BoG’s new head office initially cost $81.8m instead of the current $250m – Ablakwa discloses

North Tongu MP Samuel Okudzeto Ablakwa has released documents insisting that the original value of the planned new head office for the Bank of Ghana was about US$82m instead of the US$250m being quoted now by officials of the bank. 

In a Facebook post on Thursday, August 17, Mr Ablakwa revealed among others that the initial procurement processes for the new head office actually started.

Per the documents, the processes for the project commenced in 2020 contrary to other reports that it started under the erstwhile John Mahama government.

Mr Ablakwa in the said post listed 26 points addressing the corporate governance issues including tendering and procurement discrepancies, the companies contracted on the project and other issues of public concern.

The controversial project which is currently costed at US$250 million, has attracted a lot of reactions since the apex bank confirmed that it was indeed building a new head office. Critics say it is one of the last things to consider for any institution reporting huge losses and negative equity.