BoG HQ Cost Below Industry Average – Officials

Dr Johnson Asiama

 

The Bank of Ghana (BoG) has revealed that the total cost of constructing its new headquarters is below the average industry market rate for similar projects. In a recent briefing, Dr. Johnson Asiamah, Governor of the BoG, provided details about the financials of the highly scrutinised building, emphasising that the final cost remains competitive within the broader construction sector.

Addressing concerns over the soaring costs of the project, Dr. Asiamah explained that while the budget for the new headquarters has increased over time due to expanded scope and additional requirements, it still compares favourably to other similar high-security, technologically advanced infrastructure projects in the sub-region.

The final project cost, standing at $261.8 million, was cited as a necessary investment to meet the security, operational efficiency, and sustainability demands of a modern central bank.

“While the cost of the project has grown due to necessary additions like advanced security systems, ICT infrastructure, and energy-efficient technologies, we are confident that the overall investment is within reasonable market rates for such a specialized and complex development,” said Dr. Asiamah.

The BoG began planning for the new headquarters in 2011, and after several years of deliberation and structural audits, the decision was made to replace the aging building that had served the bank since the 1950s.

In 2020, the construction project began at West Ridge, Accra, with Goldkey Properties Limited selected as the contractor following a competitive procurement process approved by the Public Procurement Authority.

Initially estimated at $81.8 million, the project cost saw multiple revisions as the scope expanded.

The final figure of $261.8 million includes not only the core building but also significant investments in security, sustainability features, and building management systems, which all contributed to the increase in costs.

Additionally, separate contracts were awarded for specialised infrastructure, including network systems ($8.6 million), electronic security ($15.8 million), and furniture ($11.1 million).

The BoG’s leadership emphasised that the final cost aligns with the demands of the project and remains competitive with industry standards.

Dr. Asiamah also reiterated the bank’s commitment to transparency, stating that the new Board of the Bank of Ghana, set to be sworn in next week, will conduct a thorough value-for-money audit to ensure that every dollar spent meets the required standards.

“Public trust is paramount in all our actions,” Dr. Asiamah said.

“We are fully committed to ensuring that the resources used in this project reflect the best value for money, in line with the long-term needs of the bank and the nation,” he said.

The new headquarters, according to the officials, is a key infrastructure investment to support the Bank of Ghana’s evolving responsibilities, including price stability, financial sector resilience, and economic growth.

By Ernest Kofi Adu, Parliament House

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