Dr. Asiama to Face Parliament Over Newly Constructed $250M BoG——-Dr. Johnson Pandit Kwasi Asiama, the newly appointed Governor of the Bank of Ghana (BoG), is scheduled to appear before Parliament on Wednesday, March 5, 2025. His appearance comes in response to concerns surrounding the construction and financing of the BoG’s new headquarters.
The newly inaugurated Bank Square, unveiled on November 20, 2024, has prompted government officials to investigate the significant increase in its construction costs.
Presenting the Business Statement of Parliament for the week ending Friday, March 7, 2025, Majority Leader Mr. Mahama Ayariga confirmed that Dr. Asiama would address the House about the cost of the new BoG head office, which was built during the tenure of the Nana Addo Dankwa Akufo-Addo government.
“The governor’s invitation is set for Wednesday and will take place at a committee of the whole house. It has been provided for in the draft document that we have,” Ayariga stated.
Initially contracted to Goldkey Properties Limited in 2020 for $81.8 million, the cost of the building surged to $121 million and eventually ballooned to approximately $250 million upon completion. This significant rise in expenditure has raised questions about the financial oversight and justification for such a large outlay, particularly in the context of Ghana’s recent economic difficulties. The country defaulted on its Eurobond debt in December 2022 and relied on a $3 billion International Monetary Fund (IMF) bailout in 2023.
The new 22-storey edifice, located in Accra‘s Central Business District, spans 21,551 square meters and boasts features such as a banking hall, a currency processing center, and extensive parking facilities. Designed to accommodate around 2,500 staff members, the facility consolidates several BoG offices from across Accra into one location to improve operational efficiency.
The outgone BoG Governor, Dr. Ernest Addison, who oversaw the initiation of the project, stressed that the new headquarters would streamline operations, enhance communication, and reduce costs by centralizing the bank’s functions.
Dr. Asiama’s upcoming appearance before Parliament is expected to shed light on the factors contributing to the escalating costs and the decision-making processes involved in the project.
Members of Parliament, especially those from the National Democratic Congress (NDC), have called for detailed information regarding the project’s financing, scope, and timelines, reflecting the public’s growing interest in transparency and accountability in the management of national resources.
This parliamentary session emphasizes the critical need for oversight in public projects and highlights the necessity for institutions like the BoG to uphold public trust through open and transparent operations.
