Dr. Johnson Pandit Kwasi Asiama is briefing Parliament about the $250 million cost of the new Bank of Ghana headquarters, constructed under the previous administration. The project has faced significant scrutiny due to its soaring costs amidst economic difficulties. Dr. Asiama has recently taken over the governorship from Dr. Ernest Addison, who oversaw the project.
Dr. Johnson Pandit Kwasi Asiama, the Governor of the Bank of Ghana, is currently briefing Parliament regarding the $250 million cost associated with the new Bank headquarters. This discussion is in response to inquiries about the overall expenses of the project which was initiated during the administration of former President Nana Addo Dankwa Akufo-Addo.
The Bank Square was officially opened on November 20, 2024, by President Akufo-Addo and was constructed at an estimated total cost of $250 million. Initial construction commenced in 2019 with a contract awarded to Goldkey Properties Limited for $81.8 million in 2020. Funding for the project came from a combination of internally generated funds and government contributions.
Despite the original budget, the project’s cost ballooned from an initial $81.8 million to $121 million and then to the final cost of approximately $250 million. The modern 20-storey building, situated in Accra’s Central Business District, encompasses 21,551 square meters and includes a banking hall, a currency processing facility, and extensive parking areas.
There has been substantial debate regarding this price increase, especially in light of the country’s financial difficulties, such as the default on Eurobond debt in December 2022 and dependence on a $3 billion International Monetary Fund (IMF) bailout in 2023. Critics, notably from the National Democratic Congress, criticized the expenditures as an inappropriate use of public finances and called for greater transparency from the bank in these pressing times.
Dr. Ernest Addison, who previously managed the Bank of Ghana and the project, began his terminal leave on February 3, 2025, prior to his planned retirement on March 28, 2025, after completing two full terms since his 2017 appointment. Following his departure, President John Dramani Mahama appointed Dr. Johnson Pandit Kwasi Asiama as the new Governor alongside Dr. Zakari Mumuni as the First Deputy Governor on February 25, 2025.
To view the ongoing briefing by the Governor of the Bank of Ghana, please follow the provided link.
In summary, Governor Dr. Johnson Pandit Kwasi Asiama is addressing the substantial costs associated with the new Bank of Ghana headquarters which has escalated to $250 million from an initial contract of $81.8 million. The project’s financial implications have raised significant criticism amid the nation’s economic challenges. The leadership transition is noteworthy, as Dr. Asiama steps into the role following Dr. Addison’s retirement.
Original Source: www.ghanaweb.com
