Tax expert Geoffrey Kabutey Ocansey has criticized the $261.8 million cost of the new Bank of Ghana headquarters, calling it a wasteful expenditure. He argues that it is imprudent for a bank experiencing losses to invest such a sizable amount. Ocansey has proposed constitutional measures to limit the decision-making powers of state institutions to prevent similar financial misjudgments.
Geoffrey Kabutey Ocansey, a tax expert, has criticized the $261.8 million cost of the new Bank of Ghana (BoG) headquarters, deeming it an extravagant and unnecessary project. During his appearance on Frontline on Rainbow Radio 87.5FM, he expressed his concerns over the financial implications of such a sizable expenditure, especially in light of the country’s economic struggles.
Ocansey emphasized that it is illogical for an institution experiencing financial losses to invest more than a quarter billion dollars in new headquarters. He remarked, “This is a bank that has recorded losses in recent times, and so it had no business investing $261 million in constructing a new headquarters. The country is also struggling economically, so we have no business investing $261.8 million for a new headquarters.”
Furthermore, he criticized the justification provided by the Bank of Ghana for the construction, asserting that it is untenable, particularly when other nearby financial institutions have opted against undertaking similar investments. He stated, “The explanation given by the Bank of Ghana for the construction of the new office is laughable and unrealistic. It’s the most ridiculous. The most unfortunate thing is that, whether we like it or not, they have built the new headquarters.”
In light of these concerns, Ocansey has called for a constitutional review aimed at restricting the power of state institutions and their leaders in making financially irresponsible decisions that could adversely impact the nation.
In summary, Geoffrey Kabutey Ocansey has vigorously condemned the construction costs associated with the new Bank of Ghana headquarters, labeling it a misguided financial decision for a struggling economy. He has highlighted the necessity for accountability in governmental spending and advocated for potential constitutional changes to curb such expenditures in the future.
Original Source: www.ghanaweb.com
