The government is set to clear an outstanding $31 million balance to fully settle the cost of the Bank of Ghana (BoG) headquarters project at Ridge, according to Dr. Johnson Asiama, Governor of the central bank.
Addressing Parliament on Wednesday, March 5, Dr. Asiama provided a breakdown of the project’s financial details following demands from National Democratic Congress (NDC) Members of Parliament (MPs) for transparency regarding its total cost, funding sources, and scope of work.
He revealed that the total project cost amounted to $261.8 million, out of which $230 million had been paid in February 2025, leaving a balance of $31.8 million to be settled.
“Mr. Speaker, as of February this year, a total of 230 million dollars approximately has been paid towards the project with an outstanding balance of 31.8 million dollars to be paid to the contractor,” Dr. Asiama said.
He further disclosed that an additional $48.3 million had been paid in taxes and levies linked to the construction.
Apart from the core building, other infrastructure projects were separately contracted, including:
- ICT systems and network infrastructure – $8.6 million
- Integrated electronic security systems – $15.8 million
- Furniture and furnishings – $11.1 million
Explaining the need for these components, Dr. Asiama stated:
“These elements were included to ensure the Bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank.”
The BoG headquarters, officially commissioned on November 20, 2024, under former President Nana Addo Dankwa Akufo-Addo, was designed to incorporate modern architecture and advanced financial technology to enhance the bank’s operational efficiency. During the inauguration, Akufo-Addo emphasized the project’s importance in bolstering Ghana’s financial infrastructure and aligning with international standards.
OSP Investigates Procurement Process
Meanwhile, the Office of the Special Prosecutor (OSP) has launched an investigation into possible corruption in the procurement process of the BoG headquarters, following a petition from Bawku Central MP Mahama Ayariga. The lawmaker raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).
The investigation focuses on former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.
Ayariga disclosed that when he initially inquired about the project’s cost variations, Dr. Addison, in a letter dated August 22, 2023, cited “National Security” as the reason for withholding details.
The OSP has yet to release its findings on the matter.
