The Bank of Ghana (BoG) has justified its decision to proceed with the construction of its new head office, even as it reported a substantial loss of 10.50 billion cedis for the year 2023.
Despite the financial setback, the Central Bank allocated $82 million to contractors for the project over the past year.
The ongoing construction has drawn criticism, particularly from MP Yusif Suleman, who questioned the project’s feasibility in light of the bank’s financial difficulties. Suleman raised these concerns during a Public Accounts Committee hearing on Friday.
In response, Stephen Opasa, Special Advisor to the BoG Governor, defended the bank’s stance, explaining that halting the construction would have been impractical and costly. He noted that the project’s advanced stage and ongoing contractor engagements made it inefficient to pause.
Opasa acknowledged the MP’s concerns but argued that the losses incurred by the BoG in 2023 and 2022 were due to factors beyond the construction project.
He elaborated, “I hear you that maybe we could have stopped that project to reduce the losses, but contractors were still on site and all that and therefore stopping that I am not sure whether it would have been the best decision”
He compared the situation to a personal project, stating, “Maybe if it was your house, you could have stopped and when things got better, you continued, but contractors were on site. This is a project that was way advanced.”
As the Bank of Ghana continues its construction efforts, it is also seeking government assistance to bolster its capital and support its policy goals.