Ongoing MPC meeting at the old BoG building raises concerns about the newly inaugurated headquarters, reportedly only 81%-85% complete, amid rising project costs.
The ongoing Monetary Policy Committee (MPC) meeting at the old Bank of Ghana (BoG) building on John Evans Atta Mills High Street, commonly referred to as High Street, has further fueled speculation that the newly inaugurated BoG headquarters is incomplete. This supports claims by Bright Simons, Honorary Vice President of Imani Ghana, who revealed that the new headquarters was only 81% to 85% complete at the time of its inauguration by President Akufo-Addo last week.
During the inauguration, BoG Governor Dr. Ernest Addison announced that the new location, dubbed “Bank Square,” would serve as the Central Bank’s official address, creating the impression that the building was fully operational. However, reports indicate that BoG staff continue to work from the old building, and the MPC has been conducting its meetings there as well. Sources close to The High Street Journal suggest that while the Bank may attempt to host the MPC press conference at the new building to deflect media inquiries, this could backfire if journalists uncover more evidence of the building’s incomplete status.
Initially budgeted at $100 million, the cost of the 20-story structure has ballooned to $250 million, with projections suggesting it could exceed $300 million upon full completion, as noted by Bright Simons. This significant cost escalation has raised questions about the project’s financial oversight and management.
Mr. Simons, a well-known public interest advocate, has highlighted discrepancies in the project’s timeline and financial projections. He insists the building was inaugurated prematurely, with substantial interior work, utility installations, and critical systems—such as the central building management system, which controls security, ventilation, and utilities—still facing unresolved design and operational challenges.
In a social media post, Mr. Simons urged the BoG to issue a comprehensive statement detailing the building’s true status and financial implications. “It would be prudent for the Bank of Ghana to issue a proper statement clarifying the true status of the building and its financial demands,” he wrote, emphasizing the need for transparency.
As the Bank of Ghana prepares for the post-MPC meeting press conference, it is widely expected that questions surrounding the completion of the new BoG headquarters will resurface.
