The Bank of Ghana (BoG), has provided reasons why it is important for the institution to get a new head office.
This comes after the New Democratic Congress (NDC), on Tuesday, July 8, 2023, raised allegations that the central bank is building a new head office at Ridge in Accra, worth $250 million.
Expressing dissatisfaction at the press conference, the NDC labelled the decision by the governor of the BoG, Dr. Ernest Kwamina Yedu Addison, and his deputies to spend $250 million on a new head office, as insensitive considering the fact that they have mismanaged the central bank.
However, in responding to the claims by the minority, the BoG in a statement on August 9, 2023, stated that the old head office has outlived its purpose considering that it was built in the 1960’s
“A structural integrity assessment conducted by the BoG has revealed that the current BoG Head Office building, built by the Nkrumah Government in the early 1960s, is no longer fit for purpose and could not stand any major earth tremors.
“The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage. This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected. The building does not also have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area.”
The BoG added that the future central bank of the sub-region could be brought to Ghana, and so it was a priority to put up the new edifice.
“Based on the above, and looking at the strategic objective of positioning Ghana as the financial hub of the subregion, with prospects of a potential headquarters for a future regional Central Bank, The Board and Management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank, and also position the Bank of Ghana in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the Sub-region.”