The Bank of Ghana (BoG) is set to pay $11.1 million for the furnishing of its newly constructed headquarters at Ridge, Governor Dr. Johnson Asiama has revealed.

Speaking before Parliament on Wednesday, March 5, Dr. Asiama detailed the financial commitments tied to the project after lawmakers from the National Democratic Congress (NDC) demanded a breakdown of costs, funding, and contract variations.

He clarified that the entire project cost amounts to $261.8 million, of which $230 million had been paid as of February 2025, leaving an outstanding balance of $31.8 million.

"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.

Beyond the main structure, additional costs were incurred for essential infrastructure, including:

ICT systems and network infrastructure – $8.6 million

Integrated electronic security systems – $15.8 million

Furniture and furnishings – $11.1 million

Explaining the necessity of these expenditures, Dr. Asiama stated:

"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."

The headquarters, officially commissioned on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, was designed to enhance the central bank’s operational efficiency with state-of-the-art technology and security systems. At the inauguration, Akufo-Addo emphasized its role in reinforcing Ghana’s financial infrastructure to meet global standards.

OSP Investigates BoG Headquarters Project

Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential procurement breaches in the project following a petition from Bawku Central MP Mahama Ayariga. The lawmaker raised concerns over cost escalations that allegedly lacked 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

Goldkey Properties Ltd (the project contractor)

Ayariga disclosed that in response to his inquiries, Dr. Addison, in a letter dated August 22, 2023, refused to provide details on cost variations, citing "National Security" reasons.

The OSP is yet to release its findings on the matter.