The Bank of Ghana (BoG) has assured that all procurement processes for its new headquarters were conducted in compliance with regulations and received approval from the Public Procurement Authority (PPA).

Stephen Yankyera Amoh, a technical member of the team that accompanied BoG Governor Dr. Johnson Asiama to Parliament, made this clarification while addressing lawmakers regarding the project.

“Mr Speaker, procurement approvals were sought for all the processes. One was the PPA approval to use the restricted tendering for the selected contractors who were perceived to be suited to build such an edifice,” he explained.

His statement aimed to dispel concerns over the transparency of the project’s procurement procedures. The construction of the new headquarters has been a subject of public debate, with critics questioning its cost and necessity.

Amoh emphasized that the selection of contractors followed due process to ensure the project adhered to the required standards and value-for-money principles.

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

During the inauguration, Akufo-Addo underscored the significance of the facility in enhancing Ghana’s financial infrastructure and ensuring the central bank operates at a level that meets international standards.