BoG Governor addresses $11 Million furnishing cost of new headquarters before Parliament

The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, on Wednesday, March 5, 2025, appeared before Parliament’s Committee of the Whole to address concerns about the $11.1 million furnishing cost for the central bank’s new headquarters in Accra.

The facility inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, has been at the centre of public scrutiny, with critics questioning the timing and expenditure amidst Ghana’s economic challenges.

Addressing the House, Dr Asiama said the old BoG building had structural defects and was no longer fit for purpose.

“Mr Speaker, furniture and furnishings were awarded at $11.1 million,” he stated, reaffirming that the project was necessary to enhance the bank’s efficiency and strengthen Ghana’s financial system.

The BoG Governor reassured Parliament of the central bank’s commitment to prudent financial management, noting that the new facility would align with the government’s broader agenda for economic stability and financial sector growth.

Despite the BoG’s justification, the project has faced public backlash, with some questioning the prioritisation of the new headquarters at a time when the country is dealing with economic constraints.

The central bank, however, insists that the facility will provide a secure, modern workspace for its staff, improving regulatory oversight and ensuring greater efficiency in managing Ghana’s financial sector.

While Dr Asiama remained confident in the project’s long-term benefits, the matter is expected to generate further debate as Parliament continues to scrutinise the central bank’s financial decisions.