….Governor Asiama carries Dr Ernest Addison’s cross on Wednesday
The Governor of Ghana’s Central Bank, Dr Johnson Pandit Kwasi Asiama, will appear before the Parliament on Wednesday, March 5, 2025, to provide details on the controversial US$250 million new Bank of Ghana (BoG) complex built by Goldkey Properties during the tenure of Dr Ernest Kwamina Yedu Addison.
Announcing the Business Statement of Parliament for the week ending Friday, March 7, 2025, the Majority Leader, Mahama Ayariga, stated that the new Governor, would address the House, regarding the cost of the new BoG head office, christened “The Bank Square,” which was put up under the erstwhile Akufo-Addo government, with the cost varying at various stages.
“The governor’s invitation is scheduled for Wednesday and will take place at a committee of the whole. It has been provided for in the draft document that we have,” the Majority Leader said.
President Nana Akufo-Addo, inaugurated “The Bank Square” near the Greater Accra Regional Hospital on November 20, 2024, at an estimated cost of around US$250 million.
Construction commenced in 2019 under a contract that was initially awarded to Goldkey Properties Limited, owned by Kweku Ofosu Bediako, in 2020 for £81.8 million. The funding was reportedly sourced from internally generated funds and government support.
However, the project’s cost kept escalating over time, with revised figures rising to $121 million and eventually reaching approximately US$250 million upon completion.
The 20-storey building, located in Accra’s Central Business District, spans 21,551 square meters and includes features such as, a banking hall, a currency processing center, and extensive parking facilities.
Despite various justifications, the cost, has sparked significant controversy, particularly given the country’s economic challenges, including a default on Eurobond debt in December 2022 and reliance on a $3 billion IMF bailout in 2023.
Critics, including the then-opposition National Democratic Congress (NDC), labeled it an extravagant misuse of public funds, questioning the bank’s transparency and financial priorities during a period of fiscal strain.
Dr Ernest Addison, who once called NDC minority “hooligans” during the #OccupyBoG protest in October 2023, oversaw the project as Governor of the Bank of Ghana.
He went on terminal leave starting February 3, 2025. He will retire on March 28, 2025, after serving two full terms since his initial appointment in April 2017.
In his stead, President John Dramani Mahama swore in Dr Asiama, as the new Governor alongside Dr Zakari Mumuni, as the First Deputy Governor on February 25, 2025.
Goldkey Properties faced criticism for escalating costs, jumping from US$120 million to US$250 million with 20 fewer floors, after a fierce contest with the Ghanaian-Italian construction company, De Simone Limited.
Originally budgeted at US$81.8 million, the Bank Square project’s cost has ballooned to an estimated US$250 million. The project’s rapid escalation—from US$81.8 million to US$121 million within eight months to over US$250 million—prompts serious questions.
The Herald’s investigation into significant governance lapses and potential financial impropriety at the state-owned Minerals Income and Investment Fund (MIIF) revealed that the Edward Nana Yaw Koranteng management awarded a US$41 million contract for its new head office to its landlord, Goldkey Properties Limited.
There is a fear that Kweku Ofosu Bediako’s company, could vary the cost of the MIIF office complex, as happened with the construction of the BOG office, which finally settled at US$250 million.
MII,F has been renting office space from Goldkey Properties for GH¢3 million annually, and the same company has been awarded the contract to construct the 10-storey MIIF office complex at a cost of US$41 million.
This has sparked speculation regarding insider trading and a conflict of interest. Indeed, there is a concern that Goldkey, could delay the office complex, forcing MIIF to continue paying them rent. The rent could either remain the same or be increased.
But Mr Bediako, responding to The Herald, insisted that the contract was awarded in full compliance with Ghana’s procurement laws.
Documents reviewed by The Herald indicate that both MIIF and Goldkey Properties are located in the same building, “Cannon House.”
Correspondence between the two entities lists virtually the same address, reinforcing concerns about potential conflicts of interest.
One of the documents stated that “Any notice or communication required or permitted to be delivered or given in accordance with this Notice of Acceptance of Tender shall be addressed as follows: Notice of Acceptance of Tender shall be addressed as follows:
Minerals Income Investment Fund
The Chief Executive Officer
Cannon House, 1st Floor
Tel: 0302 750 660
1 Rangoon Lane
Cantonments, Accra”.
While correspondences from MIIF to Goldkey Properties were addressed;
The Managing Director
GoldKey Properties Ltd
6th Floor, Cannon House
No 4 Rangoon Lane
Cantonments – Accra
Tender documents indicate that Goldkey Properties secured the contract with the lowest bid of $40,901,375.27, surpassing competitors Imperial Homes ($44,033,505.75) and Justmoh Construction Limited, which was disqualified at the preliminary stage. However, as is often the case with these firms, particularly Goldkey Properties, this may not represent the final cost of the project.