Prime News Ghana

Provide us with details on your new headquarters within 7 days – NDC writes to BoG

By Vincent Ashitey
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The Minority caucus in Parliament has written to the Bank of Ghana (BoG) requesting for more information relating to the cost and processes involved in the procurement of land for its new headquarters building at Ridge in Accra.

They also want to know the names of the consultants and project managers.

In a letter signed by Member of Parliament (MP) for the Bawku Central Constituency, Mahama Ayariga on behalf of the Chief Whip of the minority caucus, Kwame Governs Agbodza, they issued the BoG a 7-day ultimatum to furnish them with the full details of its new headquarters.

“I am instructed by Ing. Kwame Governs Agbodza, the representative of the Adaklu Constituency and Chief Whip of the National Democratic Congress (NDC) caucus in the Parliament of Ghana (Minority Chief Whip) to write to you to request for the following information:

“The financing arrangement of the construction of the new headquarters building of the Bank of Ghana at Ridge in Accra and currently under construction.”

“How was the land on which the new headquarters building of the Bank of Ghana currently under construction at Ridge in Accra was procured and at what price or under what arrangement and from who,” he added.

It will be recalled the Minority and BoG have been at loggerheads in recent weeks

The BoG lask justified the construction of a new headquarters.

The Central Bank in a statement on August 9 explained the current BoG Head Office building, built by the Nkrumah Government in the early 1960s, is no longer fit for purpose.

 

It said a structural integrity assessment conducted on the current office revealed that the building did not satisfy the full complement of excess strength required for a building to be considered safe for usage.

According to the Board and Management of the Bank, they considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank as the current Office cannot withstand earthquakes

 

“A structural integrity assessment conducted by the BoG revealed that the current BoG Head Office building, built by the Nkrumah Government in the early 1960s, is no longer fit for purpose and could not stand any major earth tremors.”

“The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage. This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected.”

“The building also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area. Based on the above, and looking at the strategic objective of positioning Ghana as the financial hub of the subregion, with prospects of a potential headquarters for a future regional Central Bank, The Board and Management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank, and also position the Bank of Ghana in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the Sub-region.

 

BoG's response comes after Minority Leader Dr Cassiel Ato Forson at the National Democratic Congress (NDC) press conference on Tuesday questioned why Dr Ernest Addison is spending $250 million to build a new head office for the central bank at a time the Bank is in financial difficulties.

He accused the BoG Governor of printing money to finance this project.

“The Bank of Ghana does not have money but spending $250 million for a new head office, which means he is printing additional money to finance this project,” Dr Forson alleged.