The Member of Parliament for Bolgatanga Central, Isaac Adongo, is questioning the Bank of Ghana (BoG) if it was operating without limitation at the time it was constructing its new headquarters.
According to the lawmaker, it is surprising that whilst the entire nation was being asked to tighten its belt during the Covid-19 era, with the citizenry being asked to pay covid levy, the bank was just increasing the cost of its head office.
Speaking at a Committee sitting in Parliament Wednesday, March 05, 2025, Mr. Adongo, who is currently a Member of the Governing Board of Bank of Ghana, questioned how the central bank was spending without recourse to the economic conditions at the time.
“My question is that, was it that the Bank of Ghana was living without limitation? Whereas everybody was tightening their belts the Bank of Ghana had a lot of money to just be spending?” he quizzed.
His comments follow a briefing by the new Governor of the BoG, Dr. Johnson Pandit Asiama, to Parliament at a committee sitting where he disclosed that the state under the previous Akufo-Addo administration paid US$230 million to the contractor working on the bank’s new headquarters.
He had also disclosed that there was an outstanding balance of US$31.8 million still owed the construction firm by the state.
He disclosed that the total cost of the project has risen to $261.8 million, with the payments to the contractor being made as recently as February this year.
“As of February this year, a total of approximately $230 million has been paid towards the project, with an outstanding balance of $31.8 million still due to the contractor,” he stated in parliament on Wednesday, March 5.
Dr. Asiama also noted that an additional US$48.3 million has been paid in taxes and levies associated with the construction of the building.
In addition to the main building, the BoG boss explained that several other facilities were part of the project, including an Integrated Communication and Computing (ICC) system and Network Infrastructure, which cost US$8.6 million.
Other expenditures included integrated electronic security systems at $15.8 million and furniture and furnishings, which amounted to $11.1 million.
He emphasised that these investments are aimed at ensuring the Bank of Ghana operates in a secure and technologically advanced environment, in line with the needs of a modern central bank.
But according to Adongo, it is mind boggling that a contract which was valued at US$100 million and further revised to US$88 million could balloon to such a high figure.
“The Board under paragraph 7 indicated that the original estimated contract sum or the engineers estimate put the contract US$100 million. In their own wisdom, they revised this to US$81million before the tender. Then, a tender is received which is 50% above the estimated figure given to us by our engineers.
“Our Engineers having compiled all the bill of quantities think that it will cost us US$88million to build this facility. And we went ahead to approve it. It didn’t end there, now we are building with US$261 and this was being done at the time of Covid-19. Ghanaians were being asked to pay Covid levy and you went and sign a contract which is 250% above [the estimate]” he asked queried.
The BoG headquarters was commissioned by former President Akufo-Addo in November 2024.
The state-of-the-art facility which symbolises financial strength and modernity is situated in the heart of the national capital.
The bank’s new office replaces the old one which has served the nation since its establishment in 1957.
