Director of Finance at the Bank of Ghana (BoG), Charles Elias Reindorf, has noted that the decision to construct a new headquarters was not taken in a rash.

In an interview on Asempa FM, Charles Elias Reindorf stated that management of the Central Bank, as far back as 2020, had drawn up plans to relocate.

In 2021, construction work began on the project, which has currently courted public dissatisfaction.

"That building has been on the drawing board for a while. We didn't start last year.

Management saw the need, that once we realized that our building may be under threat and we will put the lives of people in danger once something drastic happens, they put measures in place to put up a new building.

It was started about two years ago, in 2021. But it has been on the drawing board for a long time. We started in 2020 or so," he recounted.

The Central Bank is said to be investing $250 million in its new headquarters.

When asked by the host of Ekosisen, Philip Osei Bonsu, on the amount of money being committed by the Bank of Ghana, Mr Charles Elias Reindorf said: "I don't have the figure in my head. I don't have the full compliment of figures at this moment."

Why a new headquarters

In a press statement, the Bank of Ghana explained that the need to construct a new headquarters stems from the threat of seismic activity.

According to the Central Bank, its current structure, built in the 1960s, lacks structural integrity, and is therefore incapable of withstanding an earth tremor.

The ongoing project is a 21-story structure situated in Ridge, adjacent to the Greater Accra Regional Hospital, Ridge.

The project, said to be approximately 50% finished, has been awarded to De Simone Limited.

Respone

Minority Leader, Dr Cassiel Ato Forson at a National Democratic Congress (NDC) press conference on Tuesday, August 8, labelled the Bank of Ghana as insensitive over its decision.