The Bank of Ghana (BoG) has refuted claims of violating procurement regulations during the construction of its new headquarters situated in Ridge, within the Greater Accra region.
The bank has asserted that it obtained all necessary authorizations from the Public Procurement Authority (PPA) before commencing the building project.
Dr. Philip Abradu-Otoo, the Head of Research at the BoG, made this declaration on the August 17, 2023 edition of News Night on Joy FM, hosted by Evans Mensah.
Also Read: Bank of Ghana on why it made GH¢60 billion loss in 2022
Dr. Abradu-Otoo guaranteed that the central bank will promptly furnish comprehensive details and essential documentation related to the construction of the headquarters.
“All necessary approvals were obtained from the PPA, we broke no procurement law”, he stressed.
Background
The BoG’s response arises from allegations made by Samuel Okudzato Abalkwa, the Member of Parliament for North Tongu. Abalkwa proposed that the cost of the building had been escalated from $81 million to $250 million.
Furthermore, Abalkwa contested assertions that the building’s planning began during the previous National Democratic Congress government’s tenure. He also raised concerns about significant governance lapses in the project.
Addressing Procurement Concerns
In response, Dr. Abradu-Otoo asserted that the PPA meticulously scrutinized all documents pertaining to the construction project.
“As a transparent and law-abiding Institution, we operate within the laws of the country”, he maintained.
Also Read: Freezing of Cecilia Dapaah’s bank accounts – Court to deliver ruling on Aug 31
Dr. Abradu-Otoo defended the BoG’s decision to employ the Restricted Tendering Procurement Method, stating that it was validated and approved by the PPA.
He reiterated that a comprehensive account of the entire process would soon be unveiled to dispel any uncertainties within the public domain.
Bank of Ghana’s Justification for Headquarters
The Bank of Ghana has already clarified that an evaluation of the structural integrity of its existing headquarters in the Central Business District of Accra indicated that the building, constructed in 1960, was no longer suitable for its purpose.
The bank also explained that the building was not adequately equipped to withstand significant seismic activity.
The bank in statement, released noted that “the outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage”.
The bank further stated that considering a new headquarters building was deemed the foremost priority project by the Board and Management, as it would enhance the operational efficiency of the bank. Additionally, this move would position the Bank of Ghana favorably to host the Regional Central Bank, in line with its current hosting of the West African Monetary Institute (WAMI) for the sub-region.
