The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that furniture and furnishings for the central bank’s new headquarters – The Bank Square – cost $11.1 million.
This expenditure comes in addition to $15.8 million spent on integrated electronic security systems and $8.6 million on ICT systems and network infrastructure.
Dr. Asiama made the disclosure while addressing Parliament on Wednesday, March 5, 2025, in response to questions from lawmakers regarding the high cost of the new BoG headquarters.
Providing further details, the Governor stated that the central bank has so far made payments totaling $230 million towards the project, with an outstanding balance of $31.8 million yet to be settled.
“Mr. Speaker, as of February this year, a total of US$230 million approximately has been paid towards the project, with an outstanding balance of US$31.8 million to be paid to the contractor,” he said.
He also noted that the initial projected cost of the building, which was estimated at $81.8 million by the Public Procurement Authority (PPA), had increased significantly due to design modifications and additional infrastructure requirements.
“Mr. Speaker, the project was initially valued by the PPA at US$81.8 million but later increased to US$121.1 million. After the Bank of Ghana requested a re-evaluation, this was revised again to US$222.8 million after the redesign and inclusion of building management systems,” he explained.
The total cost of the project now stands at $261.8 million, fueling ongoing concerns over the financial outlay for the new BoG headquarters.