radio 87.5FM, he expressed that such expenditure is highly inappropriate given the precarious economic situation faced by the country.

Ocansey emphasized that it does not make financial sense for a financially troubled institution to allocate such a significant amount for a new headquarters. He stated, “This is a bank that has recorded losses in recent times, and so it had no business investing $261 million in constructing a new headquarters. The country is also struggling economically, so we have no business investing $261.8 million for a new headquarters.”

He further criticized the justifications provided for the construction, arguing that they are unacceptable, especially since many neighboring banks and businesses have not pursued similar investments. He remarked, “The explanation given by the Bank of Ghana for the construction of the new office is laughable and unrealistic. It’s the most ridiculous. The most unfortunate thing is that, whether we like it or not, they have built the new headquarters.”

In light of these concerns, Ocansey has suggested a review of the constitution to restrict the decision-making powers of state institutions and their leaders, aiming to prevent financial repercussions for the nation.

In summary, Geoffrey Kabutey Ocansey argues that the $261.8 million spent on the Bank of Ghana’s new headquarters is imprudent, especially given the bank’s recent financial losses and the country’s troubling economy. He criticizes the explanations for the expenditure as inadequate and advocates for constitutional changes to regulate such financial decisions by state institutions.

Original Source: www.ghanaweb.com