Bank of Ghana spending $250m on new headquarters – NDC

The National Democratic Congress (NDC) has levelled allegations against the Bank of Ghana, claiming that the latter is in the process of constructing a new head office at an estimated cost of $250 million.

In recent years, the National Democratic Congress (NDC) has accused the management of the Bank of Ghana of excessive mismanagement and recklessness. According to the Minority Leader, Cassiel Ato Forson, this has put a burden on Ghana’s economy, which has led to a decline in the standard of living of Ghanaians.

Bank of Ghana spending $250m on new headquarters

On Tuesday, August 8, 2023, as part of the NDC’s Moment of Truth series, the party made its allegations over the construction of the new head office of the central bank at Ridge in Accra while addressing the media.

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He lashed out at the Bank of Ghana, accusing the institution of being indifferent to the plight of the people.

As a result, he has called on Governor Dr. Ernest Addison and his other deputies to step down from their positions.

“Perhaps the most worrying reality is that, having driven the Bank of Ghana to this dreadful financial state, the Governor and his deputies have considered it reasonable and expedient to invest $250 million (GHC2.8 billion) on another Head Office building someplace at Ridge. This is perhaps the most troubling aspect of the situation. This is the height of insensitivity in the management of the economy of a troubled country, which is particularly pertinent given our situation.

If the governor and his deputies do not quit within 21 days, the opposition party has vowed to stage a demonstration on the grounds of the BoG and drag them out of office.

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In addition to this accusation, the party stated that the Bank of Ghana has been illegally producing money, which has led to hyperinflation, which, in turn, has caused a significant portion of Ghana’s people to fall into poverty.

“The illegal printing of money by the BOG is responsible for the depletion of Ghana’s external reserves, which in turn resulted in the unprecedented depreciation of the Cedi, which was the primary cause of hyperinflation in 2022.”

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