Tax expert Geoffrey Kabutey Ocansey has strongly criticized the Bank of Ghana’s (BoG) decision to invest $261.8 million in constructing a new headquarters, calling it an unnecessary and wasteful expenditure.
Speaking on Frontline on Rainbow Radio 87.5FM, Ocansey expressed disappointment over the project, arguing that it is unjustifiable, especially given the country’s current economic struggles.
“For a bank that has recorded significant losses recently, it makes no financial sense to commit $261 million to a new office building. The country is facing economic challenges, and we have no justification for this expenditure,” he stated.
A Misplaced Priority Amid Economic Hardships
Ocansey questioned the rationale behind the construction, highlighting that other banks and businesses in the area have managed to operate without erecting new headquarters.
“The explanation given by the Bank of Ghana for constructing the new office is laughable and unrealistic. It’s absolutely ridiculous,” he said. “The most unfortunate part is that, whether we like it or not, the new headquarters has already been built.”
Calls for Structural Reforms
As a long-term solution, the tax expert is advocating for a constitutional review to impose stricter financial oversight on state institutions and their leadership.
He believes such measures would prevent excessive spending on projects that do not align with the country’s economic realities.
His remarks add to the ongoing debate about public spending priorities, as concerns continue to mount over Ghana’s economic recovery efforts.
