Ken Ofori-Atta defends construction of Bank of Ghana’s new headquarters; appeals for support

Finance Minister, Ken Ofori-Atta, has made a public appeal for all Ghanaians to unite and offer their support to the ongoing construction of the new head office for the Bank of Ghana (BoG).

In an article titled “Citizens – Standing Strong with the Bank of Ghana“, Mr. Ofori-Atta urged the public to set aside objections and opposition to the project, emphasizing the importance of backing the Central Bank in building a new facility that befits a nation hosting the African Continental Free Trade Area (AfCFTA).

Acknowledging the economic challenges currently facing Ghana, Ken Ofori-Atta asserted that the construction of the new BoG headquarters is a strategic investment in the future of the country’s economy.

He noted that the decision to proceed with the project had been made prior to recent economic challenges and called for collective support to modernize the Central Bank’s operations and provide it with an office space suitable for a nation with aspirations 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,” he wrote. “It is important for us to support such a critical institution to modernize 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.”

The Finance Minister also defended the performance of BoG Governor, Dr. Ernest Addison, who has faced criticism for his handling of the economy.

Mr. Ofori-Atta praised Dr. Addison’s competence and contributions during his tenure, highlighting achievements such as strengthening the banking system, establishing the Consolidated Bank of Ghana (CBG) and the Development Bank of Ghana, raising substantial funds in the Eurobond market, and maintaining currency stability.

“Governor Addison is a competent professional of quiet courage,” Ofori-Atta wrote, adding, “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 Goldfor-Oil programme.”

A portion of the Ghanaian population has expressed reservations about the construction of the new BoG headquarters, considering it an unnecessary investment given the country’s current economic conditions.

In response to these concerns, the Minority has organized a protest scheduled for October 3, demanding the resignation of the Central Bank governor and his deputies.

The Minority alleges that mismanagement of the Central Bank has led to losses exceeding $60 billion. This protest reflects the ongoing debate and divisions surrounding the construction project and its financial implications for the nation.