Dr. Johnson Asiama, Governor of the Bank of Ghana, defended the $11.1 million furnishing cost for the new headquarters before Parliament. The new facility, inaugurated in November 2024, aims to improve the bank’s regulatory capabilities and align with national economic goals, while facing criticism amidst economic challenges. Dr. Asiama emphasized the necessity of modern workspaces for effective financial management.
On Wednesday, Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), appeared before Parliament’s Committee of the Whole to defend the $11.1 million cost for furnishing the central bank’s new headquarters. This meeting allowed media attendance, providing transparency in discussions typically held behind closed doors.
Inaugurated by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024, the modern facility is located in Accra. Dr. Asiama explained that the old BoG office was structurally defective and no longer adequate for operational needs, stating, “Mr. Speaker, furniture and furnishings were awarded at $11.1 million.”
The Governor affirmed the BoG’s commitment to sound financial management and maintaining financial stability. The new headquarters is expected to boost the bank’s capacity to effectively regulate Ghana’s financial system, supporting the government’s overarching goals for economic stability and growth.
Despite facing criticism regarding the project’s expenses amidst economic difficulties, BoG officials defended the expenditures as essential for secure and modern workplace conditions. Dr. Asiama expressed confidence in the project’s potential benefits, underscoring the necessity of a robust and efficient financial system for the nation’s economic advancement.
In conclusion, the Bank of Ghana has justified the $11.1 million expenditure for furnishing its new headquarters as essential for accommodating modern organizational requirements. Dr. Asiama’s assurances regarding financial stability and operational efficiency highlight the central bank’s focus on enhancing its regulatory capabilities amidst criticism. The investment is positioned as crucial for supporting the nation’s broader economic objectives, despite ongoing debates about prioritization during challenging times.
Original Source: www.ghanabusinessnews.com
