Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa has issued a detailed response to governor of the Bank of Ghana, Ernest Addison, with respect to his explanations on the US$250m new head office for the central bank.

In a social media post dated August 22, the lawmaker who recently published correspondence between the BoG and the Ministry of Finance insisted that the governor – who he repeatedly referred to as ‘misgovernor’ - failed to redeem himself on even one leg of the issues raised.

The lawmaker posed a series of questions he insists that the governor deliberately refused to respond to.

Among others: coming clean on the current cost of the project, failure to explain how the price escalated from initial US$81m plus to US$122m plus and the national security excuse for restricted tendering.

On the claim that the project was started when the bank was not in dire straits, Ablakwa fired back: “MisGovernor Addison claims he started his ostentatious legacy project in good times. How can anyone describe a project whose procurement process commenced in 2020 during the peak of COVID-19 as a good time?

“Actual construction began in 2021 and has continued throughout the 2022 crisis period of the central bank and in the face of Ghana’s current economic IMF-bailout bankruptcy, with the cost now three times its initial estimate — this must certainly be the definition of reckless, sleazy and destructive leadership,” he stressed.

Ablakwa reechoed the calls for Addison to resign because “we have had enough of his naked untruths. His rather belated attempt to hide under the cloak of national security won’t save him.”



The governor at a recent press conference explained issues to do with recent losses as captured in the 2022 annual report whiles the BoG also issued a statement on the now controversial new head office which according to the minority is valued at US$250m.

Read Ablakwa’s full reply to the BoG governor

A Response to MisGovernor Addison

MisGovernor Addison still refuses to disclose to Ghanaians the latest cost of his majestic “legacy head office” project despite his verbose press conference and additional mumbo jumbo press statement.

Is MisGovernor Addison embarrassed to publicly mention the colossal figure of US$222.79million which excludes the cost of land? (Copy attached).

Why is MisGovernor Addison unable to explain to Ghanaians why his insensitive opulent legacy office project keeps spiraling out of budget from an initial PPA approved amount of US$81.8million to the current US$222.79million (excluding land cost)?

Why is MisGovernor Addison still advertising the spectacular recklessness and gross mismanagement that has led to the BoG making unprecedented losses of GHS60.8billion and negative equity of GHS55.1billion.

MisGovernor Addison claims he started his ostentatious legacy project in good times. How can anyone describe a project whose procurement process commenced in 2020 during the peak of COVID-19 as a good time?

Actual construction began in 2021 and has continued throughout the 2022 crisis period of the central bank and in the face of Ghana’s current economic IMF-bailout bankruptcy, with the cost now three times its initial estimate — this must certainly be the definition of reckless, sleazy and destructive leadership.

Why is MisGovernor Addison running away from, and refusing to address the litany of procurement breaches including illegally commencing construction based on his expansive revised design specifications before seeking approval from the Central Tender Review Committee? (See CTRC’s categorical indictment attached)

MisGovernor Addison should also be told that we have had enough of his naked untruths. His rather belated attempt to hide under the cloak of national security won’t save him.

He carried out his ill-advised Restricted Tender relying on Section 38 (b) of Act 663 which refers to disproportionate procurement typically in minor projects, not a multi-million dollar project such as the BoG head office.

Clearly, this provision has absolutely nothing to do with national security. (See Restricted Tender Letter attached).

Similarly, he relied on Section 72 (5) (b) of Act 663 which relates to a national emergency or a catastrophe to wrongly single source MULTICAD. (See letter attached).

Again, this provision has absolutely nothing to do with his belated efforts to hide under the weird cloak of national security.

MULTICAD’s articles of incorporation obtained from the Office of the Registrar of Companies is clear about a 10th December, 2021 registration not re-registration as BoG claims.

MisGovernor Addison has simply confirmed my discovery that Ronesans Holdings is not registered in Ghana. The ex post facto attempt to claim they partnered with a local firm doesn’t save Addison.

At least, despite all the atrocities of the National Cathedral project managers, they ensured Rizzani de Eccher of Italy was registered in Ghana with their local partners: Barbisotti and DeSimone when they formed a JV known as RIBADE.

MisGovernor Addison must be told in the face that Ghanaians have had enough of his recklessness, mismanagement and untruths.

Yesterday, Ghanaians expected a contrite apology, an immediate resignation, and a suspension of his gravely insensitive, sleazy and majestic office project which has become an iconic symbol of his reckless mismanagement.

Instead of holding on to his job after this fantastic disaster, he should just resign and save our ears from his reams of gobbledygook.

SARA

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