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BoG to pay $11.1m for furniture, furnishing of new headquarters – Dr. Asiama
BoG to pay $11.1m for furniture, furnishing of new headquarters – Dr. Asiama
By: Nii Ammui Fio | 2 mins read
The Bank of Ghana (BoG) is set to spend $11.1 million on furnishing its newly constructed headquarters at Ridge, Governor Dr. Johnson Asiama has disclosed.
Appearing before Parliament on Wednesday, March 5, Dr. Asiama provided a breakdown of the financial commitments associated with the project after National Democratic Congress (NDC) MPs requested clarity on cost, funding, and contract variations.
He stated that the total cost of the project stands at $261.8 million, with $230 million already paid as of February 2025, leaving an outstanding balance of $31.8 million.
"Mr. Speaker, as of February this year, a total of 230 million dollars approximately has been paid towards the project with an outstanding balance of 31.8 million dollars to be paid to the contractor," he said.
In addition to the core building, the BoG incurred costs for critical infrastructure, including:
ICT systems and network infrastructure – $8.6 million
Integrated electronic security systems – $15.8 million
Furniture and furnishings – $11.1 million
Dr. Asiama defended these expenditures, emphasizing the need for modern technological enhancements.
"These elements were included to ensure the Bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank," he explained.
The new headquarters, officially inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, was designed to improve the central bank’s efficiency with advanced technology and security systems. During the event, Akufo-Addo highlighted the facility’s role in strengthening Ghana’s financial infrastructure and aligning with global banking standards.
OSP Investigates BoG Headquarters Project
Meanwhile, the Office of the Special Prosecutor (OSP) has launched an investigation into possible procurement irregularities related to the project. The inquiry follows a petition from Bawku Central MP Mahama Ayariga, who raised concerns about cost escalations allegedly made without Public Procurement Authority (PPA) approval.
The investigation focuses on:
Former BoG Governor Dr. Ernest Addison
Former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi
Goldkey Properties Ltd, the project’s contractor
Ayariga revealed that in response to his queries, Dr. Addison, in a letter dated August 22, 2023, declined to disclose details on cost variations, citing "National Security" concerns.
The OSP has yet to publish its findings on the matter.
