$250m headquarters cost reasonable – BoG governor

Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has assured the public that the central bank is committed to keeping the cost of its new headquarters at Ridge in Accra within “reasonable levels”.

In a statement issued on Monday, 21st August 2023, Dr Addison responded to allegations of overspending and procurement breaches made by the Member of Parliament (MP) for North Tongu, Samuel Okudzeto Ablakwa.

Dr Addison said that the BoG had taken steps to manage the costs of the project by deferring some features that were originally included in the plan, such as a data centre, a currency processing centre, ICT equipment and specialised security features.

He said that these features would only be provided as grey boxes for future use and that the bank was aware of its responsibilities to avoid cost escalation.

The statement from the BoG came after Ablakwa raised concerns about the increasing cost of the new headquarters on his social media platforms last week.

Ablakwa claimed that the project had escalated “from an initial US$81.8 million to US$121 million and is currently threatening to exceed US$250 million”.

He also alleged that the construction firm chosen for the project through a single-source Public Procurement Authority (PPA) process was not even a registered entity in the country.

Dr Addison debunked these claims and provided details of how the BoG acquired the land, when the project started and what measures were in place to ensure transparency and accountability.

He said that the BoG followed all the necessary public procurement processes and did not break any laws in undertaking the project.

The Governor’s statement also comes amidst mounting pressure from the opposition National Democratic Congress (NDC) and other civil service organizations, who have called for his resignation due to alleged mismanagement of the BoG.

To express this sentiment, they have planned a protest to take place in September in Accra.