The Bank of Ghana (BoG) has released a statement justifying its decision to construct a new headquarters, following recent criticism from the National Democratic Congress (NDC) over the alleged cost of $250 million.
The central bank, however, asserted that its current head office, built in the 1960s, is no longer suitable due to safety concerns.
The NDC had accused the Bank of Ghana of extravagance, particularly at a time when the country faces financial challenges.
Minority Leader Cassiel Ato Forson expressed concerns about the bank's priorities, stating, "In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country."
In response, the Central Bank emphasized that the decision was driven by structural integrity concerns.
A comprehensive assessment of the existing building revealed that it did not meet the necessary criteria for safety during extreme conditions.
The bank's statement highlighted that the current headquarters lacked the strength to withstand potential earthquakes and even severe wind loads.
"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 Bank of Ghana stated.
Additionally, the bank mentioned its aspiration to position Ghana as a financial hub within the region.
The prospect of hosting a future regional Central Bank and the existing role of hosting the West African Monetary Institute (WAMI) motivated the decision to prioritize the new headquarters project.
"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," the statement noted.
As debates continue over the financial allocation for the project, the Bank of Ghana remains resolute in its stance.
It seeks to ensure not only the safety of its operations but also to consolidate its status as a potential financial and regional leadership hub.