Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that an outstanding amount of $31 million must be paid to cover the complete cost of the new Bank of Ghana headquarters located at Ridge.

Dr. Johnson Asiama made this known when appeared before Parliament on Wednesday, March 5, to provide details on the construction of the central bank’s new headquarters following demands from National Democratic Congress (NDC) Members of Parliament (MPs) for a breakdown of the project's financing, cost variations, scope, and timeline.

He noted that out of the total cost at $261.8 million, an amount of $230 million was paid in February this year for the project commissioned last year.

"Mr Speaker, as of February this year, a total of 230 million dollars approximately has been paid towards the project with an outstanding balance of 31.8 million dollars to be paid to the contractor," he said.

According to the Bank of Ghana Governor, "a total of 48.3 million dollars has been paid in taxes and levies that were related to the construction."

Beyond the core building, separate contracts were awarded for other infrastructure. These include ICT systems and network infrastructure which was awarded at a cost of 8.6 million dollars. Integrated electronic security systems which was also awarded at a cost of 15.8 million dollars and furniture and furnishing that was also awarded at 11.1 million dollars.

"These elements were included to ensure the Bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank," Dr Asiama explained.

The official inauguration of the Bank Square by former President Nana Addo Dankwa Akufo-Addo was held on November 20, 2024. The facility was designed to integrate advanced technology with modern architecture to enhance the BoG’s capacity in regulating Ghana’s financial system.

During the inauguration, former President Akufo-Addo highlighted the significance of the new headquarters in strengthening Ghana’s financial infrastructure and aligning it with global standards.

Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential corruption in the procurement process of the BoG headquarters. This probe was initiated in response to a petition from Bawku Central MP Mahama Ayariga, who raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).

The investigation targets former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.

Ayariga disclosed that in response to his inquiries, Dr. Addison cited "National Security" as the reason for withholding details on project cost variations in a letter dated August 22, 2023. The OSP has yet to release its findings to the public.