PHOTO: Dr Ernest Addison, Ex Governor BoG
Ghanaians reeling from economic hardship were dealt a fresh blow as shocking revelations emerged about the staggering cost of the Bank of Ghana’s (BoG) controversial new headquarters. Despite public outrage over the lavish project, Governor Johnson Asiama has disclosed that a jaw-dropping $230 million has already been sunk into the construction, with an outstanding $31.8 million still owed to the contractor.
If that wasn’t enough, an additional $48.3 million has been drained in taxes and levies alone—pushing the total bill into eye-watering territory. But the revelations in Parliament didn’t stop there. The breakdown of costs exposed spending so excessive it would make even oil-rich nations blush.
Luxury at the Expense of the Economy?
Beyond the core building, Governor Asiama confirmed separate contracts were awarded for:
💻 ICT systems & network infrastructure – $8.6 million
📡 Integrated electronic systems – $15.8 million
🛋️ Furniture & furnishings – $11.1 million
Yes, you read that right. While millions of Ghanaians struggle with job losses, skyrocketing inflation, and a depreciating cedi, BoG has splashed an eye-watering $11.1 million on furniture alone! The revelations have left many questioning whether this is a central bank or a five-star luxury palace.
A Monument to Waste?
The controversial BoG headquarters has long been a symbol of misplaced priorities, with critics slamming it as an unnecessary extravagance at a time when the country is battling a cost-of-living crisis. Amid rising public debt and economic struggles, the justification for such opulent spending remains thin.
Observers argue that BoG’s financial recklessness is particularly disgraceful given its role in overseeing Ghana’s monetary stability. The same institution that printed over GHS 60 billion to finance government spending—triggering historic inflation—has now been caught blowing hundreds of millions on a vanity project.
Where is the Accountability?
With the total bill for the BoG headquarters creeping towards $300 million, the big question remains: Who approved these outrageous expenditures? Why should struggling Ghanaians foot the bill for a luxury office complex while hospitals lack beds and roads remain in disrepair?
The public is demanding answers. Parliament must dig deeper into how these contracts were awarded and whether Ghanaians have once again been shortchanged in the name of “development.” Until then, the BoG headquarters will stand not as a beacon of progress—but as a monument to economic mismanagement and elite excess.
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