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.
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.
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.
