The Bank of Ghana (BoG) has defended its decision to construct a new headquarters, stating that its existing head office, constructed in the 1960s, is no longer suitable for its needs.

This comes after the National Democratic Congress (NDC) held a press conference on Tuesday, August 8, where they alleged that the Bank of Ghana was spending $250 million on a new head office building.

Minority Leader Dr Cassiel Ato Forson criticized the move, stating, “Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country.”

But in a sharp rebuttal, the Central Bank explained that they had conducted a structural integrity assessment on their current office building and discovered that it did not meet the necessary safety standards.

According to their assessment, the current building lacked the required strength to withstand potential scenarios such as unusually strong winds or significant earthquakes in the Accra area.

“A structural integrity assessment conducted by the BoG revealed that the current BoG Head Office building, built by the Nkrumah Government in the early 1960s, is no longer fit for purpose and could not stand any major earth tremors.”

“The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage. This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected.”

The statement also added that considering Ghana’s aspirations to become a financial hub in the subregion and the potential for hosting the headquarters of a future regional Central Bank, the BoG’s Board and Management determined that a new Head Office building was a crucial project to enhance operational efficiency and establish a solid position for the Bank of Ghana.

“The building also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area. Based on the above, and looking at the strategic objective of positioning Ghana as the financial hub of the subregion, with prospects of a potential headquarters for a future regional Central Bank, The Board and Management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank, and also position the Bank of Ghana in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the Sub-region.”