The Governor of the Bank of Ghana (BoG), Dr Johnson P. Asiama, has stated that there was value for money in the construction of the new Central Bank’s headquarters.
Dr. Asiama disclosed this when he presented the total cost of the headquarters of the BoG to the Committee of a Whole in Parliament on Wednesday.
He revealed that the nation under the previous Nana Akufo-Addo administration paid $230 million to the contractor working on the new BoG building project, with an outstanding balance of $31.8 million still owed to the construction firm.
Dr. Asiama explained that the total cost of the project has risen to $261.8 million, with the payments to the contractor being made as recently as February this year.
“As of February this year, a total of approximately $230 million has been paid towards the project, with an outstanding balance of $31.8 million still due to the contractor,” he reiterated.
Dr Asiama also noted that an additional $48.3 million has been paid in taxes and levies associated with the construction of the building.
In addition to the main building, Dr Asiama explained that several other facilities were part of the project, including an Integrated Communication and Computing (ICC) system and Network Infrastructure, which cost $8.6 million.
Other expenditures included integrated electronic security systems at $15.8 million and furniture and furnishings, which amounted to $11.1 million.
Dr. Asiama emphasised that these investments are aimed at ensuring the Bank of Ghana operates in a secure and technologically advanced environment, in line with the needs of a modern central bank.
Akufo-Addo’s legacy
In November 2024, then President Akufo-Addo officially inaugurated the facility to serve as the new headquarters of BoG.
The state-of-the-art facility designed to symbolise financial strength and modernity is situated in the heart of the national capital.
The new facility marked a historic milestone in the evolution of the country’s central bank, which has been a pillar of the nation’s economic independence since its establishment in 1957.
Idea of new BoG building
Dr. Asiama told Parliament that discussions for a new headquarters started in 2011.
This, according to him, was due to the fact that the old BoG Headquarters lacked structural integrity.
Commenting on the cost of building, Dr. Asiama and his team also disclosed that cost per square meter of the BoG Headquarters was lower than Ghana and West African average.
‘Concerns of irregularity put to rest’
Following the presentation by the BoG Governor and his team, the Minority Leader in Parliament, Mr. Alexander Afenyo-Markin, stated that the comprehensive breakdown of the cost of the new BoG headquarters, also suggested that due process was followed in the execution of the project.
The National Democratic Congress (NDC) Minority Caucus on October 3, 2023, demanded the resignation of the BoG governor at the time, Dr Ernest Addison, and his deputies.
The protest was fueled by concerns over the bank’s GH¢60.81 billion loss in the 2022 fiscal year and the allocation of over $250 million for the new headquarters.
However, addressing Parliament, Mr. Afenyo-Markin highlighted that the detailed breakdown of the cost of the project as presented by the BoG officials, confirmed that the construction of the Central Bank headquarters followed appropriate financial and procurement protocols.
“He has taken us through the step-by-step processes and the step-by-step procedures that the bank followed. I think that is a mark of leadership and on this side of the house, we convey to you our respect for that sincerity. The allegations of irregularity today have been put to a peaceful rest,” he stated.
Mr. Afenyo-Markin further noted that the cost variations in the project were justified by security needs – the inclusion of a power generation system, a recycling system, and additional buildings beyond the original scope.
“In your submissions, you highlighted that even the standard costing procedure is lower than the industry market price. You have also shared with us, as the people’s representatives, that the variations were occasioned by necessity, which included security, the need to have a system that will generate power, and a recycling system.
“You also added that apart from the original tower, other additional buildings were originally not considered as part of the original bid. I am happy that Hansard has witnessed all these explanations,” he stated.
