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The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, is set to appear before Parliament on Wednesday, March 5, 2025, to address pressing concerns about the construction of the central bank’s new headquarters. This follows a longstanding request from the National Democratic Congress (NDC) Members of Parliament (MPs) in August 2023 for comprehensive details on the project’s financing, cost, scope, and timeline.
The issue gained traction after the former President, Nana Addo Dankwa Akufo-Addo, inaugurated the Bank Square on November 20, 2024. The newly built headquarters boasts state-of-the-art architecture and advanced technology, symbolizing the central bank’s commitment to operational excellence and economic resilience. According to the former president, the new building is a testament to Ghana’s efforts to modernize its financial infrastructure to align with global standards and support sustainable economic growth.
However, despite the positive outlook painted by the former administration, opposition MPs have expressed concerns about the project’s transparency and financial prudence. The Majority Leader, Mahama Ayariga, emphasized the need for clarity on key aspects of the project, including the pricing, price variations, and the justification for the construction of a new headquarters. He stated, “We want to know how the price variation took place, how quantities were, and the justification for the need for a new Bank of Ghana Headquarters.”
The call for accountability comes amid heightened public scrutiny over government expenditures and financial management. Many Ghanaians have questioned whether the construction of the new headquarters was a priority, especially given the country’s economic challenges. The BoG, as an independent constitutional body, holds a critical role in regulating Ghana’s financial system, and its financial decisions, including large capital projects, are naturally subject to parliamentary oversight.
Dr. Johnson Asiama’s appearance before Parliament is expected to shed light on the specifics of the Bank Square project. The governor will likely address the project’s funding sources, the procurement process, and how the construction aligns with the BoG’s strategic objectives. Parliamentarians are also expected to probe into whether the project adhered to budgetary limits and whether due diligence was followed in the contracting and implementation phases.
