A photo of the Bank Square
Tax expert Geoffrey Kabutey Ocansey has described the $261.8 million Bank of Ghana (BoG) headquarters project as a wasteful venture.
Speaking on Frontline on Rainbow Radio 87.5FM, he called the expenditure unfortunate and outrageous.
He argued that for a country struggling economically, it does not make financial sense to invest such a huge amount in a new headquarters.
Ocansey also pointed out that an institution that has recorded losses in recent times should not be spending $261 million on a new office building.
“This is a bank that has recorded losses recently, so it had no business investing $261 million in constructing a new headquarters. The country is also facing economic challenges, so we have no justification for spending $261.8 million on this project,” he stated.
He further criticized the rationale behind the construction, saying other banks and businesses in the area have not built new offices.
“The explanation given by the Bank of Ghana for constructing the new office is laughable and unrealistic. It’s absolutely ridiculous. The most unfortunate part is that, whether we like it or not, the new headquarters has already been built,” he added.
As a solution, he has proposed a constitutional review to limit the powers of state institutions and their leaders in making financial decisions that could have severe consequences for the country.
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