“New BoG Head Office costs US$261.8 million” – Governor Asiama

The total cost of the new Corporate Head Office of the Bank of Ghana at Ridge, Accra, was US$ 261.8 million.

As of February, this year, $230 million had been paid by the Government and left with $31.8 million outstanding payment to be made.

Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana, who announced the cost to Parliament in Accra, on Wednesday, said the initial contract sum of the project was $81.8 million in 2019 but subsequently revised to $121.1 million, $222.8 million and finally shot up to $261.8 million at the time of completion in 2024.

President Nana Addo Dankwa Akufo-Addo commissioned the facility in November 2024 and currently being occupied by the staff of the Central Bank.

He said the Board of Directors of the BoG would conduct a value for money audit into the construction of the facility upon being sworn in next week.

The Governor of the BOG said the project was constructed by the Goldkey Properties Limited through a restricted tender process recommended by the Public Procurement Authority (PPA).

He said the structural integrity audit conducted in 2019 showed that the old BoG headquarters constructed in 1950s was not fit for purpose, hence the decision to build a new facility to enhance security and operational efficiency.

The 20-floor tower BoG headquarters was 98 per cent complete including Electronic Integrated System, Information and Communication Technology (ICT) system and car park.

The Central Bank had paid $48.3 million in taxes and levies for the construction of the facility.

Dr Asiama said the Central Bank would comply with its mandate of ensuring transparency, financial resilience and economic growth.

GNA