The Bank of Ghana (BoG) has defended the building of a new headquarters by claiming that the 1960s-era structure serving as its current headquarters is no longer functional.
The Bank of Ghana was accused by the National Democratic Congress (NDC) of constructing a new head office at an alleged cost of $250 million during a news conference on Tuesday, August 8. Read here
“Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country,” Minority Leader, Cassiel Ato Forson said.
The Central Bank responded by claiming that a structural integrity evaluation of the current office had shown that it did not have the full complement of excess strength needed to be deemed safe for use.
The BoG also stated that the building might be adversely impacted by the worst-case gravity and wind loading scenario, such as an abnormally strong wind.
“A structural integrity assessment conducted by the BoG revealed that the current BoG Head Office building, built by the Nkrumah Government in the early 1960s, is no longer fit for purpose and could not stand any major earth tremors.”
“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 imposed significant earthquake loads that would be expected to occur in the Accra area. Based on the above, and looking at the strategic objective of positioning Ghana as the financial hub of the subregion, 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.”
