Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has disclosed that conversations about the need for a new headquarters for the central bank date back to 2011, long before its construction began.

Appearing before Parliament to address concerns surrounding the project, Dr. Asiama explained that the BoG’s board at the time had initiated discussions on acquiring land for a new facility. However, they were unable to agree on a suitable location before their tenure ended.

“The discussions around a new headquarters for the Bank of Ghana date back to 2011 when the board at the time considered acquiring land for the project. However, the board at the time could not settle on a specific location until its tenure ended,” he stated.

He further revealed that the issue resurfaced in 2016 during his tenure as Deputy Governor, yet once again, a final decision on the location was not reached.

“Mr Speaker, even in 2016, when I was the Deputy Governor, the same issue was being considered, however, we could not settle on a specific location,” he noted.

According to Dr. Asiama, it was not until 2019, under a new board, that a structural integrity audit was carried out on the existing headquarters, which had been in use since the late 1950s. The assessment revealed severe structural defects, making the facility unfit for purpose.

“In 2019, under a new board of the Bank of Ghana, a structural integrity audit was conducted, and this showed that the existing headquarters, which was built in the late 1950s, had developed significant structural defects and was no longer fit for purpose,” he stated.

The BoG’s new 21-story headquarters, located in Ridge, is set for completion in September 2024. The facility was officially inaugurated as part of the Bank Square by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024.

At the inauguration, Akufo-Addo underscored the importance of the new building in strengthening Ghana’s financial system and aligning it with global banking standards.