Dr. Johnson Asiamah, the Governor of the Bank of Ghana, appeared before Parliament on March 5, 2025, to address concerns surrounding the bank’s new $250 million headquarters, dubbed “The Bank Square.” The project has sparked significant public interest, with many questioning the hefty price tag.
Dr. Asiamah acknowledged the public’s concerns and assured Parliament that the bank is committed to transparency and efficient resource management. He presented reports that shed light on the project’s cost, rationale, and payment structures. The governor noted that the project was initiated before his tenure but assured that the current board would review legacy issues and seek a value-for-money audit to bring clarity to the matter.
The decision to build a new headquarters was driven by structural defects in the existing building, which was deemed no longer fit for purpose after a 2019 audit. As of February 2025, approximately $230 million had been paid towards the project, with an outstanding balance of $31.8 million.
Dr. Asiamah emphasized the importance of public trust, built on transparency and prudent financial management. He assured Parliament that the bank would exercise its oversight responsibilities efficiently to ensure value for money in all undertakings. This commitment comes amidst concerns over the bank’s financial management, 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.
Dr. Asiamah’s appearance before Parliament marks a significant step towards addressing concerns surrounding the bank’s new headquarters. As the bank’s new governor, Dr. Asiamah has pledged to prioritize transparency and prudent financial management, aiming to restore public trust in the institution.
Ruth Abla ADJORLOLO
