Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Kwasi Asiama
The Governor of Ghana’s Central Bank, Dr. Johnson Pandit Kwasi Asiama, is scheduled to appear before the Parliament of Ghana on Wednesday, March 5, 2025.
Announcing the Business Statement of Parliament for the week ending Friday, March 7, 2025, the Majority Leader, Mahama Ayariga, stated that the governor would address the House regarding the cost of the new Bank of Ghana head office, constructed under the erstwhile Nana Addo Dankwa Akufo-Addo government.
“The governor’s invitation is scheduled for Wednesday and will take place at a committee of the whole. It has been provided for in the draft document that we have,” he said.
The new Bank of Ghana headquarters, dubbed “The Bank Square,” was commissioned on November 20, 2024, by President Akufo-Addo at a reported cost of approximately $250 million.
Construction began in 2019 under a contract initially awarded to Goldkey Properties Limited in 2020 for $81.8 million, with funding purportedly sourced from internally generated funds and government support.
However, the project’s cost escalated significantly over time, with revised figures rising to $121 million and eventually reaching approximately $250 million upon completion.
The 20-storey building, located in Accra’s Central Business District, spans 21,551 square meters and includes features such as a banking hall, a currency processing center, and extensive parking facilities.
Despite various justifications, the cost has sparked significant controversy, particularly given the country’s economic challenges, including a default on Eurobond debt in December 2022 and reliance on a $3 billion IMF bailout in 2023.
Critics, including the then-opposition National Democratic Congress, labeled it an extravagant misuse of public funds, questioning the bank’s transparency and financial priorities during a period of fiscal strain.
Dr. Ernest Addison, who oversaw the project as Governor of the Bank of Ghana, proceeded on terminal leave starting February 3, 2025, ahead of his retirement on March 28, 2025, after serving two full terms since his initial appointment in April 2017.
In his stead, President John Dramani Mahama swore in Dr. Johnson Pandit Kwasi Asiama as the new Governor of the Bank of Ghana, alongside Dr. Zakari Mumuni as the First Deputy Governor, on February 25, 2025.
GA/MA