$230m Paid for New BoG Headquarters, $31.8m Outstanding – Governor Asiama Tells Parliament
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has disclosed that the central bank has so far made a payment of $230 million towards the construction of its new headquarters, The Bank Square, with an outstanding balance of $31.8 million yet to be settled.
Addressing Parliament on Wednesday, March 5, 2025, Dr. Asiama explained that the total cost of the project had risen to $261.8 million.
“Mr. Speaker, as of February this year, a total of US$230 million approximately has been paid towards the project, with an outstanding balance of US$31.8 million to be paid to the contractor,” he stated.
The governor also noted that the initial projected cost of the headquarters, estimated at $81.8 million by the Public Procurement Authority (PPA), had undergone multiple reviews and adjustments due to redesigns and additional infrastructure requirements.
“Mr. Speaker, the project was initially valued by the PPA at US$81.8 million but later increased to US$121.1 million. After the Bank of Ghana requested a re-evaluation, this was revised again to US$222.8 million after the redesign and inclusion of building management systems,” he explained.
Dr. Asiama further disclosed that $48.3 million had been paid in taxes and levies associated with the construction. Additionally, separate contracts were awarded for supporting infrastructure, including ICT systems and network infrastructure at a cost of $8.6 million, integrated electronic security systems at $15.8 million, and furniture and furnishings at $11.1 million.
“These elements were included to ensure that the bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank,” he added.
His remarks come in response to questions from Parliamentarians regarding the significant increase in the cost of the BoG headquarters, which sparked huge controversy last year.
