Watch BoG financial director's justification for construction of a new office

The Bank of Ghana is still being criticised by a section of the public despite its statement explaining why it needed to start the construction of a new headquarters despite the fact that Ghana’s economy was struggling.

The director of finance of the central bank, Charles Elias Reindorf, has given more explanations on issues about the new head office which he started in 2021 and is at an advanced stage of completion.

Speaking in an interview on Asempa TV interview on Friday, Elias Reindorf said that the plan to construct the new head office was already in place before Ghana’s economic crisis began.

He added that the bank never envisaged that the country was going to go through an economic crisis.

“Like I told you, the project started years before 2022. And we could not have envisaged that maybe we'll be in such a situation... it has been on the drawing board for more than four or five years now. It was only about two or three years ago when we actualised it.

“… the project had started before COVID set in like I was telling you,” he told the host of the Asempa FM’s Ekosiisen programme, Philip Osei Bonsu.

The director added that the central bank needed the new office because engineers had found some cracks and other structural issues at their current head office building.

“Once you have been told that where you are sitting has structural problems and we don't know what would happen in future. You will take steps to ensure that you save lives and property.”

He could, however, confirm or otherwise, allegations that the bank had earmarked half a billion dollars (US$250) for the construction of the new facility.

“I don’t have a figure off my head, Sir. That is what I’m saying,” he said.

He also could not give a date the office is expected to be completed.

Watch the interview below:



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