The construction of the new Bank of Ghana (BoG) headquarters, a 20-story tower located in Ridge, Accra, has been the subject of recent scrutiny due to its escalating costs and the procurement process employed. Dr. Johnson Pandit Asiama, Governor of the BoG, addressed Parliament, revealing a final cost of US$261.8 million, a significant increase from the initial projected cost of US$81.8 million in 2019. This substantial cost overrun, coupled with the use of a restricted tender process, has prompted calls for a value-for-money audit, which Dr. Asiama has committed to undertaking upon the swearing-in of the new Governing Board.
The rationale behind the construction of the new headquarters stems from a 2019 structural integrity audit of the old BoG building, constructed in the 1950s. This audit deemed the existing structure unfit for purpose, necessitating the development of a new facility to enhance security and operational efficiency. The new building boasts state-of-the-art features including an electronic integrated system, advanced ICT infrastructure, a waste treatment plant, and ample basement parking. These modern amenities were intended to create a secure and technologically advanced environment conducive to the BoG’s operations.
The project’s cost, however, escalated considerably throughout its lifecycle. Dr. Asiama outlined the trajectory of these increases, starting from the initial $81.8 million in 2019, rising to $121.1 million, then $222.8 million, and finally reaching the $261.8 million mark upon completion in 2024. As of February 2025, $230 million had been disbursed, leaving an outstanding balance of $31.8 million. This substantial difference between the initial projected cost and the final expenditure raises questions about cost management and the potential influence of external factors contributing to these increases. The upcoming value-for-money audit will delve into these issues to ensure transparency and accountability in the use of public funds.
The construction was handled by Goldkey Properties Limited through a restricted tender process recommended by the Public Procurement Authority (PPA). While restricted tendering is permissible under certain circumstances, the reasons for its selection in this case, and its potential impact on the final project cost, will be key areas of focus for the upcoming audit. The audit will assess the justification for this procurement method, the competitiveness of the bidding process within the restricted pool, and whether due diligence was exercised in selecting Goldkey Properties Limited.
The new BoG headquarters, which was commissioned by President Nana Addo Dankwa Akufo-Addo in November 2024, is now 98% complete and occupied by BoG staff. The remaining 2% of the project likely encompasses minor finishing touches and the integration of all systems. The building’s completion represents a significant milestone for the central bank, providing a modern and secure workspace for its employees. However, the focus now shifts to ensuring fiscal responsibility and transparency regarding the substantial investment made in this project.
Dr. Asiama’s commitment to conducting a value-for-money audit signals the BoG’s dedication to upholding its mandate of transparency, financial resilience, and economic growth. This audit will not only scrutinize the cost overruns and procurement process but will also contribute to strengthening public trust in the institution. The findings of the audit will be crucial in determining whether appropriate procedures were followed, whether value for money was achieved, and whether any corrective measures are necessary to improve future procurement practices. The audit’s outcome will provide valuable insights into the project’s execution and contribute to enhancing transparency and accountability within the BoG.
