By Vida Darkwa || Reporter
The Governor of the Bank of Ghana revealed to Parliament that the initial valuation of the bank’s new corporate headquarters was $81.8 million, but the cost has since skyrocketed to $261.8 million. The project’s cost underwent several revisions, first increasing to $121 million and then to $222.8 million, before the final addition of statutory requirements, security measures, and other considerations pushed the total cost up.¹
As of February 2025, approximately $230 million has been paid, leaving an outstanding balance of $31 million. The Governor attributed the significant cost escalation to various factors, including an $11.1 million expenditure on furniture, $8.6 million for an Integrated Communication and Computing system, $15.8 million for security systems, and $48.3 million in taxes and levies related to the construction.
The new Bank of Ghana headquarters has become a subject of national debate, with many questioning its financial implications. The Majority Leader in Parliament, Mahama Ayariga, has demanded further accountability from the Central Bank, seeking a detailed breakdown of the expenditure.
In response to concerns, the Governor assured Parliament that a value-for-money audit of the project will be conducted to ensure transparency and accountability. The audit aims to provide clarity on the project’s costs and bring closure to the issue.
