We are building new Head Office, current one not fit-for-purpose – BoG replies Minority

The Bank of Ghana (BoG) has confirmed that it is in the process of building a new headquarters in Ridge, a suburb of Accra.

The initial allegation of the new structure was made public by the National Democratic Congress (NDC) and the Minority in Parliament at a press conference earlier this week.

In their allegation, they stated that the said building was costing the tax payer 250 million dollars.

In a statement dated August 9, 2023; responding to the Minority, the apex bank said of the new Bank of Ghana Head Office:

“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.”