Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has confirmed that the central bank’s former headquarters was deemed structurally weak, necessitating the construction of a new facility.

Addressing Parliament, Dr. Asiama provided insights into the decision-making process that led to the development of a new headquarters, stressing that discussions on the matter date back more than a decade.

He revealed that initial considerations for a new building began in 2011 when the BoG board explored acquiring land for the project. However, the board was unable to finalize a location before its tenure ended.

"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 stated.

A comprehensive structural integrity audit was later conducted in 2019 under a new board, assessing the state of the existing headquarters, which was constructed in the late 1950s. The findings of this audit indicated that the building had deteriorated significantly over the years.

"The existing headquarters had developed significant structural defects and was no longer fit for purpose," he emphasised.

Dr. Asiama’s remarks come amid scrutiny over the necessity and cost of the new BoG headquarters. However, he defended the decision, citing expert evaluations that underscored the need for a modern and structurally sound facility to support the bank’s operations.

To facilitate the project, the BoG secured land at West Ridge, which was previously owned by the State Insurance Company (SIC). The government officially acquired the property through Executive Instrument 2020 (E.I. 304), designating the construction of the BoG headquarters as a national priority.

The compulsory acquisition process began in 2019, and the Executive Instrument was published and gazetted in 2020. The site was subsequently handed over to the contractor in March 2021 to commence preliminary site works and designs.