The Bank of Ghana (BoG) has provided justification for the development of a new structure that would house its new headquarters in Accra.
The BoG structural integrity examination found that the current BoG Head Office building, constructed by the Nkrumah Government in the early 1960s, is no longer suitable and could not withstand any significant earth earthquakes, the central bank noted in a statement on Wednesday, August 9.
“The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage. This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected.
“The building also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area. Based on the above, and looking at the strategic objective of positioning Ghana as the financial hub of the sub-region, with prospects of a potential Headquarters for a future regional Central Bank.
“The Board and Management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank, and also position the Bank of Ghana in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the sub-region.”
This statement comes on the back of the revelation by the Minority Leader Dr Cassiel Ato Forson that the BoG was spending $250 million to put up a new head office at time the Bank is in financial difficulties.
Dr Forson accused the Governor of printing money to finance this project because the BoG has no money.
“The Bank of Ghana does not have money but spending $250million for a new head office, which means he is printing additional money to finance this project,” Dr Forson said.