BoG’s new headquarters criticised as 'too expensive' and 'unlikely to generate revenue'

Richard Anamoo, a spokesperson on Infrastructure for the National Democratic Congress (NDC) Campaign Team says the new Bank of Ghana headquarters building dubbed, The Bank Square is "too expensive."

In an interview on Channel One TV, Mr. Anamoo described the $250 million edifice located at Ridge in Accra as overly costly and unlikely to generate income for the state.  

The building was inaugurated by President Nana Addo Dankwa Akufo-Addo on November 20, 2024.

Criticising its utility, Richard Anamoo argued that the facility adds a financial burden on taxpayers without contributing directly to national revenue.  

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“The president commissioned the Bank of Ghana Edifice. Ask yourself, what is that? Why should we get up and spend so much money on such an infrastructure? One, all the people that will be working there will be paid by the taxpayer,” he said.  

Mr. Anamoo further questioned the building’s revenue-generating capacity, citing its high-security status as a barrier to broader commercial use.  

“No floor of that building can be rented out to public people. That building itself does not generate revenue. How many people are going to pass through that place because it’s a high-security zone?” he asked.  

He also stressed that future infrastructure projects should offer broader societal benefits, including job creation and revenue generation, to justify their costs.  

“Don’t forget that when you create these facilities, they create job opportunities for people to come in. So you don’t go about constructing structures that do not generate revenue, that do not create job opportunities for the people. You don’t construct facilities that are a drain on the economy of the country,” Mr. Anamoo said.  

The construction of the BoG’s new headquarters has sparked debate, especially given the Central Bank’s reported financial losses in recent years.  

However, during the inauguration, President Akufo-Addo defended the project, emphasising its significance in modernising Ghana’s financial infrastructure and improving the operational efficiency of the Bank of Ghana.  

The Bank of Ghana has also justified the project, explaining that it meets the demands of an expanding financial sector and aligns with global standards for central banking operations.