The Bank Square: Loot or Testatment of Excellence?
“The Black man is capable of managing his own affairs.” These powerful words from Osagyefo Dr. Kwame Nkrumah continue to resonate today, challenging us to reflect on how far we have come and how much further we can go. Yet, despite our progress, many of Ghana’s key industries—mining, trade, telecommunications, aviation, power generation, oil exploration, ports, and manufacturing—remain dominated by foreign entities. The question remains: are we truly managing our own affairs?
Still, amidst these concerns, there are shining examples of Ghanaian excellence that deserve recognition. In sectors such as real estate, fintech, downstream petroleum, media, entertainment, road construction, and banking, local companies are proving that Ghanaians can compete at the highest levels. Firms like Fidelity Bank, CalBank, and Kasapreko stand as testaments to what we can achieve when given the opportunity.
Gone are the days when world-class roads had to be built by foreign companies like British Taysec or German Construction Pioneers. Today, Ghanaian firms such as Seidu Ali’s Maripoma, Seddy Kutortse’s First Sky Construction and Humphrey Williams’ Oswal Ltd are constructing major roads with the same—if not better—standards. This proves that our ability to excel is not in question. What we need is the belief in ourselves, the courage to push forward, and the integrity to serve our nation with honesty and dedication.
That is why the construction of Ghana’s tallest and largest building—the Bank Square, the new headquarters of the Bank of Ghana, by an indigenous company, GoldKey, is a moment of pride. Seeing a Ghanaian firm entrusted with such a monumental project should inspire confidence in our local industries. Before this, GoldKey had already transformed Accra’s skyline with the redevelopment of Cantonments City, home to buildings housing global giants like EY, Huawei, and PwC. Their track record speaks for itself.
Recent debates over the cost of the Bank of Ghana headquarters have sparked confusion. Let’s be clear: demanding transparency and accountability in public spending is not only necessary but also enshrined in our Constitution. However, accountability should not be twisted for misinformation or used as a tool to unfairly discredit those who have done nothing wrong.
Like many Ghanaians, I was initially concerned about the changes in cost and the wisdom of the investment at a time when we, as a country, were so broke that we had to shortchange investors. For the latter, I hold the opinion that the project was ill-timed. This nonetheless has nothing to do with any contractor.
In respect of the cost, an honest probing shows that the cost aligns with industry standards. According to the BoG, the initial tender design was deliberately incomplete for security reasons, a common practice for sensitive infrastructure projects. When analyzed alongside comparable projects, the cost per square metre of the Bank of Ghana headquarters ($2,068) is lower than that of the private sector Ecobank Headquarters ($2,163) and Standard Chartered Bank’s building (above $2,244) or the public sector GNPC’s operational head office ($2,904). Yet the Bank of Ghana building is a taller and more security-intensive structure.
One question remains: why is there so much outrage over a Ghanaian company delivering a high-quality project at a competitive cost, yet little scrutiny over the higher costs of foreign-built bank headquarters, even though Ghanaian pension funds have stakes in these institutions? The double standard is troubling.
Rather than tearing down our own, we should celebrate and support Ghanaian businesses that demonstrate excellence. If we are serious about national progress, we must champion local enterprises that prove we don’t need foreign companies to accomplish great feats. GoldKey’s success is Ghana’s success. It is time we recognise that and rally behind our own.
In the face of the facts known to me, I conclude: the Bank Square is a testament of excellence.
This is rubbish
the contractor may have been innocent but the cost in my opinion is unreasonable based on the initial cost and that makes me think he was used or compromised period.