Bank of Ghana Governor, Dr. Johnson Asiama has revealed the cost for purchasing furniture and furnishings the new Bank of Ghana (BoG) headquarters will amount to a whooping $11.1 million.
Dr Johnson Asiama, made this revelation while briefing Parliament on the project on Wednesday, 5th March 2025.
During his address, Governor Asiama provided updates on the project’s overall financial status. He revealed that as of February 2025, approximately $230 million had been paid towards the project, leaving an outstanding balance of $31.8 million yet to be settled with the contractor.
Additionally, a total of $48.3 million has been paid in taxes and levies related to the construction.
The Governor also outlined the costs of separate contracts associated with the infrastructure, including:
- ICT systems and network infrastructure – $8.6 million
- Integrated Electronic Security Systems – $15.8 million
- Furniture and furnishings – $11.1 million
Acknowledging the public interest and concerns surrounding the project, Dr Asiama assured Parliament of the BoG’s commitment to transparency and accountability.
“Mr Speaker, we want to assure this Honourable House that the new board will exercise its oversight responsibilities efficiently and ensure value for money in all our undertakings.
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.
Watch video:
BoG HQ: $8.6m Spent On ICT Systems, $15.8m On Electronics, $11m On Furniture. – Dr. Johnson Asiama, BoG Governor.
📺 Watch his full briefing here: https://t.co/xwgPCdWKeV#CitiNewsroom | #CitiVerify pic.twitter.com/zSvijsGUfF
— CITI FM 97.3 (@Citi973) March 5, 2025
