Big Money, Bigger Questions: BoG’s Headquarters Sparks National Controversy
- Bank of Ghana’s $261.8 Million Headquarters: Stability or a Misplaced Priority?
In the heart of Ghana’s bustling capital, Accra, a towering structure is rising, poised to redefine the city’s skyline. The Bank of Ghana’s (BoG) new corporate headquarters, dubbed “The Bank Square,” is an architectural and financial undertaking of unprecedented scale. With an eye-watering budget of $261.8 million, the project has drawn both admiration and criticism. Supporters hail it as a necessary investment in financial stability, while detractors question its timing and fiscal prudence amidst Ghana’s ongoing economic struggles.
Genesis of the Project
The BoG’s headquarters project has been years in the making. The idea was first conceived in the 1990s, but it wasn’t until 2011 that the Bank’s Board of Directors formally acknowledged the urgent need for a new head office. The motivation was clear: the existing building at No. 1 Thorpe Road, a relic of the 1950s Nkrumah-era architecture, was showing severe structural cracks and failing infrastructure. A structural integrity audit conducted in 2019 confirmed the worst fears—the building was no longer fit for purpose and was vulnerable to earth tremors and strong winds.
Following the audit, the BoG’s Board, at a Meeting in December 2019, directed the Corporate Management and Services Department (CMSD) to initiate plans for a new facility. The government subsequently facilitated the acquisition of land at West Ridge, a prime location in Accra, through Executive Instrument 304 (2020), designating the site for “a building of national interest.”
The Procurement Process: A Transparent or Flawed Approach?
With the land secured, the Bank embarked on a rigorous procurement process. Given the high-security nature of a central bank facility, a Restricted Tendering Method was approved by Ghana’s Public Procurement Authority (PPA) on January 14, 2020. Five construction firms were shortlisted, for the opportunity for one to be selected to undertake the project.
In a letter dated 29th January 2020, the PPA conveyed the Board’s approval to the Bank of Ghana. This approval to use the shortlisted contractors for the Restricted Tender also revised the estimated cost of the project from $100.9 million to about $81.9 million
Ultimately, Goldkey Properties Limited won the contract under a Turnkey (Design and Build) arrangement, with an initial contract price of a little above $121 million. However, cost escalations and design modifications later saw the final construction cost balloon to $222.8 million, translating to $2,068 per square meter, a figure that, according to the BoG, remains below market rates cited in the Africa Property & Construction Cost Guide (2021/22: $2,658 per sqm; 2022/23: $2,720 per sqm).
Critics, however, argue that this cost increase is indicative of poor planning and possible procurement inefficiencies. The Bank maintains that the increase was necessary to meet revised spatial, security, and sustainability standards.
A Glimpse Into the Future: Design and Functionality
Initially conceived as a 25-storey tower, the final design has evolved into a more expansive structure featuring 20-storey Tower Block, 8-storey Urban Block, 6-storey Amenities Block, 5-level basement parking, Energy Farm and treatment plants plus an Integrated security and ICT infrastructure.
The headquarters is being built to Excellence in Design for Greater Efficiencies (EDGE) green standard, incorporating sustainable design elements such as energy conservation, water recycling, and solid waste management. These enhancements, while commendable, have undoubtedly contributed to the significant cost escalation.
Funding and Expenditure: A Burden on Public Finances?
The sheer scale of the project’s finances raises crucial questions about Ghana’s economic priorities. As of February 2025, NorvanReports learned from the new governor of the central bank, Dr. Asima, that the BoG has already paid almost $230 million, with an outstanding balance of $31.8 million. Beyond construction, the bank has also incurred additional expenditures for specialist contracts:
- ICT Systems & Network Infrastructure: $8.61 million
- Integrated Electronic Security Systems: $15.84 million
- Furniture and Furnishings: $11.07 million
Furthermore, consultancy services, awarded to the Ghanaian firm MULTICAD, cost an additional $3.45 million. The total taxes and levies paid on the project amount to a staggering $48.3 million.
With a construction cost exceeding a quarter of a billion dollars, critics question whether this is the best use of Ghana’s financial resources at a time when the country is grappling with high inflation, mounting debt, and an IMF-led economic recovery program.
National Reaction: Justified Investment or Excessive Spending?
Unsurprisingly, the project has ignited fierce public debate. Advocates argue that a modern, secure, and efficient central bank headquarters is a long-overdue necessity. “The BoG plays a pivotal role in Ghana’s financial ecosystem. A state-of-the-art facility enhances its operational efficiency, security, and international credibility,” said an economist who spoke on condition of anonymity.
However, opposition voices within Parliament and civil society see it as an unnecessary luxury at a time of economic hardship. “Ghanaians are facing record-high inflation, power shortages, and a struggling business sector. Is this the right time for such an extravagant investment?” questioned a leading Member of Parliament.
Conclusion: A Case for Prudence and Accountability
The BoG’s new headquarters is, undoubtedly, a milestone in Ghana’s financial infrastructure. But at $261.8 million, it raises fundamental questions about governance, prioritization, and economic responsibility. As the project nears completion, transparency and accountability should remain paramount. The Bank must convincingly demonstrate that this investment will yield long-term benefits rather than be remembered as a costly monument to excess.
At a time when Ghana is striving for economic recovery, the ultimate verdict on “The Bank Square” will rest not on its grandeur, but on its impact on the nation’s financial future.
