LIVE: BoG Governor Faces Parliament Over $250 Million Headquarters Project

The BoG’s decision to construct a new headquarters in Accra has sparked widespread debate, with critics arguing that the expenditure is unjustifiable given the country’s current fiscal difficulties. The Minority in Parliament has been particularly vocal, demanding full transparency and accountability from the central bank.

During the session, Dr. Addison defended the project, citing the need for a modern facility that meets international banking standards and enhances operational efficiency. He emphasized that the existing BoG building, constructed decades ago, no longer meets the institution’s needs.

Key Issues Raised in Parliament

Lawmakers posed critical questions regarding:

• The funding sources for the new headquarters and whether it impacts Ghana’s reserves.
• The timing of the project, given recent economic downturns and inflationary pressures.
• The decision-making process behind approving such a large capital expenditure.

The opposition has argued that BoG’s recent financial losses, including a reported GH¢60 billion loss in 2022, make the headquarters project highly questionable. Some MPs have called for a forensic audit of the decision.

Public Reaction and Political Implications

The controversy has ignited public discussions, with many questioning the central bank’s priorities amid Ghana’s economic difficulties. The BoG, however, maintains that the project was planned years before the current crisis and aligns with long-term institutional goals.

As proceedings continue, political analysts predict that the outcome of this parliamentary probe could have significant implications for the central bank’s leadership and government policy on financial governance.