Spokesperson for Vice President Dr Mahamudu Bawumia, Dr. Gideon Boako, has called for a measured approach in criticizing the Bank of Ghana (BoG).
Dr. Boako stressed that while citizens have the right to voice their concerns when the government and state institutions fall short, this criticism should not inflict irreparable damage to the institution’s reputation.
He emphasized that discussions concerning the central bank, if approached with political sensationalism, could have detrimental consequences on the bank’s standing, which, in turn, would impact the economy and the well-being of Ghanaians.
During a media interview on Tuesday, August 22, Dr. Boako therefore encouraged Ghanaians to exercise caution when criticizing the central bank.
“Much as I agree that Ghanaians, in general, should show interest in issues at the central bank just as they do with issues of government. We ought to be measured most of the time when we are running commentaries on central bank decisions and certain actions they take because if we are not careful and don’t put issues into proper perspective and have proper appreciation of the matter, we may run commentaries out of political sensationalism and end up putting our central bank which is the lender of last resort to government in a position that creates the image in the minds of people that will become difficult to redeem.”
The Bank of Ghana, amongst others, accrued a loss of GH¢60 billion. The Central Bank is also putting up a new head office building at Ridge, allegedly costing $250 million.
However, aside from the cost, Ghanaians and the Minority in Parliament have criticised the bank about the timing of the project when COVID-19 had just hit and things were tough for the economy.
But the Governor of the Bank of Ghana, Dr Ernest Addison, at a press conference on Monday, August 21, justified the construction of a new office building.
He said the Bank is fully aware of its responsibilities to ensure that the costs do not escalate beyond reasonable levels.
He noted that many of the original design features to including data centre, currency processing centre, ICT equipment, specialized security features, have been deferred and only grey boxes provided for future use to manage costs.
“The Bank then began to plan the building of its new Head Office, taking into consideration the need to ensure the building meets all the requirements of a modern central bank of international standards (similar to central bank head office buildings in Abuja and Dakar), and incudes provision for data centers, currency processes, vaults, and other sensitive installation. It is not just a simple ordinary building. Let me re-emphasize that the Bank followed all the necessary public procurement processes in this endeavor. No procurement laws were broken.”