By: Kekeli K. Blamey
The Bank of Ghana is set to commission its brand-new headquarters, “The Bank Square,” on November 20, this year, in Accra, with President Nana Akufo-Addo as the special guest of honor.
The state-of-the-art facility comes with a hefty price tag of $250 million, sparking debate about the project’s timing and cost.
Member of Parliament Yusif Suleman, has questioned the wisdom of investing such a substantial amount in a new facility amidst the bank’s financial challenges, including a reported loss of 10.5 billion cedis in 2023, rising inflation rates currently at 42.4% (October 2024), and a depreciating cedi, down 20% against the US dollar in 2024.
However, supporters argue that the new headquarters will enhance operational efficiency and productivity, provide a secure and modern workspace for staff, and reflect the bank’s stature as a key economic institution.
Stephen Opata, Special Advisor to the BoG Governor, defends the decision, stating that halting the project would have led to greater financial inefficiency and cost overruns due to its advanced stage and existing contractual obligations.
The Bank of Ghana began searching for adequate and secured land for a new head office in the 1990s, driven by the need to expand and meet growing operations.
Some experts also point out that the project created jobs and stimulated economic activity during construction, attract foreign investment and boost Ghana’s financial sector, and enhance the Bank of Ghana’s independence and credibility with a purpose-built headquarters.
Conversely, others raise concerns about potential overspending and misallocation of resources, lack of transparency in the project’s procurement and contracting processes, and opportunity costs, with funds potentially diverted from other critical national priorities.
