BoG spending US$250 million on new headquarters – Minority Leader alleges

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The Bank of Ghana is believed to have spent $250 million on the construction of a new head office, according to the National Democratic Congress (NDC).

According to Minority Leader Cassiel Ato Forson, the Bank of Ghana’s administration has engaged in egregious mismanagement and carelessness over the past few years, which has harmed Ghana’s economy and reduced the standard of life for its citizens.

On August 8, 2023, the NDC claimed that the central bank was erecting a new headquarters at Ridge in Accra in a speech to the media as part of its Moment of Truth series.

He reacted angrily, branding the Bank of Ghana as callous.

As a result, he has called for the resignation of the governor, Dr. Ernest Addison, as well as his appointees.

“Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country.”

If the governor and his deputies do not quit within 21 days, the party threatens to march to the BoG offices and remove them from their positions.

The party also claimed that the BoG had illegally printed money, causing hyperinflation that had driven a sizable portion of Ghana’s people into poverty.

The depletion of Ghana’s foreign reserves, which led to the unprecedented devaluation of the Cedi and was the primary contributor to hyperinflation in 2022, was caused by the BOG’s unlawful money printing.


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