BoG to contract AESL to conduct value-for-money audit on new headquarters

The Bank of Ghana (BoG) has hinted at commissioning the Architectural and Engineering Services Limited (AESL) to conduct a value-for-money audit on its $261m new headquarters project.

This has become necessary as the central bank faces public scrutiny over the cost of the facility.

Appearing before Parliament on Wednesday, March 5, 2025, Governor, Dr. Johnson Asiama said the audit forms part of measures to ensure transparency and accountability in the execution of the project.

“The reconstituted Bank of Ghana Board will be sworn in next week and the board will begin reviewing some of these legacy issues. We have scheduled for a board agenda of a detailed briefing of the new BoG building by the project management, and we intend to seek authorisation from the Board to engage AESL for a value for money audit into the new building.

“We believe this will bring clarity to the matter and closure to the issues of our new Bank of Ghana Building”.

The audit comes amid mounting pressure from civil society and opposition groups questioning the cost of the new headquarters, which forms part of the broader infrastructure upgrade agenda by the Bank of Ghana.

AESL – a state-owned consultancy firm, will be assessing whether the cost of the project aligns with prevailing market rates and provide recommendations on cost-efficiency.

The central bank reiterated its commitment to prudent financial management amidst its core mandate of price stability in line with Ghana's broader economic recovery efforts.

“The Bank of Ghana remains committed to its responsibility which is to ensure financial sector resilience and foster economic growth. These are the priorities that guide our action. As an independent Central Bank, we recognise that public trust is fundamental to our operations and that trust is built on transparency, sound decision making and a demonstrated commitment to prudent financial management,” the Governor added.

-citinewsroom