Bright Simons, Honorary Vice President of Imani Africa, has revealed that the controversial new Bank of Ghana (BoG) building was only between 81% to 85% complete when it was inaugurated by President Akufo-Addo last week. At the ceremony, the Governor of the BoG, Dr. Ernest Addison, declared the new location as the Central Bank’s new address at “Bank Square,” giving the impression that the building was fully ready for use. However, Simons suggests that significant work remains unfinished.
The construction of the BoG’s new headquarters has been under intense public scrutiny due to skyrocketing costs and concerns over the building’s early commissioning. Originally budgeted at $100 million, the cost for the 20-story structure has since soared to $250 million, with projections suggesting it may exceed $300 million upon full completion, according to Mr. Simons’ post. This has raised serious questions about accountability and project management.
Mr. Simons, a prominent public interest advocate, has pointed out numerous inconsistencies in the project’s timeline and cost estimations. He asserts that the building was commissioned despite being only about 81% to 85% complete, with major interior work, utility installations, and essential amenities still pending. In a social media post, Mr. Simons noted that critical systems, such as the central building management system—responsible for overseeing security, ventilation, and utilities—are still facing design and operational issues.
“It would be prudent for the Bank of Ghana to issue a proper statement clarifying the true status of the building and its financial demands,” he wrote, stressing the need for transparency on the project’s current state.
Mr. Simons also highlighted that the project began in 2020, with an initial estimate from the Public Procurement Authority (PPA) pegging the cost at $81.8 million—significantly lower than the BoG’s initial projection of $100 million. However, changes in design and structural modifications eventually pushed the approved budget to $121 million. By 2022, the cost had ballooned to $200 million.
Mr. Simons further pointed to discrepancies in the building’s design and planning. The original proposal was for a 25-story building, but the current structure is 20 stories, with an additional smaller block attached. While this adjustment increased overall floor space, it also contributed to the growing costs.
The premature commissioning of the building has sparked widespread dissatisfaction, with many questioning the rationale behind celebrating a project that remains unfinished. Some analysts have called the move “technically dubious.” Mr. Simons underscored the gap between the public presentation of the project and its actual progress, which has led to mounting calls for more transparency from the BoG.
“The final costs, some analysts believe, could surpass $300 million,” Simons noted, adding that without clear communication from the Bank of Ghana, public confidence in the project’s management will continue to wane.
As of now, the BoG has yet to issue a comprehensive statement addressing these concerns. However, with growing public interest, the issue is expected to feature prominently during Governor Addison’s upcoming press conference on the Monetary Policy Committee’s decisions, scheduled for Friday, November 29. Many are eagerly awaiting answers on how the project’s cost has escalated so dramatically from its initial $100 million estimate.
