Dr. Johnson Asiama of the Bank of Ghana defends the $11.1 million cost for furnishing their new headquarters, citing structural issues in the old office. The new facility aims to enhance regulatory functions and is aligned with broader economic stability objectives. Despite criticism, the Bank asserts the importance of the investment for effective financial management.
On Wednesday, Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), addressed Parliament regarding the $11.1 million cost for furnishing the new headquarters in Accra. The purpose of the Committee of the Whole meeting was to clarify concerns from both the Majority and Minority Caucuses, allowing media access to the discussions for transparency.
Dr. Asiama pointed out that the previous BoG office had serious structural issues, rendering it unsuitable for its operations. He stated, “Mr Speaker, furniture and furnishings were awarded at $11.1 million.” This expenditure aims to ensure a modern, secure workspace that can better support the bank’s functions.
The new facility, inaugurated on November 20, 2024, complements the bank’s goal of enhancing its regulatory capabilities within Ghana’s financial system. It is also aligned with the government’s broader economic stability and financial sector growth agenda. Despite facing criticism for its high cost during challenging economic times, the BoG remains committed to maintaining prudent financial management.
Dr. Asiama emphasized that the project will enable the BoG to efficiently fulfill its mandate of ensuring a stable financial system, which is crucial for Ghana’s economic advancement. While some stakeholders express concerns over prioritization, the central bank stresses the essential role of a robust financial infrastructure to foster growth and stability.
In conclusion, the Bank of Ghana defends its $11.1 million expenditure on furnishing its new headquarters as necessary for regulatory enhancement and operational efficiency. Governor Dr. Asiama emphasizes the critical need for a modern workspace to support the bank’s role in maintaining financial stability, despite criticism amidst economic challenges. The investment is seen as vital for the country’s economic growth and aligns with government objectives.
Original Source: www.ghanabusinessnews.com
