The Bank of Ghana is gearing up to unveil its sleek new headquarters, “The Bank Square,” in Accra on November 20, amidst public scrutiny over the project’s whopping $250 million price tag. Apexnewsgh reports
President Nana Addo Dankwa Akufo-Addo will be the special guest at the invitation-only ceremony.
The construction of the new headquarters has sparked intense debate, especially considering the Bank of Ghana’s significant loss of 10.5 billion cedis ($900 million) in 2023.
Critics, including Member of Parliament Yusif Suleman, have questioned the wisdom of investing in the project while the bank is facing financial challenges. They argue that the funds could have been better utilized to shore up the bank’s finances.
However, Mr. Stephen Opata, Special Advisor to the BoG Governor, defends the project, pointing out that abandoning it mid-way would have been costly and inefficient. “I hear you clearly,” Mr. Opata said, “But this project was way advanced. Stopping it mid-way would not have been the best decision under the circumstances.”
Bank of Ghana officials emphasize that the new facility is crucial for meeting the institution’s operational demands.
Mr. Opata noted that the bank’s financial setbacks in 2023 were due to multiple factors unrelated to the headquarters’ construction, and halting the project would have imposed further financial strain.
The BoG views the new headquarters as a long-term investment in Ghana’s financial infrastructure, balancing both present and future needs. The state-of-the-art facility is expected to enhance the bank’s operational efficiency in years to come.
As the Bank of Ghana prepares to open its doors to its new home, only time will tell if this investment will pay off.
Source: Apexnewsgh.com
