The Bank of Ghana (BoG) has rejected claims of breaching procurement laws in the development of its new headquarters in Ridge, Greater Accra.

BoG asserts that it acquired all necessary approvals from the Public Procurement Authority (PPA) prior to initiating construction.

Dr. Philip Abradu-Otoo, BoG's Head of Research, revealed this information while speaking to the media on August 17, 2023.

He assured that the central bank will promptly provide comprehensive details and documentation related to the headquarters' construction.

"All requisite approvals were secured from the PPA; we adhered to all procurement regulations," Dr. Abradu-Otoo emphasized.

Context:

The response from BoG comes in response to allegations by Samuel Okudzato Abalkwa, the Member of Parliament for North Tongu. Abalkwa suggested that the building's cost had been inflated from US$81 million to $250 million.

He also disputed claims that the project's initiation occurred during the previous National Democratic Congress government and raised concerns about governance breaches.

Addressing these concerns, Dr. Abradu-Otoo emphasized that the PPA meticulously evaluated all pertinent documentation related to the construction process. He stressed the bank's commitment to transparency and compliance with the country's laws.

Furthermore, Dr. Abradu-Otoo defended the decision to use the Restricted Tendering Procurement Method, noting its justification and approval by the PPA.

He reiterated that detailed information about the entire process would soon be disclosed to dispel any uncertainties in the public domain.

Bank of Ghana on Headquarters Justification:

The Bank of Ghana had previously clarified that an assessment of its current headquarters' structural integrity in the Central Business District of Accra indicated its inadequacy for its intended purpose. The building, constructed in 1960, was found unsuitable for major seismic events.

The bank's statement emphasized, "The structural integrity assessment revealed that the main building lacks the necessary strength required for safe usage."

BoG also highlighted that constructing a new headquarters was a top priority to enhance operational efficiency, positioning it as a potential host for the Regional Central Bank. This position was substantiated by the bank's hosting of the West African Monetary Institute (WAMI) for the sub-region.