Tax expert Geoffrey Kabutey Ocansey criticized the $261.8 million Bank of Ghana headquarters, deeming it an unwise expenditure for a struggling economy. He questions the bank’s spending decisions, particularly given its financial losses, and calls for constitutional reforms to limit state institutions’ decision-making powers.
Geoffrey Kabutey Ocansey, a tax expert, criticized the $261.8 million expenditure on the new Bank of Ghana headquarters as a wasteful use of resources. Speaking on Rainbow Radio 87.5FM, he deemed this financial decision unfortunate, especially considering the country’s ongoing economic struggles, indicating that such an investment lacks justification.
Ocansey further emphasized that a bank recording financial losses should not allocate such a significant sum for constructing a new headquarters. He stated, “This is a bank that has recorded losses…the country is also struggling economically, so we have no business investing $261.8 million for a new headquarters.”
He also questioned the rationale behind the construction, asserting that the justifications provided by the Bank of Ghana are unreasonable, especially given that other local banks have not pursued similar investments. He remarked, “The explanation given by the Bank of Ghana for the construction of the new office is laughable and unrealistic.”
In response to these concerns, Ocansey proposed constitutional reforms to restrict the decision-making powers of state institutions to prevent such financially detrimental actions. The proposal aims to safeguard the country’s financial resources against future unreasonable expenditures.
Ocansey’s critique highlights the incongruence between the Bank of Ghana’s financial practices and the economic reality facing the country. His recommendations call for enhanced oversight to prevent excessive spending by state institutions, underscoring the necessity for more prudent fiscal policies in addressing public finance matters.
Original Source: www.ghanaweb.com
