The Bank of Ghana (BoG) Governor has justified the cost of its newly constructed headquarters, arguing that the price per square metre remains below both national and regional market averages.

Governor Dr. Johnson Asiama provided this clarification while addressing Parliament on concerns over the project's overall expenditure.

He disclosed that the Bank’s Entity Tender Committee (ETC) approved a revised construction cost of $2,068 per square metre in December 2022, a figure he described as competitive compared to prevailing rates.

"This figure is lower than the market value, with data from the Africa Property & Construction Cost Guide 2021/22 stating $2,658 per square metre and in 2022/23 at $2,720 per square metre, as average construction costs for prestige high-rise office spaces in Africa," he stated.

According to Dr. Asiama, the Central Tender Review Committee (CTRC) later endorsed this revised cost for the expanded scope of works without any additional adjustments.

The approved rate ultimately brought the total construction expenditure to $222,799,760.58.

He maintained that the BoG ensured the project adhered to international construction standards while delivering value for money.

Dr. Asiama’s remarks come amid scrutiny over the cost of the new headquarters, with some lawmakers and sections of the public questioning whether the expenditure was justified.

However, he assured Parliament that the central bank exercised financial prudence in executing the project, ensuring that it remained within reasonable cost benchmarks for high-rise office buildings in West Africa.