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Finance Minister, Ken Ofori-Atta is urging Ghanaians to support the Bank of Ghana (BoG) to build its new headquarters.
According to him, the central bank needs to modernise its operations and have a befitting office as the country hosts The African Continental Free Trade Area (AfCFTA) head office and has the vision to become the financial services hub of the continent.
“With respect to the BoG’s new headquarters, the evidence is clear that decisions to build had already been made long before these ‘losses’ occurred.”
- Ken Ofori-Atta writes: Citizens – Standing Strong with the Bank of Ghana
“It is important for us to support such a critical institution to modernise its operations and have a befitting office space for a country that hosts the AfCFTA and has the vision to become the financial services hub of the continent,” he said in a write up issued on Thursday, September 14.
Mr Ofori-Atta also supported the Governor of the central bank’s stay in office against the Minority’s demand for his removal from office or resignation following the losses the bank recorded in 2022.
In his estimation, Dr Ernest Addison is professional contributing his quota to the development of the country.
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“Governor Addison is a competent professional of quiet courage. In these nearly seven years, we have worked together to ensure: the inviolability of the banking system; the establishment of the Consolidated Bank of Ghana (CBG) and the Development Bank of Ghana; the raising of over $10 billion in the Eurobond market and AfriExim bank.”
“He brought inflation down to single digits of 7.9% for the first time; and managed an impressive period of currency stability in our country including the implementation of the Gold-for-Oil programme.
“It is either simply the height of irony or a sad reflection of the state of public discourse in our country that this man, steps up in a period of unprecedented global economic meltdown and domestic economic crises, and he is being pilloried for his good work.”
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The Minority in Parliament has called out the Governor of the central bank and his deputies after the lender of last resort reported a ¢60.8 billion loss for 2022.
The Minority Leader Dr Cassiel Ato Forson has questioned why Dr Ernest Addison is spending $250 million to build a new head office for the central bank at a time when the Bank is in financial difficulties,
He accused the BoG Governor of printing money to finance this project.
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“The Bank of Ghana does not have money but spending $250 million for a new head office, which means he is printing additional money to finance this project,” Dr Forson alleged.
Speaking at a news conference on Monday, August 8, Minority Leader Dr Forson announced that if Dr Addison and his deputies do not resign, the NDC will mobilise concerned Ghanaians to occupy the central bank.
But in a response, the BoG explained that the current “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.
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It said, “Based on the above and looking at the strategic objective of positioning Ghana as the financial hub of the subregion, 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.”
The Bank said it also places it “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.”
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