Governor of the Bank of Ghana, Dr. Johnson Asiama, has defended the decision to construct a new headquarters, citing structural integrity issues with the old facility as a major reason for the move.
Speaking before Parliament, Dr. Asiama explained that discussions about building a new headquarters date back to 2011, when the central bank’s board first considered acquiring land for the project. However, due to delays in selecting a location, the plan was not implemented during that board’s tenure.
Dr. Asiama revealed that the matter resurfaced in 2016 when he was Deputy Governor, but once again, a final decision on the location was not made.
It was not until 2019, under a newly constituted board, that a structural integrity audit was conducted on the existing headquarters—built in the late 1950s. The findings of the audit confirmed that the building had developed significant defects over the years, rendering it unsuitable for continued use.
“The existing headquarters had developed significant structural defects and was no longer fit for purpose,” he stated.
The Governor’s explanation comes in response to public scrutiny over the necessity and cost of constructing a new central bank headquarters. While concerns have been raised about the financial implications of the project, Dr. Asiama maintained that expert assessments justified the decision.
He emphasized the need for a modern, structurally sound facility that would ensure the effective operations of the central bank and meet international standards.
The justification for the new headquarters highlights the Bank of Ghana’s commitment to maintaining a safe and functional working environment while reinforcing its role in managing the country’s monetary system efficiently.
