The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has disclosed that the furnishing of the central bank’s newly constructed headquarters will cost $11.1 million.
Addressing Parliament on Wednesday, March 5, Dr. Asiama justified the expenditure, explaining that the old BoG office had significant structural defects and was no longer fit for purpose.
“The cost of furniture and furnishings has been awarded at $11.1 million,” he stated, emphasising that the new facility was necessary to ensure the bank’s operational efficiency and safety.
Dr. Asiama reassured lawmakers of the central bank’s commitment to prudent financial management, stating that the investment in the new headquarters aligns with its mandate to maintain financial stability and oversee Ghana’s banking sector effectively.
The new headquarters is expected to enhance the BoG’s regulatory capacity, allowing it to better oversee Ghana’s financial system.
Dr. Asiama noted that the facility aligns with the government’s broader economic agenda, supporting financial sector growth and stability.
Despite the backlash, the BoG maintains that the project was necessary to modernize its operations and strengthen the country’s financial governance framework.
The state-of-the-art facility, located in Accra, was officially inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo.
The ceremony was attended by key government officials, BoG executives, and financial sector leaders.
The construction of the new BoG headquarters has sparked controversy, with critics questioning the bank’s financial priorities amid economic challenges.
The then-Minority in Parliament had demanded the resignation of former Governor Dr. Ernest Addison and his deputies, citing the project’s high cost as unjustifiable.