BoG Governor defends construction of new Headquarters

The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has justified the construction of the Central Bank’s new state-of-the-art office complex, stating that the former headquarters was no longer fit for purpose.

Addressing Parliament on Wednesday, March 5, 2025, Dr Asiama provided clarity on the costs and rationale behind the project, explaining that the old building had become inadequate to meet the demands of a modern central bank.

He highlighted that the outdated infrastructure presented significant operational challenges, including limited space, obsolete technology, and inefficiencies that hindered the bank’s ability to fulfil its mandate effectively.

“In 2019, under a new board of the BoG, a structural integrity audit was conducted, and this showed that the existing head office, which was built in the late 1950s, had developed significant structural defects and was no longer fit for purpose.

“Following this, the board of directors at the time approved the development of a new corporate headquarters, citing security, operational efficiency, and long-term institutional needs as key factors,” he stated.

On November 20, 2024, former President Nana Addo Dankwa Akufo-Addo inaugurated the new ultra-modern office complex, which now serves as the central bank’s headquarters, often referred to as The Bank Square.

However, during the project’s construction, the then-Minority in Parliament protested against it, arguing that the building could have been postponed, especially considering the country’s economic difficulties at the time.