With a change of government and a new Governor at the Bank of Ghana (BoG), Dr Ernest Addison’s chickens are coming home to roost, as his tenure faces intense scrutiny, especially the new BoG headquarters, now valued at US$261.8 million, contrary to the US$250 million that was widely considered exorbitant for a cash-strapped Ghana.
The once-powerful BoG Governor, who once described Members of Parliament (MP) as “hooligans” for demanding his resignation over excessive expenditures and financial irregularities, is finally having his leadership under scrutiny.
The inquiry began with the newly appointed Governor, Dr Johnson Asiama, who disclosed in Parliament on Wednesday, March 5, 2025, that plans were in motion to conduct a value-for-money audit of the new BoG headquarters in Ridge, Accra.
The project christened “The Bank Square,” was executed by Goldkey Properties, owned by Kweku Ofosu Bediako, who is behind other government projects, including a US$42 million headquarters project for the Mineral Income and Investment Fund (MIIF) and a land-for-housing scheme with Ghana’s military.
Dr Asiama, revealed that the total cost of the new facility, had reached $261.8 million, with concerns raised over an $11.1 million expenditure on furniture alone, particularly in light of the country’s ongoing economic difficulties.
He further informed Parliament that, the $11 million formed part of broader expenses, including $8.6 million for an Integrated Communication and Computing (ICC) system, $15.8 million for security systems, and $48.3 million in taxes and levies related to the construction.
The new BoG headquarters, has become a subject of national debate, with many questioning its financial implications. Briefing a parliamentary committee on the project’s costs, Dr Asiama stated that steps had been taken to engage the Architectural and Engineering Services Limited (AESL) to conduct an audit following board approval.
According to Dr Asiama, the cost of the structure had increased by $88 million after the initial design. “We believe this will bring clarity to the matter, and we believe this will bring closure to the issue of our new Bank of Ghana building,” he assured Parliament.
He confirmed that, as of February 2025, a total of $230 million, had been paid for the project, with over US$30 million still owed to the contractor, Goldkey Properties.
Additionally, $48.3 million, had been paid in taxes and levies associated with the building’s construction.
Beyond the main structure, Dr Asiama elaborated that several additional facilities were included in the project.
Dr Asiama emphasised that, these investments were aimed at ensuring the Central Bank operates in a secure and technologically advanced environment, in line with modern central banking standards.
In November 2024, former President Nana Akufo-Addo, officially inaugurated the new headquarters to replace the previous structure, which had been a cornerstone of the nation’s economic independence since its establishment in 1957.
The Majority Leader in Parliament, Mahama Ayariga, has been demanding further accountability from the Central Bank, regarding the costs of the new headquarters, expressed dissatisfaction with the explanations provided by Dr Asiama and his team during their parliamentary appearance.
He specifically questioned why the furniture and furnishings alone amounted to $11 million. “How many workers are in the building that it will cost the Republic of Ghana $11 million to buy chairs for them to sit?” he asked.
Mr Ayariga, reiterated the need for a detailed breakdown of the expenditure, considering the substantial sums allocated to various aspects of the project. He stressed the importance of accountability in public sector spending and insisted that the previous Bank leadership explain the procurement process for the furniture and other related costs.
Stephen Yankyera Amoh, a technical member of the delegation that accompanied Dr Asiama to Parliament, stated that all procurement processes had been duly approved.
He confirmed that the necessary procurement procedures, including approvals from the Public Procurement Authority (PPA), had been followed.
“Mr Speaker, procurement approvals were sought for all the processes. One was the PPA approval to use restricted tendering for the selected contractors who were deemed suitable for constructing such an edifice,” he explained.
His remarks were intended to address concerns over the transparency of the procurement process, given the intense scrutiny over the project’s costs. He assured Parliament that the selection of contractors adhered to due process to ensure compliance with required standards.
Dr Asiama, further explained that the Bank’s Entity Tender Committee (ETC) met in December 2022 and approved the design review and revised project cost at $2,068 per square meter.
“This figure is lower than the market value, with data from the Africa Property & Construction Cost Guide 2021/22 indicating $2,658 per square metre and in 2022/23 at $2,720 per square metre as the average construction costs for prestigious high-rise office spaces in Africa,” he noted.
He further elaborated that the Central Tender Review Committee (CTRC) subsequently approved the revised scope of works at the same cost of $2,068 per square metre, translating into a total construction cost of $222,799,760.58. The Governor maintained that the project’s cost had been carefully assessed to ensure value for money while meeting international construction standards.
Nonetheless, he reaffirmed that plans were in place to conduct a value-for-money audit of the new Bank of Ghana headquarters, given some outstanding issues about the project.
“We believe this will bring clarity to the matter, and we believe this will bring closure to the issue of our new Bank of Ghana building,” he reassured Parliament.
As of February 2025, a total of $230 million had been disbursed for the project, with an outstanding balance yet to be settled with the contractor.
While these costs were explained as necessary for modernising the Bank of Ghana’s operations, Mr Ayariga’s continued demand for clarity, highlights the growing scrutiny over the management of public funds, particularly in relation to major government expenditures.