Bank of Ghana Set to Unveil New $250 Million Headquarters Building

Bank of Ghana to Inaugurate $250 Million Headquarters Amid Controversy Over 2023 Losses

The Bank of Ghana (BoG) is set to commission its newly constructed headquarters, “The Bank Square,” in Accra on November 20, with President Nana Addo Dankwa Akufo-Addo attending as the guest of honor.

The event, slated for 10 a.m., will be strictly by invitation and marks a significant milestone for the BoG amid ongoing discussions over the headquarters’ $250 million price tag, especially following the bank’s reported loss of 10.5 billion cedis in 2023.

The announcement of the new headquarters’ cost raised considerable public debate in July, prompting scrutiny from a range of stakeholders. Among the critics was Member of Parliament Yusif Suleman, who questioned the timing and necessity of such a high-cost project, given the BoG’s substantial financial setback last year.

In response, Stephen Opata, Special Advisor to the BoG Governor, defended the bank’s decision, explaining that halting construction would have been impractical and even more costly due to the project’s advanced stage. He noted that ceasing work at that point would incur additional charges related to contractor commitments and other sunk costs.

Opata further clarified that while the losses were a concern, they were the result of multiple contributing factors unrelated to the headquarters project. “I understand the concern,” he acknowledged, “but this project was already well underway. Stopping it halfway would not have been the wisest financial choice.”

The BoG maintains that the new headquarters is essential for its operational efficiency, emphasizing that completing the construction as planned was ultimately the most financially responsible course of action.