KEY POINTS
- Bank of Ghana will open its $250 million headquarters, “The Bank Square,” on November 20.
- Critics question the project’s cost amid BoG’s recent financial losses.
- BoG asserts that halting construction would have incurred greater costs.
The Bank of Ghana (BoG) is set to open its newly constructed $250 million headquarters, “The Bank Square,” on November 20 in Accra. The commissioning event will be held at 10 a.m. and will feature President Nana Akufo-Addo as the special guest. However, the high-cost project has sparked public debate, especially following BoG’s significant financial losses reported in 2023. Critics, including Member of Parliament Yusif Suleman, have questioned the prudence of continuing with the project despite the bank’s 10.5 billion cedis loss.
BoG defends decision to proceed despite financial losses
Responding to concerns, Stephen Opata, Special Advisor to the BoG Governor, defended the decision to proceed, explaining that halting the project at an advanced stage would have led to further expenses. “Stopping it mid-way would not have been the best decision,” Opata clarified, adding that the project had reached a stage where discontinuation would incur even greater financial losses. He noted that the losses recorded by BoG were due to a combination of factors beyond the construction expenses, and that the headquarters’ completion was essential to meet operational demands.
Facility inauguration set for November 20 with special guest
Despite the debate, BoG has emphasized the importance of the new headquarters for the bank’s functional needs. The opening ceremony, which is invitation-only, will see several officials and stakeholders attending to witness the formal commissioning of “The Bank Square.” According to BoG, the decision to continue the project was based on financial prudence, as completing it would ultimately be less costly than abandoning it.
The completion of “The Bank Square” marks a significant development in BoG’s efforts to enhance its operations.
