Dr. Johnson Pandit Kwasi Asiama, the new Governor of the Bank of Ghana, is briefing Parliament on the controversial $250 million cost of the new headquarters, commissioned by the previous administration. Initial costs escalated significantly, raising concerns about fiscal responsibility amidst economic challenges in Ghana.
Dr. Johnson Pandit Kwasi Asiama, Governor of the Bank of Ghana, is currently briefing Parliament regarding the $250 million expenditure on the new Bank of Ghana headquarters. His appearance is a response to a request from Parliament seeking clarity on the project’s overall costs, which has generated significant discussion.
The headquarters, known as “The Bank Square,” was inaugurated by President Nana Addo Dankwa Akufo-Addo on November 20, 2024, at a stated cost of about $250 million. The construction commenced in 2019, with an initial contract awarded to Goldkey Properties Limited for $81.8 million in 2020, utilizing funds from government and internal sources.
The project underwent substantial cost increases, initially rising to $121 million before finalizing at approximately $250 million. This 20-storey building, located in Accra’s Central Business District, encompasses 21,551 square meters, featuring essential banking facilities and ample parking.
The skyrocketing expenses have drawn heavy criticism, especially against the backdrop of the nation’s economic difficulties, which include a Eurobond default in December 2022 and dependence on a $3 billion loan from the IMF in 2023. Opposition parties, particularly the National Democratic Congress (NDC), have characterized the project as a significant misuse of public funds, challenging the transparency and financial management of the Bank.
Dr. Ernest Addison, the former Governor who managed the project, began terminal leave on February 3, 2025, ahead of his retirement on March 28, 2025, after two full terms. Following his departure, President John Dramani Mahama appointed Dr. Johnson Pandit Kwasi Asiama as the new Governor on February 25, 2025, alongside Dr. Zakari Mumuni as First Deputy Governor.
The ongoing parliamentary briefing led by Dr. Johnson Pandit Kwasi Asiama addresses the contentious $250 million cost of the new Bank of Ghana headquarters. As concerns about financial management and transparency arise amidst challenging economic conditions, the project has faced significant scrutiny from critics, notably the opposition. With a change in leadership at the central bank, the new Governor will likely navigate these challenges moving forward.
Original Source: www.ghanaweb.com
