Head Office Not Fit; BOG Justifies New Headquarters

The Bank of Ghana has reacted to allegations that it is insensitive to the plights of Ghanaians by building a new headquarters at Ridge with the justification that its current head office is not fit for purpose any longer.

In a press statement dated August 9, the BoG said the 63-year-old building has proven to have lost its strength and resistance to tremors.

“A structural integrity assessment conducted by the BoG revealed that the current BoG Head Office building, built by the Nkrumah Government in the early 1960s, is no longer fit for purpose and could not stand any major earth tremors.

“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.”

Additionally, it said the relocation will serve as an advantage towards Ghana’s objective of becoming the financial hub of West Africa which will make the country the best choice for potential Headquarters for a future regional Central Bank.

“Looking at the strategic objective of positioning Ghana as the financial hub of the subregion, with prospects of a potential Headquarters for a future regional Central Bank, 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.”

The move to build a new headquarters at a cost of $250 million was brought to public notice by the opposition National Democratic Congress (NDC).

They deem it to be insensitive on the part of the BoG.

“Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country,” the minority leader in Parliament, Cassiel Ato Forson said during a press conference on August 8.