BoG Defends New $ 250M Headoffice, Says Current One Earthquake Prone

The Bank of Ghana (BoG) has defended the construction of a new complex valued at US$250 million to serve as its new headquarters in Accra citing earth tremor scares as the reason.

The central bank in a statement issued on Wednesday, August 9,2023 explained that a structural integrity assessment conducted by the BoG 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 also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area. Based on the above, and looking at the strategic objective of positioning Ghana as the financial hub of the sub-region, 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.”

This statement comes on the back of the revelation by the Minority Leader Dr Cassiel Ato Forson that the BoG was spending $250 million to put up a new head office at time the Bank is in financial difficulties.

Dr Forson accused the Governor of printing money to finance this project because the BoG has no money.

“The Bank of Ghana does not have money but spending $250million for a new head office, which means he is printing additional money to finance this project,” Dr Forson said.

He further gave the Governor and his two deputies up to 21 days starting Tuesday, August 8 to resign after indicating that the governor just prints cash to support the government’s spending.

“We have to get this Governor out and let us have a new Governor. If we allow him to stay in the office, we will set bad precedence for future managers to do the same,” he said at a press conference in Accra on Tuesday, August 8, 2023.

Dr Forson stressed, “He has messed us so much that we cannot wait to see his back.”

“We demand the immediate resignation of the Governor and his deputies within 21 days. We will march to occupy the central bank to save the Bank of Ghana if he fails to reign. The March will ensure accountability,” he said.

The Bank of Ghana in 2022 also recorded a loss of some GH¢60 billion losses on its books and cited the government’s Domestic Debt Exchange Programme as being responsible.