The Bank of Ghana has justified its decision to construct a new headquarters rumored to be located at Ridge in Accra.

The Minority in Parliament during a press conference on August 8 alleged that the Central Bank was in the process of constructing a new headquarters after which its operations will take place from when completed.

They further claimed that the estimated cost of the construction would be around $250 million (GH¢2.8 billion).

“Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (GH¢2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country,” Minority Leader, Cassiel Ato Forson earlier said.

But the Bank of Ghana in its response to Minority via a statement on August 9, 2023 insisted that its current head office which was built in the 1960s, is no longer fit-for-purpose hence the decision to build a new headquarters.

The statement further stressed that in the likely event of a worst-case gravity and wind loading scenario [earth tremor], its current office building may not withstand the shocks associated.

“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,” it noted.

“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 BoG added.

“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,” the statement concluded.

MA/NOQ

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