Bank of Ghana (BoG) Governor, Dr. Johnson Asaima, has provided key insights into the cost of construction of the institution's new headquarters, a project initiated under the Akufo-Addo administration.Appearing before Parliament on Wednesday, March 5, he disclosed that the budget of the project was first pegged at $81.8m and presented to the Public Project Authority (PPA) for further deliberation.

However, he stated that following a re-evaluation by the Central Bank, the amount rose to $121.1 million. He further noted that the budget was later revised upward to $222.8 million, featuring redesign elements and other adjustments.

"Mr Speaker the project was initially valued by the PPA at $81.8m but later increased to $121.1m after the Bank of Ghana requested for re-evaluation. This was revised again to $222.8m after the redesign and inclusion of building management system."Mr Speaker there was also 33 requirements, security needs and sustainability consideration, as a result the total project cost increased to $261.8m," he added.

The new BoG's headquarters site was formally handed over to the contractor in March 2021 for commencement of preliminary site works and designs.

Later on, there was a review of the design, prompting the ETC of the Bank at its meeting held on 19th December 2022 to revise the project cost of USD2,068.00/m2.

CTRC subsequently granted concurrent approval for the revised scope of works at cost of USD2,068.00/m2 on 17th January 2023.

The land was compulsorily acquired by the Government of Ghana by Executive Instrument, 2020 E.I 304 for the New Bank of Ghana Headquarters, a building of national interest.

The compulsory acquisition process started in 2019 and the Executive Instrument was published and gazetted in 2020.Former President Akufo-Addo officially inaugurated the Bank Square on November 20, 2024, before leaving office.

previous government.