Very ridiculous and nauseating – Agbodza slams BoG’s ‘earthquake’ justification for $250m new HQ

The Minority Chief Whip, Kwame Governs Agbodza has launched a scathing attack on the Bank of Ghana’s (BoG’s) reasoning behind the construction of a new headquarters.

The Adaklu MP described the Central Bank’s justification, particularly its claims of earthquake vulnerability, as “ridiculous and nauseating,” raising concerns over the alleged $250 million budgeted for the new project.

This follows a press conference by the largest opposition National Democratic Congress (NDC) which accused the BoG of embarking on an extravagant $250 million project for a new headquarters.

During the press conference on Tuesday, August 8, Minority Leader Cassiel Ato Forson criticized the BoG for committing such a hefty sum, especially when the country’s financial situation remained precarious.

However, the BoG swiftly responded, citing the findings of a structural integrity assessment conducted on their current head office building, which was constructed in the 1960s. The Bank claimed that the assessment revealed the existing building did not meet the necessary safety standards and could be vulnerable in the face of major seismic events or other extreme weather conditions.

“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.”

But Mr Agbodza, known for his outspokenness and critical stance on government matters, lambasted the BoG’s explanation.

In a series of Twitter posts, he questioned whether Earthquakes are the biggest threats to Ghana’s Banking sector.

“Very ridiculous and nauseating. Are Earthquakes the biggest threats to the Banking system in Ghana?” he tweeted on Thursday, August 10, 2023.