Ablakwa Uncovers Discrepancies In BoG’s $250m Building Project

Source The Ghana Report

North Tongu MP Samuel Okudzeto Ablakwa has revealed that the Bank of Ghana’s new head office, currently under construction, was initially estimated at US$82 million.

Mr Ablakwa’s latest investigation unveiled documents asserting that the original estimated value of the project stood at approximately US$82 million, a far cry from the current figure of US$250 million cited by bank officials.

He made this known in a Facebook post on Thursday, August 17.

The North Tongu legislator disclosed several pertinent details, including initiating procurement processes for the new head office.

He said contrary to claims that the project’s origins traced back to the tenure of the erstwhile John Mahama administration, the documents indicate the project’s procedural commencement dates to 2020.

Mr Ablakwa also raised concerns about the disparities in tendering and procurement, the identities of companies contracted for the project, and other matters of public concern.

The embattled project, presently tagged at a cost of US$250 million, has garnered significant attention and sparked widespread debate following the confirmation by the central bank that the new head office was indeed underway.

Some public figures have scrutinized the timing of such an investment for an institution grappling with substantial losses and negative equity.

In response to mounting queries, the Bank of Ghana asserted that the new office complex was necessary, primarily grounded in security considerations.

BoG explained that the current head office building no longer meets safety standards and poses potential risks.

“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,” an earlier statement said.

The Ghana Geological Survey Authority (GSSA) has thrown its weight behind the Bank of Ghana’s plans to build a new headquarters.

Acting Director-General of the Geological Survey Authority (GSSA), Isaac Mwinbelle, explained that “the latest earthquake, which occurred on the 10th of March this year, had its epicentre close to Jamestown. This indicates that seismic activity is shifting towards the current location of the Bank of Ghana”.

Meanwhile, the Minority in Parliament has issued a 7-day ultimatum to the central bank to provide a comprehensive report on the ongoing project.

Below is Mr Ablakwa’s post.


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