The Bank of Ghana (BoG) is set to inaugurate its new $250 million headquarters, known as “The Bank Square,” on November 20 in Accra.
President Nana Addo Dankwa Akufo-Addo will serve as the guest of honour at the invitation-only event, which will commence at 10 a.m.
The construction of this high-cost facility has been a focal point of public debate, particularly following the BoG’s report of a substantial 10.5 billion cedis loss in 2023.
The project’s financial impact has led to scrutiny from various stakeholders, including Member of Parliament Yusif Suleman, who questioned the rationale for proceeding with such an expensive development amidst the central bank’s recent financial difficulties.
In response to these concerns, Stephen Opata, Special Advisor to the BoG Governor, defended the decision to continue the project, arguing that halting construction at its advanced stage would have been wasteful and led to further costs due to ongoing contractual obligations.
He emphasized that completing “The Bank Square” was the most financially prudent choice under the circumstances.
Opata further emphasized that while the financial loss is concerning, it stems from a combination of factors unrelated to the headquarters project. “I understand the concerns,” he said, “but this project was well advanced, and stopping it mid-way would have been financially unwise.”
The BoG maintains that completing the headquarters is essential for its operational needs and that abandoning the project would have led to greater financial loss.
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