The Bank of Ghana (BoG) has defended its decision to construct a new head office despite reporting a significant loss of 10.5 billion cedis in 2023.
Last year, the central bank disbursed $82 million to contractors for the project.
The decision has faced criticism, particularly from MP Yusif Suleman, who questioned the project’s viability in light of the bank’s financial difficulties during a Public Accounts Committee hearing on Friday.
Stephen Opasa, Special Advisor to the BoG Governor, defended the continuation of the construction, arguing that halting the project would have been inefficient and costly given its advanced stage and ongoing contractor work.
Opasa acknowledged the concerns but emphasized that the bank’s losses were attributable to factors beyond the construction project. “Stopping the project mid-way would not have been practical or cost-effective,” he said. “The losses incurred in 2023 and 2022 were due to other factors, not the construction.”
The BoG’s stance comes as the bank seeks a government bailout to recapitalize and support its policy objectives.
