Cost per square metre of BoG headquarters building lower than Ghana, West African average - Governor

Governor of the Bank of Ghana, Dr Johnson Asiama, has defended the cost of the new Bank of Ghana headquarters, stating that its cost per square metre is lower than both Ghanaian and West African market averages.

He made this disclosure when he appeared before Parliament to respond to questions regarding the construction of the new headquarters.

Dr Asiama explained that the Bank’s Entity Tender Committee (ETC) met in December 2022 and approved the design review and revised project cost at $2,068 per square metre.

"This figure is lower than the market value, with data from the Africa Property & Construction Cost Guide 2021/22 stating $2,658 per square metre and in 2022/23 at $2,720 per square metre, as average construction costs for prestige high-rise office spaces in Africa," he stated.

He further elaborated that the Central Tender Review Committee (CTRC) subsequently granted approval for the revised scope of works at the same cost of $2,068 per square metre.

This, he indicated, translates to a total construction cost of $222,799,760.58. The Governor maintained that the cost of the project had been carefully assessed to ensure value for money while meeting international construction standards.

Dr Asiama’s comments come in response to concerns raised about the cost of the new Bank of Ghana headquarters.

However, he reassured Parliament that the project was being executed with financial prudence and aligned with regional cost benchmarks for high-rise office buildings

-Classfmonline