Bank of Ghana defends $11.1m furnishing cost for new headquarters

Dr Johnson Asiama, the Governor of the Bank of Ghana (BoG), on Wednesday appeared before Parliament’s Committee of the Whole to address concerns over the $11.1 million furnishing cost for the central bank’s new headquarters.

A Committee of the Whole is a Meeting where both the Majority and Minority Caucuses converge to discuss matters of national interest, mostly closed doors.

However, on Wednesday, the media was allowed in the proceedings.

The state-of-the-art facility, located in Accra, was inaugurated on Friday, November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo.

Dr Asiama in his address to the House defended the decision, stating that the old BoG office had structural defects and was no longer fit for purpose. He said: ” Mr Speaker, furniture and furnishings were awarded at $11.1 million.”

He reassured Parliament of the central bank’s commitment to prudent financial management and its role in maintaining financial stability.

The new facility is expected to enhance the BoG’s ability to regulate Ghana’s financial system while aligning with the government’s broader agenda for economic stability and financial sector growth.

However, the project has faced criticism over its cost, with some questioning the prioritisation of the project amidst economic challenges.

The BoG had maintained that the new headquarters would provide a secure and modern workspace for its staff, enabling them to better serve the country’s financial sector.

Despite the controversy, Dr Asiama remained confident in the project’s benefits, citing the importance of a stable and efficient financial system for Ghana’s economic growth.

Source: GNA

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