Dr. Johnson Pandit Kwasi Asiama, Governor of the Bank of Ghana, is addressing Parliament regarding the $250 million cost of the new headquarters, “The Bank Square.” The project originally began in 2019 with escalating costs raising concerns among critics, especially amidst economic challenges. Following Dr. Ernest Addison’s retirement, Dr. Asiama has assumed his new role as Governor.
Dr. Johnson Pandit Kwasi Asiama, the Governor of the Bank of Ghana, is currently addressing Parliament concerning the $250 million cost associated with the new Bank of Ghana headquarters, which was developed during the prior administration of Nana Addo Dankwa Akufo-Addo. His briefing follows a formal request from Parliament for clarity on the financial aspects of this project.
The headquarters, known as “The Bank Square,” was inaugurated on November 20, 2024, by President Akufo-Addo, with the project originally estimated at about $250 million. Construction commenced in 2019, and Goldkey Properties Limited received an initial contract valued at $81.8 million in 2020. The funding was reportedly secured from both internally generated resources and governmental support.
Costs associated with the project rose substantially, reaching $121 million before ultimately culminating in the reported total of approximately $250 million by completion. This 20-storey facility, situated in Accra’s Central Business District, encompasses a total area of 21,551 square meters and includes amenities such as a banking hall and a currency processing center, among others.
The escalated costs of the headquarters project have drawn significant scrutiny, especially in light of Ghana’s ongoing economic difficulties, which include a default on Eurobond repayments in December 2022 and reliance on a $3 billion IMF bailout awarded in 2023. Critics, notably from the opposition National Democratic Congress (NDC), have denounced the expenses as excessive and misallocated, raising concerns over transparency and fiscal responsibility in a time of economic strain.
Following the conclusion of Dr. Ernest Addison’s term, who presided over the project, he entered terminal leave on February 3, 2025, prior to his scheduled retirement on March 28, 2025, having served two full terms since April 2017. Subsequently, Dr. Johnson Pandit Kwasi Asiama was appointed as the new Governor of the Bank of Ghana by President John Dramani Mahama on February 25, 2025, alongside the new First Deputy Governor, Dr. Zakari Mumuni.
In summary, Dr. Johnson Pandit Kwasi Asiama’s appearance before Parliament exemplifies the ongoing scrutiny surrounding the substantial costs of the new Bank of Ghana headquarters. With a total expenditure reaching approximately $250 million and significant criticism from political opponents amidst economic struggles, the implications of this project on public finances and accountability remain paramount. The transition in leadership within the Bank of Ghana further emphasizes the evolving dynamics in addressing these fiscal concerns.
Original Source: www.ghanaweb.com
