Bank of Ghana to Inaugurate $250 Million Headquarters Amid Ongoing Debate Over Financial Losses
The Bank of Ghana (BoG) will officially commission its newly constructed headquarters, known as “The Bank Square,” on November 20 in Accra. The event, which is scheduled for 10 a.m., will have President Nana Addo Dankwa Akufo-Addo as the special guest of honor. Attendance is by invitation only.
The construction of this new headquarters has sparked significant debate following BoG’s reported loss of 10.5 billion cedis in 2023. Costing approximately $250 million, the project faced scrutiny from various stakeholders, including MP Yusif Suleman, who questioned the financial rationale behind completing such a high-cost project amid substantial financial losses.
Addressing these concerns, BoG Special Advisor Stephen Opata explained that halting the project would have been inefficient due to its advanced stage and existing contractual commitments. “Stopping it mid-way would not have been the best decision under the circumstances,” Opata clarified, adding that the bank’s losses were driven by several factors unrelated to the headquarters’ construction.
The BoG maintains that the new facility meets critical operational needs, arguing that abandoning the project would have led to higher financial costs.
