Tax expert Geoffrey Kabutey Ocansey has condemned the $261.8 million investment in the new Bank of Ghana headquarters, calling it a wasteful expenditure amid economic struggles. He argues that the bank’s financial losses render such investments unjustifiable and criticizes the rationale provided for the construction. Ocansey advocates for a constitutional review to limit the decision-making powers of state institutions regarding significant financial commitments.
Geoffrey Kabutey Ocansey, a tax expert, has criticized the $261.8 million investment in the new Bank of Ghana (BoG) headquarters, labeling it a wasteful venture. During an interview on Frontline on Rainbow Radio 87.5FM, he deemed the expenditure as unfortunate and financially imprudent for a nation facing economic challenges.
Ocansey emphasized that it is illogical for an entity experiencing financial losses to allocate such a substantial amount towards a headquarters. He remarked, “This is a bank that has recorded losses in recent times, and so it had no business investing $261 million in constructing a new headquarters. The country is also struggling economically, so we have no business investing $261.8 million for a new headquarters.”
In his view, the rationale provided by the Bank of Ghana for constructing the new building is unacceptable, particularly as other nearby banks and businesses have refrained from such investments. He stated, “The explanation given by the Bank of Ghana for the construction of the new office is laughable and unrealistic. It’s the most ridiculous. The most unfortunate thing is that, whether we like it or not, they have built the new headquarters.”
Ocansey has proposed a constitutional review to restrict the authority of state institutions and their leaders in making significant financial decisions that could adversely affect the country. He believes this is crucial to prevent further unnecessary expenditures in the future.
In summary, Geoffrey Kabutey Ocansey’s critique of the Bank of Ghana’s headquarters expenditure highlights concerns about fiscal responsibility amid the nation’s economic difficulties. His call for a review of institutional powers aims to enhance scrutiny over such financial decisions to prevent wasteful investments. The discussion underscores the importance of aligning government spending with the economic realities of the nation.
Original Source: www.ghanaweb.com
