$250m headquarters cost not too expensive – BoG governor

The public has been reassured by Dr. Ernest Addison, Governor of the Bank of Ghana (BoG), that the central bank is dedicated to keeping the cost of its new Ridge headquarters in Accra within “reasonable levels.”

Dr. Addison addressed claims of overspending and procurement violations made by Samuel Okudzeto Ablakwa, the Member of Parliament (MP) for North Tongu, in a statement released on August 21, 2023.

According to Dr. Addison, the BoG has taken measures to control project costs by postponing the implementation of several elements that were initially planned, including a data center, a currency processing center, ICT equipment, and specialized security features.

He said that the bank was conscious of its obligations to prevent cost escalation and that these capabilities would only be made available as “gray boxes” for usage in the future.

$250m headquarters cost not too expensive – BoG governor

The BoG’s statement was released after Ablakwa complained last week on his social media channels about the rising cost of the new headquarters.

According to Ablakwa, the project’s cost increased from the original US$81.8 million to US$121 million and is now on track to reach US$250 million.

Additionally, he said that the building company selected for the project under a single-source Public Procurement Authority (PPA) procedure was not even a registered company in the nation.

Dr. Addison refuted these assertions and gave information on the BoG’s land acquisition process, the start date of the project, and the safeguards put in place to promote accountability and openness.
He said that the BoG carried out the project in compliance with all the legal requirements and public procurement procedures.

The opposition National Democratic Congress (NDC) and other civil service groups, who have called for the Governor’s resignation owing to alleged mismanagement of the BoG, have also increased their pressure on him.

They have organized a rally for September in Accra to voice this opinion.

Akosua Boatemaa

I'm Yours Truly, Blogger Akosua Boatemaa. I'm here to feed Your eyes and Ears with Authentic News Updates.

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