BoG is building multi-million-dollar residence for its Governor – Ato Forson alleges

The Minority Leader in Parliament, Dr. Cassiel Ato Forson, has alleged that the Bank of Ghana (BoG) is currently constructing a new multi-million dollar building for its Governor.

This new structure is being built at the site where the Bank of Ghana Clinic previously stood at Ridge in Accra.

In a post on X on Monday, June 3, Dr. Ato Forson, who is also a former Deputy Finance Minister, expressed concern over the demolition of the clinic to make way for the Governor’s new accommodation.

He questioned the timing and necessity of this project, especially given the bank’s recent financial performance.

Dr. Ato Forson highlighted that the Bank of Ghana reported a staggering loss in 2023, equivalent to 150,000% of its stated capital. He argued that such poor financial results do not support the justification for embarking on large-scale construction projects.

The Minority Leader criticized the BoG’s decision, suggesting that it reflects a misallocation of resources, particularly in light of the bank’s financial struggles. He emphasized that the focus should be on stabilizing the bank’s finances rather than investing in luxury accommodations.

Dr. Ato Forson called for greater accountability and transparency from the Bank of Ghana regarding its expenditure decisions. He urged the bank to prioritize its core functions and responsibilities to the public over unnecessary and extravagant projects.

The Ajumako-Enyan-Essiam lawmaker reiterated his stance that the ongoing construction of the Governor’s new building is not warranted given the current financial state of the Bank of Ghana.

He encouraged stakeholders to scrutinise such decisions to ensure that public resources are being used judiciously.

“In 2022, Bank of Ghana made a colossal loss of over 600,000% of its stated capital of GHS10 million. The Bank made another loss equivalent to 150,000% of its stated capital in 2023. Is this poor record of performance comparable to any central bank?”

“Yet, apart from ongoing construction of a new HQ with about USD250 million, the Bank of Ghana is also building a new multi-million dollar residence for the Governor at where the Bank of Ghana Clinic used to be at Ridge in Accra.”

“That clinic has been demolished to make way for the new accommodation of the Governor,” he posted.

However, a source close to the BoG told 3news that “This is the BoG clinic before the Bank hospital, so it is an old facility that is being repurposed. It is not a new building for the Governor. The governor’s current residence is far bigger and nicer than this particular building being repurposed. In any event, this Governor is in his last term so do you really think he will be building a new residence for himself?”

The post BoG is building multi-million-dollar residence for its Governor – Ato Forson alleges first appeared on 3News.

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