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BoG’s new headquarters cost rises to $261.8 million after multiple revaluations – BoG Governor reveals

March 5, 2025
in Headline, News
BoG’s new headquarters cost rises to $261.8 million after multiple revaluations – BoG Governor reveals

Dr Johnson Pandit Kwasi Asiama

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The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that the total cost for the construction of the bank’s new headquarters has risen to $261.8 million following a series of revaluations and additional project requirements.

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Briefing Parliament on the cost of the new building on Wednesday, March 5, Dr. Asiama stated that the project, located at West Ridge, initially had an estimated cost of $81.8 million as approved by the Public Procurement Authority (PPA).

However, after a request by the BoG for a re-evaluation, the value was increased to $121.1 million.

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According to him, the project cost was revised again to $222.8 million following a redesign and the inclusion of Building Management Systems (BMS).

Additional statutory requirements, security measures, and sustainability considerations further increased the final cost to $261.8 million.

Dr. Asiama disclosed that as of February this year, approximately $230 million had been paid towards the project, leaving an outstanding balance of $31.8 million yet to be settled.

Additionally, a total of $48.3 million has been paid in taxes and levies related to the construction.

Beyond the core building, separate contracts were awarded for other critical infrastructure, including:

ICT systems and network infrastructure – $8.6 million

Integrated electronic security systems – $15.8 million

Furniture and interior finishes – $11.1 million

President Nana Akufo-Addo, inaugurated “The Bank Square” near the Greater Accra Regional Hospital on November 20, 2024, at an estimated cost of around US$250 million.

Construction commenced in 2019 under a contract that was initially awarded to Goldkey Properties Limited, owned by Kweku Ofosu Bediako, in 2020 for £81.8 million. The funding was reportedly sourced from internally generated funds and government support.

However, the project’s cost kept escalating over time, with revised figures rising to $121 million and eventually reaching approximately US$250 million upon completion.

The 20-storey building, located in Accra’s Central Business District, spans 21,551 square meters and includes features such as, a banking hall, a currency processing center, and extensive parking facilities.

Despite various justifications, the cost, has sparked significant controversy, particularly given the country’s economic challenges, including a default on Eurobond debt in December 2022 and reliance on a $3 billion IMF bailout in 2023.

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