US$81.8m Now Hitting Over US$250m – Ablakwa Blows Alarm On BoG Head Office ‘Mystery’

Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa has published documents suggesting that the original value of the Bank of Ghana’s new offices was a little over US$81m but is now likely to exceed the US$250m tag given by the Minority in Parliament.

The MP, in a publication dated August 17, 2023, revealed among others that the initial procurement processes for the office started in 2020 contrary to the view that it started under the erstwhile government.

Ablakwa listed 26 points in his post addressing the corporate governance issues from the outset, the issue of tendering and procurement, the companies contracted on the project and other issues of public concern.

The facility, which is currently costed at US$250 million according to the Minority in Parliament, has attracted a lot of reactions since the apex bank confirmed that it was indeed building a new head office.

The BoG in response to a press statement by the minority stated last week that the new office complex was necessary principally for security and other reasons, stressing that the current location was not safe in the case of an earthquake.

Ablakwa’s publication is the latest installment of pressure on the Ernest Addison-led BoG.

The Minority have demanded he resigns along with his two deputies over the 60 billion cedis losses recorded in 2022 as contained in an annual report released weeks ago.