The Central Bank of Ghana has provided justification as to why the institution is investing $250 million in a new headquarters amidst an economic crisis.

In a press statement, the Bank of Ghana explained that the need to construct a new headquarters stems from earthquake threats.

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

“A structural integrity assessment conducted by the BoG revealed that the current BoG Head Office building, built by the Nkrumah Government in the early 1960s, is no longer fit for purpose and could not stand any major earth tremors.”

“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.”

This comes after the Minority questioned the investment being made by the Bank of Ghana under the supervision of Governor Dr Ernest Addison.

Minority Leader, Dr Cassiel Ato Forson at a National Democratic Congress (NDC) press conference on Tuesday, August 8, accused the Bank of Ghana of building a new head office at an alleged amount of $250 million.

“Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country,” he said.

The $250 million project which is a 21-storey facility, is specifically in Ridge in the Greater Accra Region, adjacent the Greater Accra Regional Hospital, Ridge.

Currently, under construction, the project, which is reportedly 50% complete, has been awarded to De Simone Limited.