Governor of the Bank of Ghana, Dr. Johnson P. Asiama, has submitted to Parliament a breakdown of the cost component in the new head office complex of the central bank. Dr. Asiama’s appearance before the House Committee of the Whole Wednesday was at the behest of the Business Committee of Parliament whose Business Statement scheduled for appearance of the governor and same was approved by the plenary on Friday. According to the Governor, the decision to search for adequate and secured land for a new head office began in the 1990s as it became apparent that the existing head office building had began to develop structural defects. However, in 2011, the Board of Directors of Bank of Ghana revisited the matter of a new head office building but it couldn’t approve for construction to commence until 2020 when an Executive Instrument was published and gazetted over a compulsory acquisition of land previously owned by State Insurance Company for the Bank of Ghana.
Dr. Asiama gave an indication of initiating a value-for-money audit by the Architecture and Engineering Services Limited (AESL) pending approval by the yet-to-be-sworn-in Board of Directors. The new head office project was undertaken by Goldkey Properties Limited chosen from a shortlist of firms that were submitted by the Public Procurement Authority (PPA) for a turnkey contract. The initial valuation of the project as completed by PPA pegged the project at $81.8 million but revised upward to $121.1 million on the direction of BOG to reevaluate the project. The overall cost of the project stands at $261,773,268.53 where total value of payments made by BOG to date is $229,953,412.21 leaving outstanding payments and retention of $31,819,856.32. About $48.3 million has been made on taxes and levies related to the project.
Several Members of Parliament had the opportunity to put questions to the governor and his team. According to Stephen Amoh, a Director of the Bank of Ghana accompanying the governor to Parliament, the completion rate of the new head office project currently stands at 98% however Governor Asiama and his deputy are already working from there just as former Governor Ernest Addison and his two deputies immediately moved in after the commissioning. The new head office complex was commissioned on 20th November 2024 by then President Nana Addo Dankwa Akufo-Addo. Bryan Acheampong (MP, Abetifi) asked the Governor if he would be minded to add new cost based on an advice to upgrade the security of the central bank. To him, security at BOG is so important that it must not be compromised.
“When we talk about building a Bank of Ghana structure, a central bank structure for that matter, we are not talking about building a Ministry of Agriculture head office or an NHIS head office. We are talking about the central bank of Ghana. Mr. Speaker, I can assure you that the cost of construction we can relate to the African continent and the world market price per square meter but the security architecture the implications of it alone can also be more expensive than the building itself. If we are building a central bank infrastructure, what accounts for security can be more expensive than the brick and mortar.”, He said
Meanwhile, a separate contract was signed for the provision of ICT systems; an integrated electronic security system and furniture and furnishings. The cost breakdown is as follows:
- ICT Systems and Network Infrastructure Solutions – $8,614,620.64
- Integrated Electronic Security Systems – $15,840,789.40
- Furniture & Furnishings – $11,067,689.95