Our current building not fit for purpose – BoG justifies ¢250m new project

The National Democratic Congress (NDC) has claimed that the building of the Bank of Ghana’s new $250 million headquarters is a waste of tax payer money at this time of economic crisis. The Bank of Ghana (BoG) has refuted these claims.

The Nkrumah Government erected the Central Bank’s present head office in the early 1960s; according to the Central Bank, it is no longer functional and cannot withstand any significant earth earthquakes.

Dr. Cassiel Ato Forson, the minority leader, raised grave reservations about the central bank’s choice to move through with the new head office during the NDC’s Moment of Truth news conference.

Dr. Forson lamented the fact that such a step, considering the current situation, displays insensitivity toward handling the financial affairs of a country facing difficulties.

However, according to a statement from BoG, the building’s structural integrity evaluation served as the basis for 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 sub-region, 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.”