Samuel Okudzeto Ablakwa, the Member of Parliament (MP) for North Tongu, has reaffirmed that Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), must retire from his position due to mismanagement.
He expressed his confusion at the Central Bank governor’s refusal to reveal the price of the Accra site where the new headquarters is being built in a tweet.
The cost of the new BoG headquarters, according to a tweet from the lawmaker on August 17, was “initially US$81.8million, suddenly escalating to US$121million & currently threatening to exceed US$250million.”
Therefore, he has demanded that the initiative be stopped right away.
On August 21, 2023, Dr. Addison spoke to the media and stated that the Central Bank followed all legal procedures while buying the land for the new project and did not break any laws.
He also addressed criticisms that the bank was funding the project at a time when the nation was experiencing financial difficulties by stating that the planning for the new head office started in the 1990s.
The cost of the new headquarters being built for the central bank was revealed by the minority in parliament during a press conference on August 8.
The caucus’ leader, Dr. Cassiel Ato Forson, said that it was unacceptable for the bank to spend a staggering $250 million on a head office during the current financial crisis.
Thus, in response to the GHS60 billion loss the bank suffered in 2022, it has demanded the resignation of the BoG Governor and his two deputies.
But the governor argued that government programs like the Domestic Debt Exchange Programme (DDEP) and other initiatives, rather than poor management, were mostly to blame for the losses.
My response to the MisGovernor
Why is he embarrassed to publicly disclose the latest cost of his gravely insensitive, sleazy & majestic head office which is an astonishing US$222.79million (excluding land cost)?
— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) August 22, 2023