The Bank of Ghana (BoG) is “building a new multimillion-dollar residence” at Ridge, Accra, according to recent claims by the Minority in Parliament.
This development comes amidst ongoing construction of the BoG’s new headquarters, which has been the subject of significant public scrutiny.
The Minority Chief Whip and Member of Parliament for Adaklu Constituency, Kwame Governs Agbodza, who took to X to express his concerns about the expenditure, highlighted that, despite the BoG’s financial struggles, it is proceeding with costly projects.
“MESS AT BANK OF GHANA CONTINUES. The Bank of Aghana is also building a NEW MULTIMILLION DOLLAR RESIDENCE FOR THE GOVERNOR at Ridge in Accra,” Agbodza posted, referencing statements by the Minority Leader, Dr. Cassiel Ato Forson.
Dr. Ato Forson who has earlier elaborated on the situation on his X page, stated that despite the BoG reported colossal losses, with the 2022 financial year recording a loss of over 600,000% of its stated capital of GHS 10 million, and another substantial loss in 2023, the bank is still able to fund such expensive projects.
He criticized the BoG’s decision to continue with massive construction projects, including a new headquarters, reportedly costing around USD 250 million.
The BoG last year, defended its decision to build a new headquarters, stating that the facility is essential for security reasons, including earthquake resilience, as the current building does not meet modern standards.
The proposed new residence for the Governor has raised eyebrows, with accusations that the project demonstrates poor prioritization of resources amid financial losses.
The BoG has not publicly commented on the residence’s cost or the rationale behind the project
As the situation unfolds, it remains to be seen how the BoG will respond to these criticisms and whether the ongoing projects will continue as planned.