BoG justifies construction of new headoffice

The Bank of Ghana (BoG) has provided justification for the construction of a new headquarters in Accra, citing a statement released on August 9. The central bank clarified that an evaluation of the structural integrity, conducted by the BoG, has determined that the current BoG Head Office building, which was originally constructed during the Nkrumah Government in the early 1960s, is no longer suitable for its intended purpose and lacks the capacity to withstand significant seismic activity.

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“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. This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected.

“The building also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area. Based on the above, and looking at the strategic objective of positioning Ghana as the financial hub of the sub-region, with prospects of a potential Headquarters for a future regional Central Bank.

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“The Board and Management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank, and also position the Bank of Ghana in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the sub-region.”

This announcement follows the recent disclosure by Dr. Cassiel Ato Forson, the Minority Leader, who revealed that the BoG was allocating $250 million for the establishment of a fresh head office, a decision that raised concerns due to the Bank’s ongoing financial challenges.

Dr. Forson alleged that the Governor has been resorting to printing money to fund the construction project, as the BoG reportedly faces financial constraints.

“The Bank of Ghana does not have money but spending $250million for a new head office, which means he is printing additional money to finance this project,” Dr Forson said.

He demanded that the Governor and his two deputies step down within 21 days, starting from August 8, asserting that the Governor’s actions involve excessive money printing to support government expenditures.

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“We have to get this Governor out and let us have a new Governor. If we allow him to stay in the office, we will set bad precedence for future managers to do the same,” he said at a press conference in Accra on Tuesday, August 8.

Dr Forson stressed, “He has messed us so much that we cannot wait to see his back.”

“We demand the immediate resignation of the Governor and his deputies within 21 days. We will march to occupy the central bank to save the Bank of Ghana if he fails to reign. The March will ensure accountability,” he said.

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