Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama has said the Public Procurement Authority (PPA) had initially valued the project to cost $81.8 million.
Briefing Parliament on the cost of the new BoG headquarters on Wednesday, March 5, 2025, Dr. Asiama noted the cost later increased to $121.1 million after a re-evaluation of the project.
“Mr. Speaker the project was initially valued by the PPA at $81.8 million but later increased to $121.1 million after the bank of Ghana requested for re-evaluation,” he said on the floor of the House.
The figure was further revised to $222.8 million after the redesign and inclusion of building management systems.
He revealed that as of February 2025, an amount of $230 million has been paid to the contractor of the new Bank of Ghana building project located at Ridge in Accra.
Dr. Johnson Asiama while addressing Parliament on the cost of the project said currently, there is an outstanding debt of $31.8 million to be paid to the contractor.
“Mr. Speaker as of February this year, a total of $230 million approximately has been paid towards the project with an outstanding of $31.8 million to be paid to the contractor,” he stated.
An amount of $43.8 million has also been paid in taxes and levies that were related to the construction.
The former BoG Governor faced heavy criticism over the project, with the then-Minority in Parliament demanding the resignation of Dr. Ernest Addison and his deputies.
According to Governor Asiama, due to statutory requirements, security needs and sustainability considerations, the total project cost increased to $261.8 million as against the $250 million earlier estimated cost.
He added that separate contracts were awarded for other infrastructure including ICT system and network infrastructure which was awarded at a cost of $8.6 million, Integrated Electronic Security System which was also awarded at a cost of $15.8 million and furniture was also awarded at $11.1 million.
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