Bank of Ghana constructing $250 Million Headquarters at Ridge – NDC alleges

Accusations have been levelled by the opposition National Democratic Congress (NDC) against the Bank of Ghana, claiming the construction of a new head office at an alleged cost of $250 million. 

In an unfolding narrative of financial management woes, the NDC has pointed fingers at the Bank of Ghana’s leadership, alleging a history of mismanagement and recklessness.

These actions, according to Minority Leader, Dr. Cassiel Ato Forson, have reportedly taken a toll on Ghana’s economic stability, exacerbating the living conditions of its citizens.

Speaking during the NDC’s Moment of Truth series on Tuesday, August 8, 2023, party representatives asserted that a new central bank headquarters was allegedly being erected in the Ridge area of Accra. Their stance reflected a sentiment of disappointment with the Bank of Ghana’s handling of financial matters, branding the institution as insensitive to the nation’s plight.

Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country,” Dr. Forson said.

Notably, the spotlight has fallen on Dr. Ernest Addison, the governor of the Bank of Ghana, and his deputies. In light of the alleged financial distress caused by their actions, the NDC has called for their resignation.

The party’s spokesperson commented, “In a situation where the Bank of Ghana has found itself in dire financial straits, it is indeed disconcerting to witness the commitment of $250 million (GHC 2.8 billion) toward constructing a new Head Office at Ridge. Within the context of our nation’s predicament, this decision appears to epitomize a lack of consideration for the prudent management of a country grappling with challenges.”

As tensions escalate, the NDC has issued a stern ultimatum. Should Dr. Ernest Addison and his deputies fail to tender their resignations within a 21-day period, the party threatens to stage a march on the Bank of Ghana’s premises with the intent of compelling their departure from office.

Further allegations have been made by the NDC, encompassing claims of unauthorized currency printing by the Bank of Ghana. This alleged activity, the party asserts, has contributed to hyperinflation, resulting in a considerable portion of the Ghanaian populace slipping into poverty.

According to the NDC’s narrative, this purported “illegal printing of money” has led to the depletion of Ghana’s external reserves, culminating in the unprecedented devaluation of the national currency, the Cedi, which was a central factor in the hyperinflation witnessed in 2022.