Value-for-Money Audit to be Conducted on New BoG Headquarters
The Bank of Ghana (BoG) is set to commission a value-for-money audit on its newly constructed headquarters in Accra, following concerns over the project’s cost escalation.
Governor Dr. Johnson Asiama, addressing a parliamentary committee on Wednesday, March 5, stated that the Architectural and Engineering Services Limited (AESL) has been engaged to carry out the audit, pending board approval.
“We believe this will bring clarity to the matter and provide closure on the issue of our new Bank of Ghana building,” Dr. Asiama said.
The cost of the project rose by $88 million after modifications to the initial design, bringing total payments as of February 2025 to $230 million, with additional amounts still owed to the contractor.
Beyond construction costs, the BoG has paid $48.3 million in taxes and levies related to the project. Other key expenditures include $8.6 million for an Integrated Communication and Computing (ICC) system, $15.8 million for an electronic security system, and $11.1 million for furniture and furnishings.
Dr. Asiama defended the spending, arguing that the investments were necessary to ensure the central bank operates in a secure and technologically advanced environment.
The headquarters, inaugurated in November 2024 by former President Nana Akufo-Addo, was designed to symbolise financial resilience and modernity.
Situated in central Accra, the facility marks a significant milestone in the evolution of Ghana’s central bank, which has played a pivotal role in the country’s economic governance.
