Our present structure is unfit for use – BoG justifies $250 million new construction project

Our present structure is unfit for use - BoG justifies $250 million new construction project

The Bank of Ghana (BoG) has refuted claims by the National Democratic Congress (NDC) that constructing its new $250 million headquarters wastes taxpayers’ money during an economic downturn.

The Central Bank has stated that its existing headquarters, which was erected by the Nkrumah government in the early 1960s, is no longer suitable for purpose and cannot withstand significant earthquakes.

Minority Leader Dr Cassiel Ato Forson raised severe reservations about the central bank’s decision to continue with the new head office during the NDC’s Moment of Truth news conference.

Dr Forson lamented that such a decision, considering the current circumstances, demonstrates insensitivity to handling the financial affairs of a nation facing hardships.

However, BoG indicated in a statement that a structural integrity evaluation of the structure influenced the construction.

“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,” BoG justified.

It added, “Based on the above, and 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.”