The Bank of Ghana has asserted that its construction of a new headquarters building at Ridge received full endorsement and approval from the Public Procurement Authority (PPA).
Director of Research at the Bank, Dr. Philip Abradu-Otoo, clarified that all essential processes and documentation were greenlit by the Authority before the initiation of the ongoing construction project.
In an interview with JoyFM, a radio station based in Accra, Dr. Abradu-Otoo emphasized that the Bank has adhered to all required protocols and obtained the necessary authorizations from the Authority prior to proceeding with the construction.
This statement comes as a response to concerns raised by Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu, who had suggested that the Bank might have violated public procurement laws. The Bank’s Director of Research aims to dispel any notion of wrongdoing by confirming the legitimacy of the approvals obtained from the Public Procurement Authority.
“The BoG has not broken any public procurement laws as the necessary public procurement approvals were obtained at every stage of the project. This project even started before the COVID-19 pandemic began and the necessary appropriation had been made over the past year when the Central Bank recorded significant profit”.
“The quest for a new head office started as far back in 2012 or even earlier if my memory serves me correct and the full details of the components of this special Central Bank headquarters, which is line with international standards, will be made available to the public at the appropriate time,” Dr Abradu-Otoo added.
He stressed that the Bank of Ghana (BoG) upholds transparency and lawful practices, affirming that no breaches of procurement laws have taken place. The institution remains committed to operating within the legal framework of the country.
Regarding the value-for-money aspect of the Restricted Tendering Procurement process, Dr. Abradu-Otoo noted that the decision was justifiable as it underwent evaluation and received approval from the Public Procurement Authority (PPA).
In the meantime, the Minority in Parliament has issued a 7-day ultimatum to the Central Bank, urging them to furnish the required particulars and rationale for the construction of their new headquarters.
Conversely, a structural integrity assessment conducted by the BoG has established that the current headquarters lacks the resilience to withstand significant shocks, such as earthquakes or earth tremors.
In response, the BoG issued a statement arguing that the existing building, constructed during the 1950s era, is presently inadequate for its intended purpose.