Dr. Johnson Pandit Kwasi Asiama, Governor of the Bank of Ghana, is addressing Parliament about the $250 million cost of the new headquarters dubbed “The Bank Square.” The project faced significant cost escalations from initial contracts and is under scrutiny amid the country’s economic challenges. Dr. Ernest Addison has retired and was succeeded by Asiama, who will oversee the central bank moving forward.
The Governor of the Bank of Ghana, Dr. Johnson Pandit Kwasi Asiama, is addressing Parliament regarding the $250 million cost of the new headquarters, built during the previous administration of President Nana Addo Dankwa Akufo-Addo. This briefing responds to parliamentary inquiries about the project’s financial details and overall expenditure.
The new headquarters, known as “The Bank Square,” was inaugurated on November 20, 2024, at a total estimated cost of around $250 million. Initial construction commenced in 2019, with Goldkey Properties Limited awarded the project in 2020 for $81.8 million, financed through internal funds and government support.
Over time, the project’s costs surged significantly, rising to $121 million before reaching the final sum of approximately $250 million upon completion. The 20-storey edifice, located in the Central Business District of Accra, covers 21,551 square meters and includes a banking hall, currency processing facility, and extensive parking.
The substantial expenditures have ignited considerable controversy, especially concerning Ghana’s economic conditions, such as a Eurobond debt default in December 2022, alongside a dependency on a $3 billion International Monetary Fund (IMF) bailout in 2023. Critics from the then-opposition National Democratic Congress (NDC) have characterized it as a reckless use of public finances, raising concerns about transparency during a period of economic instability.
Dr. Ernest Addison, who managed the headquarters’ project as the prior Governor of the Bank of Ghana, entered terminal leave effective February 3, 2025, leading up to his retirement on March 28, 2025, after two full terms beginning in April 2017. On February 25, 2025, President John Dramani Mahama appointed Dr. Johnson Pandit Kwasi Asiama as the new Governor, alongside Dr. Zakari Mumuni as the First Deputy Governor.
In summary, the extensive financial outlay for the new Bank of Ghana headquarters has raised serious concerns amidst ongoing economic difficulties in the country. The scrutiny directed at the project highlights the importance of fiscal responsibility, especially during times of economic strain. The transition in leadership at the Bank of Ghana also reflects ongoing changes in governance that could impact future financial decisions.
Original Source: www.ghanaweb.com
