The total cost of the Bank of Ghana’s (BoG) new headquarters has risen to $261.8 million, with the state already disbursing $230 million to the contractor.
An outstanding balance of $31.8 million remains unpaid, according to the new BoG Governor, Dr. Johnson Pandit Asiama.
Speaking before Parliament on Wednesday, March 5, Dr. Asiama disclosed that payments to the contractor had been made as recently as February 2025.
“As of February this year, a total of approximately $230 million has been paid towards the project, with an outstanding balance of $31.8 million still due to the contractor,” he stated.
Beyond the core construction costs, Dr. Asiama revealed that an additional $48.3 million has been spent on taxes and levies related to the project.
He further outlined other major expenditures:
- $8.6 million for an Integrated Communication and Computing (ICC) system and network infrastructure.
- $15.8 million for an advanced electronic security system.
- $11.1 million for furniture and furnishings.
These investments, he explained, were necessary to ensure the central bank functions in a technologically advanced and highly secure environment.
The BoG’s new headquarters, located in Accra, has been a subject of intense debate, with critics questioning its cost and necessity. The project faced strong opposition from the then-minority in Parliament, who demanded the resignation of former BoG Governor Dr. Ernest Addison and his deputies over financial management concerns.
However, Dr. Asiama defended the project, insisting that the old BoG office had structural defects and was no longer fit for purpose. He assured Parliament that the new facility aligns with global central banking standards, ensuring efficiency, security, and long-term sustainability.
The new headquarters was officially inaugurated in November 2024 by former President Nana Akufo-Addo. The ultra-modern facility, designed to symbolise financial strength and modernity, is expected to enhance the BoG’s role in regulating Ghana’s financial system and supporting economic stability.
With the new headquarters marking a historic milestone in the central bank’s evolution since its establishment in 1957, Dr. Asiama reiterated BoG’s commitment to prudent financial management, stating that the bank will continue to operate with transparency and accountability.
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