3 top public personalities who have commented on BoG's new $250m headquarters

Since the revelation on how much the new Bank of Ghana Headquarters will cost, there have been a number of notable personalities who have come out to comment on the $250 million edifice.

The Minority in Parliament has also been at the forefront of calls that the Bank backs down on this new construction, going on to serve the BoG with a seven-day ultimatum to furnish them with the full details on the costs of the project.

But the BoG insists that its current head office is not fit for purpose, adding that the new edifice is principally for security and other reasons, stressing that the current location was not safe in the case of an earthquake.

The following notable personalities, however, disagree.

Randy Abbey:

The host of Good Morning Ghana on Metro TV made a very wild reaction on the decision by the Bank of Ghana (BoG) to build a new head office.

For Randy Abbey, the decision to build a new office and the location chosen was not a problem except for the timing and the cost of the project.

“You use a quarter of a billion dollars to build an office, quarter of a billion dollars,” he stressed.

Stephen Adei:

A renowned economist, Prof. Stephen Adei, also had his take on the matter, describing the timing of the building as inappropriate.

He said that the country is currently in a deep economic crisis.

“I don’t think this is the time when we are in such a deep hole that you should be building new headquarters,” he said.

According to him, the explanation by the Central Bank may be justifiable, but the current economic crisis is not one to last forever, therefore, the need to wait it out until the economy begins recovery.

“I agree with all the explanations that the Bank of Ghana gave that their building is not fit for purpose. I agree but there are certain things that we cannot do at this time – in a year or two, Ghana, fortunately, will not be in this forever,” he said.

The Dormaahene:

Osagyefo Oseadeeyo Agyemang Badu II, the Dormaahene, has also spoken out against the central bank’s new head office project which has been valued at US$250m, according to the Minority in parliament.

The Dormaahene, who doubles as a High Court judge, lamented that this is not the time for the Bank of Ghana (BoG) to expend such huge sums of money in building an office complex.

In a news report carried by Accra-based TV3, he is heard questioning how and why the apex bank will use the equivalent of one-twelfth of the US$12 billion International Monetary Fund bailout that Ghana is currently accessing to build an office.

“We heard suddenly that the Bank of Ghana, are using as much as a 12th of the quantum of loan we are getting from the IMF, to build a house. What is this? So, is it a case of them doing whatever they so please, my chiefs, I don’t understand this.

“Are they acting like this because of their autonomy? How can the Bank of Ghana unilaterally undertake such a project?” he quizzed while speaking in state with his subchiefs.

He called on president Nana Addo Dankwa Akufo-Addo to intervene and get the BoG to stand down on its plans.

“We appeal to the president to call the Bank of Ghana and to discuss this issue to with them. We expect something good to come of it because the bank is not entirely independent,” he lamented.

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