President Nana Addo Dankwa Akufo-Addo will be commissioning The Bank Square, Headquarters of Bank of Ghana today Wednesday November 20.

The opening ceremony, beginning at 10 a.m., will see President Nana Addo Dankwa Akufo-Addo in attendance as a special guest. Access to the event will be limited to invited guests.

The new headquarters has been at the centre of public debate following the BoG’s announcement of a substantial financial loss of 10.5 billion cedis ($900 million) in 2023. Critics, including MP Yusif Suleman, have argued that the funds used for construction could have been better allocated to support the bank’s finances during a challenging year.

BoG officials, however, defend the decision to proceed. Stephen Opata, Special Advisor to the BoG Governor, said halting the project—which was already well advanced—would have been impractical and financially inefficient.

“I understand the concerns,” Mr. Opata said. “But stopping construction midway would not have been the best course of action.”

Officials at the BoG maintain that the new facility is a strategic investment meant to address both current and future operational demands. Mr. Opata noted that the bank’s 2023 financial losses were due to several factors unrelated to the headquarters project. He added that abandoning the build could have further strained the bank’s resources.

The new headquarters, the BoG asserts, will strengthen Ghana’s financial infrastructure and contribute to long-term improvements in operational efficiency.

Source:TheDotNews