The Bank of Ghana (BoG) is set to inaugurate its new $250 million headquarters, known as “The Bank Square,” in Accra on November 20.
President Nana Akufo-Addo will be the guest of honor at the commissioning ceremony, which is scheduled to begin at 10 a.m. and will be strictly by invitation.
This milestone comes amid significant public scrutiny surrounding the project’s timing and cost.
The construction of the headquarters ignited intense debate earlier this year, particularly following BoG’s reported loss of 10.5 billion cedis in 2023.
Critics, including Member of Parliament Yusif Suleman, raised questions about the prudence of investing such a substantial amount in a new facility amidst the bank’s financial challenges.
These concerns were amplified as various stakeholders urged the BoG to justify its expenditure during a period marked by economic strain.
In defense of the decision, Stephen Opata, Special Advisor to the BoG Governor, stated that halting the project would have led to greater financial inefficiency and cost overruns due to its advanced stage and existing contractual obligations.
He emphasized that while the recent financial losses were serious, they stemmed from various factors unrelated to the building’s construction.
“Stopping it mid-way would not have been the best decision under the circumstances,” Opata noted, underscoring the BoG’s view that the completion of the new headquarters was essential for its operational needs and long-term functionality.
