The controversy surrounding the construction of the Bank of Ghana’s new corporate headquarters in Accra took a significant turn with the appearance of Governor Dr. Johnson Pandit Asiama before Parliament. The Governor’s presentation aimed to clarify the cost components of the project, addressing concerns and allegations of financial impropriety. Surprisingly, his transparency and forthrightness garnered praise from both sides of the political divide, a rare occurrence in Ghana’s often polarized political landscape. Minority Leader Alexander Afenyo-Markin commended Dr. Asiama’s candor, suggesting that such openness should be the standard for future projects. He advocated for the establishment of bipartisan, expert-led committees to examine similar projects, preventing the public display of political grandstanding based on incomplete information.
The Minority Leader’s call for a value-for-money audit of the project echoed sentiments from across the political spectrum. This audit, he argued, would serve to dispel any lingering suspicions of misappropriation of funds under the previous Bank of Ghana management. The willingness of the Minority to support such an audit underscores the seriousness of the concerns surrounding the project’s escalating costs and the need for a thorough investigation to ensure public trust. This bipartisan support for accountability signals a potential shift towards a more mature and responsible approach to public finance management in Ghana.
Majority Leader Ayariga Mahama also expressed gratitude to Governor Asiama for presenting the detailed cost breakdown to Parliament. He emphasized his own involvement in promoting transparency and accountability throughout the project. Mr. Ayariga further indicated that he expected the Governor to return to Parliament following the value-for-money audit to brief members on its findings. This commitment to ongoing transparency and parliamentary oversight further reinforces the importance of accountability in this matter.
The core of the controversy revolves around the significant cost escalation of the project. Dr. Asiama revealed that the final cost of the new headquarters, located in Ridge, Accra, had reached $261.8 million. This figure represents a substantial increase from the initial contract sum of $81.8 million in 2019. The cost subsequently underwent revisions to $121.1 million, then $222.8 million, before finally reaching the current figure. The Governor explained that as of February 2025, $230 million had been paid, leaving an outstanding balance of $31.8 million. The significant upward trajectory of the cost has raised questions and fueled public debate.
Several factors contributed to the cost escalation, according to the Governor’s presentation. He highlighted the project’s complexities, including the inclusion of auxiliary facilities such as an electronic integrated system, advanced ICT infrastructure, an auditorium, waste treatment facilities, basement construction, and a substantial parking area. The 20-story tower, officially commissioned by President Akufo-Addo in November 2024 and now occupied by Bank of Ghana staff, was reported to be 98 percent complete at the time of the presentation. Dr. Asiama assured Parliament that the Bank remained committed to its core mandate of ensuring transparency, financial resilience, and economic growth.
The decision to construct a new headquarters stemmed from a 2019 structural integrity audit of the existing building in Accra Central, which was originally constructed in the 1950s. The audit deemed the old building unfit for purpose, necessitating a new facility to enhance security and operational efficiency. The new building, constructed by Goldkey Properties Limited through a restricted tender process recommended by the Public Procurement Authority, is expected to provide a modern and secure environment for the Central Bank’s operations. Dr. Asiama confirmed that the incoming Board of the Bank of Ghana would conduct a value-for-money audit upon being sworn in, further demonstrating the Bank’s commitment to transparency and accountability in this matter. The audit’s findings will be crucial in determining whether the cost escalations were justified and in identifying any potential areas of improvement in future public procurement processes.
