The Governor of the Bank of Ghana, Dr. Johnson Pandit Kwasi Asiama, is addressing Parliament about the controversial $250 million cost of the new headquarters, which saw considerable budget escalation since its initiation. Critics have expressed concerns over the project’s expenses amidst Ghana’s significant economic challenges. Former Governor Dr. Ernest Addison has handed over duties to Dr. Asiama following his terminal leave.
Dr. Johnson Pandit Kwasi Asiama, Governor of the Bank of Ghana, is currently briefing Parliament regarding the $250 million cost of the newly constructed headquarters. His appearance is a direct response to the House’s inquiry into the overall project expenditure, focusing particularly on the controversial financial aspects involved.
The building, known as “The Bank Square,” was inaugurated by former President Akufo-Addo on November 20, 2024, with an estimated cost of $250 million. Construction initiated in 2019, with Goldkey Properties Limited being awarded the initial contract in 2020 for $81.8 million, financed by internal resources and government assistance.
The initial projected cost considerably escalated, climbing to $121 million and ultimately reaching approximately $250 million by the completion of the project. The headquarters is a 20-storey structure situated in Accra’s Central Business District, encompassing 21,551 square meters, and includes facilities such as a banking hall and currency processing center.
This substantial expense has triggered widespread debate, particularly amidst Ghana’s prevailing economic difficulties, which include a default on Eurobond debt in December 2022 and dependence on a $3 billion IMF bailout in 2023. Critics from the opposition National Democratic Congress (NDC) have characterized the initiative as a lavish misuse of public resources, questioning the bank’s financial prudence during a time of fiscal crisis.
Dr. Ernest Addison, the previous Governor overseeing the project, began terminal leave effective February 3, 2025, ahead of his retirement on March 28, 2025, after two complete terms since April 2017. Following his departure, President John Dramani Mahama appointed Dr. Johnson Pandit Kwasi Asiama as the new Governor of the Bank of Ghana, along with Dr. Zakari Mumuni as First Deputy Governor on February 25, 2025.
In conclusion, Dr. Johnson Pandit Kwasi Asiama’s briefing to Parliament on the $250 million Bank of Ghana headquarters has illuminated significant concerns regarding its escalating costs amidst pressing economic issues facing the nation. The project, initiated under the prior administration, has encountered strong criticism for perceived financial mismanagement, raising questions about public expenditure during fiscal challenges. Additionally, with leadership transitioning at the Bank of Ghana, all eyes will be on how the new administration addresses these concerns going forward.
Original Source: www.ghanaweb.com
