The Governor of the Bank of Ghana, Dr. Johnson Pandit Kwasi Asiama, reported to Parliament on the $250 million cost of the new headquarters, initiated under former President Akufo-Addo. The project began construction in 2019 and faced rising costs, attracting criticism during a period of economic strain. Former Governor Dr. Ernest Addison’s departure coincides with these controversies as the new governor assumes leadership.
The Governor of the Bank of Ghana, Dr. Johnson Pandit Kwasi Asiama, recently presented information to Parliament regarding the $250 million expenditure related to the new headquarters of the Bank of Ghana. This development follows a request from Parliament for clarification regarding the overall cost of the project, which was initiated during the administration of former President Nana Addo Dankwa Akufo-Addo.
Known as “The Bank Square,” the new headquarters was inaugurated on November 20, 2024, with a reported budget of approximately $250 million. Initial construction commenced in 2019, and Goldkey Properties Limited was awarded the original contract in 2020 for $81.8 million, utilizing both internally generated funds and some governmental financial support.
Over time, the cost of the project ballooned to $121 million before eventually reaching the completion figure of roughly $250 million. The 20-storey structure, which is located in Accra’s Central Business District, encompasses 21,551 square meters and includes a banking hall, a currency processing center, and ample parking facilities.
The substantial cost of the headquarters has stirred controversy, especially in light of Ghana’s prevailing economic challenges, such as the default on Eurobond debt in December 2022 and dependence on a $3 billion International Monetary Fund (IMF) bailout in 2023. Critics, particularly from the opposition National Democratic Congress, have characterized the project as an extravagant allocation of public resources amidst economic difficulties, challenging the bank’s financial management and priorities.
Former Governor Dr. Ernest Addison, who facilitated this project, began his terminal leave on February 3, 2025, in advance of his retirement scheduled for March 28, 2025, after serving two full terms since his appointment in April 2017. Following his departure, President John Dramani Mahama appointed Dr. Johnson Pandit Kwasi Asiama as the new Governor of the Bank of Ghana on February 25, 2025.
In summary, Dr. Johnson Pandit Kwasi Asiama’s testimony before Parliament addressed the considerable cost of the new Bank of Ghana headquarters, which has risen to $250 million. This expenditure has garnered criticism, especially given the country’s financial predicaments. The new governor replaces Dr. Ernest Addison, illustrating a transition in leadership amidst ongoing debates regarding fiscal responsibility and public spending.
Original Source: www.ghanaweb.com
