The Bank of Ghana has said the Public Procurement Authority (PPA) approved all its processes and documents before the commencement of the construction of its GHS250-million headquarters.

According to the Head of Research at the Bank, Dr. Philip Abradu-Otoo, all the necessary approvals were obtained from the PPA.

"We broke no procurement law", Dr Abradu-Otoo insisted.

Dr Abradu-Otoo indicated that the PPA was involved in evaluating all documents, asserting "no wrongdoing".

The central bank's comments come on the back of a recent letter addressed to Governor Dr Ernest Addison by which the minority in parliament issued a seven-day ultimatum to the bank, under the provisions of section 18 of the Right To Information Act (ACT 989), to furnish the caucus with certain procurement details of all the transactions involved the construction process.

Through the letter, the caucus is seeking details about the expenses associated with the ongoing construction of the central bank's new headquarters in Accra.

Mr Mahama Ayariga, the Member of Parliament representing the Bawku Central Constituency and a member of the National Democratic Congress, formally conveyed this request on behalf of the Chief Whip of the minority caucus, Kwame Governs Agbodza.

In the letter, Mr Ayariga asserted: "Kindly provide information within 7 working days from the date of this letter."

The minority's inquiry encompasses a range of facets, including the acquisition process for the construction site, identities of consultants and project managers, financial arrangements for the project, cost estimates, project scope, detailed bill of quantities, and commencement and completion dates for the new headquarters.

Particularly, Mr Ayariga inquired, "How was the land on which the new headquarters building of the Bank of Ghana currently under construction at Ridge in Accra procured and at what price or under what arrangement and from whom."

In its response to the minority caucus' request, Dr Abradu-Otoo said: "As a transparent and law-abiding Insitution, we operate within the laws of the country".

"He, therefore, urged the public to ignore the claims of procurement breaches".

On whether a restricted tendering procurement method was good for money, he indicated that it was justified, since it was evaluated and approved by the PPA.

Concerning the cost of the project, Dr Abradu-Otoo indicated that it was also justified, thus, its approval by the PPA.

The BoG had earlier explained that a structural integrity aassessment it cconducted on its current headquarters revealed that the 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 the excess strength required for a building to be considered safe for usage.

The building, the BoG said, "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".