- The central bank allocated $82 million to the project
- The bank attributed its losses to factors
- This justification comes as the BoG seeks a government bailout
The Bank of Ghana (BoG) has faced criticism for continuing construction on its new headquarters despite recording a significant loss of 10.50 billion cedis in 2023.
The central bank allocated $82 million to the project last year.
MP Yusif Suleman questioned the decision during a Public Accounts Committee hearing, raising concerns about the project’s viability given the bank’s financial situation.
However, the BoG defended its stance, arguing that halting construction would have been more costly due to the project’s advanced stage and the presence of contractors on site.
The bank attributed its losses to factors other than the construction project.
This justification comes as the BoG seeks a government bailout to address its financial challenges. The decision to prioritize the new head office while facing financial difficulties has sparked public debate about the bank’s spending priorities.
