The Bank of Ghana will inaugurate its new headquarters, “The Bank Square,” on November 20 in Accra, amid public scrutiny over the project’s $250 million cost.
The ceremony, set to begin at 10 a.m., will feature President Nana Addo Dankwa Akufo-Addo as the special guest, with attendance by invitation only.
The new building has sparked debate, particularly following the Bank of Ghana’s reported loss of 10.5 billion cedis ($900 million) for 2023.
Critics, including Member of Parliament Yusif Suleman, have questioned the prudence of the new headquarters project given the recent losses, suggesting that the funds might have been better used to stabilize the bank’s finances.
In response, Stephen Opata, Special Advisor to the BoG Governor, defended the project, noting that halting construction at such an advanced stage would have been both costly and inefficient.
“I hear you clearly,” Mr. Opata responded to concerns. “But this project was already far along.
Halting it midway would not have been the best choice under the circumstances.”
Bank of Ghana officials assert that the new facility is necessary to meet the institution’s operational needs.
Mr. Opata stressed that the Bank of Ghana’s financial setbacks in 2023 were due to various factors unrelated to the headquarters project, and stopping construction would have added financial strain.
The new headquarters, according to the BoG, is a long-term investment in Ghana’s financial infrastructure, designed to meet both current and future demands and improve operational efficiency in the years ahead.
