New BoG Head Office costs $261.8m with $48.3m in taxes, levies-Dr Asiama

The total cost of the new Corporate Head Office of the Bank of Ghana (BoG) at Ridge, Accra, amounted to $261.8 million ($261,773,268.53).
As of February this year, the Government had paid $230 million ($229,953,412.21), leaving an outstanding balance of $31.8 million ($31,819,856.32) yet to be settled.

Multiple cost reviews
Dr. Johnson Pandit Asiama, the Governor of the Bank of Ghana, revealed to Parliament that the initial contract sum for the project was $81.8 million in 2019.
However, this amount was revised multiple times to $121.1 million, then $222.8 million, and finally reaching $261.8 million at the time of completion in 2024.
The continuous increase in costs raised concerns, especially given the economic conditions of the country.

Evolution of the building design
The 20-storey headquarters, situated on a 21,551 square meter land at West Ridge, underwent significant design modifications. The original proposal envisioned a gross area of 73,000 square meters with a 25-storey tower block, a four-storey car parking facility, two-level basements, and an auditorium.
However, adjustments were made to comply with statutory regulations and functional requirements of the BoG. This resulted in a redesign, increasing the gross floor area to over 107,000 square meters.
The final structure consists of three main blocks: the Tower Block, Urban Block, and Amenities Block, along with basements, podiums, and ancillary facilities.
The details include a 20-storey Tower Block, an 8-storey Urban Block, a 6-storey Amenities Block, a 5-level basement car parking facility, ancillary facilities, an energy farm, treatment plants, and security gates.

$222.7m construction cost, $2,068 cost per square meter
The construction cost per square meter stood at $2,068, translating to a total of $222.7 million ($222,799,760.58).

$38.9m for other expenses
The remaining $38.9 million ($38,973,507.95) covered various additional expenses, including consultancy fees, ICT systems, an Integrated Electronic Security System, and furniture and finishing.

$3.4m consultancy fees
Out of the total consultancy fee of $3.4 million ($3,450,417), a payment of $3.1 million ($3,171,995.95) has been made, leaving an outstanding amount of $278,421.06.
By February 2025, the total taxes and levies paid on consultancy services amounted to $675,254.18.

ICT system and network infrastructure: $8.6m
The cost of ICT systems and network infrastructure was $8.6 million ($8,614,620.64). Out of this amount, $6.6 million ($6,686,863) has already been paid, leaving an outstanding balance of $1.9 million ($1,927,757.64).
Taxes and levies paid as of February amounted to $1.4 million ($1,448,608.13).

Integrated electronic security systems: $15.8m
The Integrated Electronic Security Systems were contracted at a cost of $15.8 million ($15,840,789.40).
Payments made to Goldkey Properties Limited and OSTEC Limited JV amounted to $11 million ($11,032,054.59), leaving an outstanding balance of $4.8 million ($4,808,734.81).
Taxes and levies paid on this component totaled $2.4 million ($2,416,019.96).

Furniture and finishing: $11m

Furniture and finishing for the facility were estimated at $11 million ($11,067,689.95).
Of this, $7 million ($7,011,980) has been paid to Goldkey Properties Limited and NOLLE Design Limited JV.
The remaining outstanding balance is $4 million ($4,055,700.91), while taxes and levies paid on these items amount to $1.5 million ($1,535,623.62).

Taxes and levies: $48.3m
The Bank of Ghana has paid a total of $48.3 million ($48,312,827.43) in taxes and levies related to the construction of the new headquarters.
The building was designed to comply with all building codes and incorporates sustainable design concepts, including energy and water conservation, as well as recycling and waste management strategies.
The project meets the Excellence in Design for Greater Efficiencies (EDGE) green standard, and a preliminary EDGE Advanced certification has been issued.

Commissioning and occupation
President Nana Addo Dankwa Akufo-Addo officially commissioned the new BoG headquarters in November 2024.
The facility is currently occupied by the staff of the Central Bank.
Dr. Asiama stated that the Board of Directors of the BoG would conduct a value-for-money audit into the construction of the facility once they are sworn in the following week.

Procurement and justification for the new facility
The Governor explained that the project was undertaken by Goldkey Properties Limited through a restricted tender process recommended by the Public Procurement Authority (PPA).
He further noted that a structural integrity audit conducted in 2019 revealed that the old BoG headquarters, built in the 1950s, was no longer fit for purpose.
This prompted the decision to construct a new, modern facility to enhance security and operational efficiency.
At present, the 20-floor BoG headquarters is 98% complete, including the Electronic Integrated System, Information and Communication Technology (ICT) system, and car park.
Dr. Asiama reaffirmed the Central Bank’s commitment to ensuring transparency, financial resilience, and economic growth.