The management of the Bank of Ghana (BoG) has provided justification for their $250 million investment in a new Accra headquarters building.
The central bank stated in a statement on August 9, 2023, that a structural integrity assessment it had done had shown that its current Head Office building was no longer “fit for purpose” and could not withstand any significant earth tremors.
The new Head Office, which was reportedly built by the Nkrumah Government in the early 1960s, can withstand significant earth tremors, according to the Bank of Ghana.
It said “The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage. This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected.
“The building also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area. Based on the above, and looking at the strategic objective of positioning Ghana as the financial hub of the sub-region, with prospects of a potential Headquarters for a future regional Central Bank.
“The Board and Management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank, and also position the Bank of Ghana in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the sub-region.”
The Bank of Ghana was previously accused by the National Democratic Congress (NDC) of claiming to have spent $250 million building a new head office.
Dr. Cassiel Ato Forson, the minority leader, claimed that the lost money had a negative impact on Ghana’s economic stability and worsened the country’s citizens’ living conditions.
On Tuesday, August 8, 2023, he claimed that a new central bank headquarters was allegedly being built in the Ridge neighborhood of Accra. He added that the NDC’s position reflected disappointment with the Bank of Ghana’s handling of financial matters and branded the institution as insensitive to the nation’s plight.
