The Governor of the Bank of Ghana, Dr Johnson Asiama, has defended the cost of the new Bank of Ghana headquarters, stating that its cost per square metre is lower than both Ghanaian and West African market averages.
He made this disclosure when he appeared before Parliament to respond to questions regarding the construction of the new headquarters.
Dr Asiama explained that the Bank’s Entity Tender Committee (ETC) met in December 2022 and approved the design review and revised project cost at $2,068 per square metre.
“This figure is lower than the market value, with data from the Africa Property & Construction Cost Guide 2021/22 stating $2,658 per square metre and in 2022/23 at $2,720 per square metre, as average construction costs for prestige high-rise office spaces in Africa,” he stated.
He further elaborated that the Central Tender Review Committee (CTRC) subsequently approved the revised scope of works at the same cost of $2,068 per square metre.
This, he indicated, translates to a total construction cost of $222,799,760.58. The Governor maintained that the cost of the project had been carefully assessed to ensure value for money while meeting international construction standards.
Dr Asiama’s comments come in response to concerns raised about the cost of the new Bank of Ghana headquarters.
However, he reassured Parliament that the project was being executed with financial prudence and aligned with regional cost benchmarks for high-rise office buildings.
New BoG Headquarters: Value for money audit to be conducted by AESL
Nonetheless, he announced that that plans are underway to conduct a value for money audit of the new Bank of Ghana Headquarters building at Ridge, Accra.
Briefing a committee of Parliament on the cost of the project on Wednesday, March 5, Dr Asiama said steps have been taken to get the Architectural and Engineering Services Limited (AESL) to conduct the audit after board approval.
According to him, the cost of the edifice increased by $88million after the design of the project.
“We believe this will bring clarity to the matter, and we believe this will bring closure to the issue of our new Bank of Ghana building”, he assured.
He stated that as of February 2025, a total of $230 million has been paid for the project with an outstanding amount still due the contractor.
Dr Asiama also noted that an additional $48.3 million has been paid in taxes and levies associated with the construction of the building.
In addition to the main building, Dr Asiama explained that several other facilities were part of the project, including an Integrated Communication and Computing (ICC) system and Network Infrastructure, which cost $8.6 million.
Other expenditures included integrated electronic security systems at $15.8 million and furniture and furnishings, which amounted to $11.1 million.
He emphasised that these investments are aimed at ensuring the Bank of Ghana operates in a secure and technologically advanced environment, in line with the needs of a modern central bank.
In November 2024, former President Nana Akufo-Addo officially inaugurated the facility to serve as the new headquarters of BoG.
The state-of-the-art facility designed to symbolise financial strength and modernity is situated in the heart of the national capital.
The new facility marked a historic milestone in the evolution of the country’s central bank, which has been a pillar of the nation’s economic independence since its establishment in 1957.
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