The Governor of the Bank of Ghana, Dr. Johnson P. Asiama, has announced that the central bank will engage an independent agency to conduct a value-for-money audit on its new headquarters complex, pending approval from the Board of Directors.
Addressing Parliament’s Committee of the Whole on the Project Cost on Wednesday, March 5, Dr. Asiama stated that Architectural and Engineering Services Limited (AESL) has been identified to undertake the audit.
“We have taken note of all the questions that members have asked and as I said the board will delve into these. There are some residual matters that I cannot talk about even aside the value for money issues and given that no value for money has been done so far, given what I have been told by the project team.
I think it makes sense to engage an independent agency, it helps all of us to benchmark and so we will seek the authority of the board and and get answers to those specific questions after which we are happy to report back to the leadership of parliament.”
Dr. Asiama disclosed that the total project cost increased by $88 million after modifications to the initial design. As of February 2025, the central bank had paid $230 million for the project, with an outstanding amount still due to the contractor.
Additionally, $48.3 million has been paid in taxes and levies related to the construction. Other major expenditures include:
Integrated Communication and Computing (ICC) System & Network Infrastructure – $8.6 million.
Electronic Security Systems – $15.8 million.
Furniture and Furnishings – $11.1 million
Dr. Asiama reiterated that the Bank of Ghana derives its authority from Parliament and emphasized the importance of restoring public trust and strengthening the integrity of the central bank.
He explained that discussions on acquiring a new and secure headquarters site began as early as the 1990s due to structural defects in the existing building.
However, it wasn’t until 2011 that the Bank’s Board revisited the matter, and formal approval for construction was granted in 2020, following an Executive Instrument (EI) for land acquisition from the State Insurance Company (SIC).
The 20-floor headquarters is now 98% complete and partially in use.
By Eugene Davis
