The Bank of Ghana (BoG) has confirmed payments totaling $230 million for its new headquarters, The Bank Square, with an outstanding balance of $31.8 million yet to be settled. The disclosure, made by BoG Governor Dr. Johnson Asiama in Parliament on March 5, 2025, has reignited discussions on public spending and financial accountability.
Originally projected at $81.8 million by the Public Procurement Authority (PPA), the cost of the new headquarters has undergone multiple revisions, reaching $261.8 million.
Dr. Asiama explained that redesigns, building management systems, and enhanced security infrastructure contributed to the adjustments. The most recent re-evaluation placed the cost at $222.8 million, with additional investments in ICT infrastructure ($8.6 million), electronic security systems ($15.8 million), and high-end furnishings ($11.1 million).
The rising cost of the project has sparked significant public and parliamentary scrutiny, with lawmakers questioning the rationale behind the price escalations. Dr. Asiama defended the expenditure, emphasizing the necessity of a technologically advanced and secure banking environment in line with international central banking standards.
However, amid ongoing economic challenges, concerns persist regarding fiscal discipline and whether such a hefty investment is justifiable. The controversy has reignited calls for greater oversight in large-scale public projects to ensure value for money.
With an outstanding balance of $31.8 million, the completion of The Bank Square remains a focal point of national discourse. As Ghana navigates its broader economic recovery strategy, the BoG’s investment in its new headquarters will likely remain under intense scrutiny, shaping conversations on governance, financial prudence, and national priorities in the years ahead.
