Randy Abbey, a well-known journalist and media figure in Ghana, has criticised the Bank of Ghana‘s (BOG) reason for building a new head office at a cost of $250 million.
According to Mr. Abbey, it is the most senseless decision ever made in Ghana.
He said this while hosting the ‘Good Morning Ghana’ morning show on Metro TV on Thursday.
He added that, given the current economic predicament, it is inconsiderate and insensitive to the many Ghanaians who are struggling to survive the harsh times.
“Does it make sense that a Central Bank in a country like Ghana, in the situation we found ourselves in in the last five years or so, wants to build a Head Office for a quarter of a billion dollars? Does it make sense?” Randy Abbey stated
Though he has no problem with the Central Bank relocating, he insists that the cost of the building is senseless.
“Anybody who decides to spend a quarter of a billion to build a Head Office or a Central bank in Ghana needs a certain examination. I don’t have a problem with relocation, I am saying that the cost of doing it is senseless, it is stupid.”
Meanwhile, in a statement on Wednesday, August 9, 2023, the central bank justified its $250 million by explaining that a structural integrity assessment it conducted revealed that its current Head Office building is no longer “fit for purpose” and could not stand any major earth tremors.
According to the Bank of Ghana, unlike its current BoG Head Office building, built by the Nkrumah Government in the early 1960s, the new Head Office can stand major earth tremors.
It said, “The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage. This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected.
“The building also does not have the required strength to withstand the expected significant earthquake loads that would be expected to occur in the area. Based on the above and looking at the strategic objective of positioning Ghana as the financial hub of the sub-region, with prospects of a potential Headquarters for a future regional Central bank, the Board and Management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the bank and also position the Bank of Ghana in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the sub-region.”
