Bank of Ghana to Commission Value-for-Money Audit on $261M Headquarters Project

The Bank of Ghana (BoG) has announced plans to contract Architectural and Engineering Services Limited (AESL) for a value-for-money audit of its $261 million new headquarters project. The decision comes amid growing public scrutiny surrounding the cost of the facility. Governor Dr. Johnson Asiama confirmed the audit would be part of measures to ensure transparency and accountability in the execution of the project.

In a statement before Parliament on March 5, 2025, Dr. Asiama emphasized that the audit would provide clarity on the project’s costs. The Bank is committed to reviewing legacy issues and will seek approval from the newly reconstituted BoG Board to engage AESL for the audit. The move aims to resolve ongoing concerns and bring closure to the matter of the new headquarters.

The audit will assess whether the project costs align with current market rates, as pressure mounts from civil society and opposition groups questioning the project’s expense. AESL, a state-owned consultancy firm, is tasked with determining the cost-efficiency of the building and offering recommendations for improvements.

In the face of criticism, the Bank of Ghana reaffirmed its commitment to sound financial management and its core mandate of fostering economic stability. The Governor reiterated that public trust is essential for the institution, emphasizing the importance of transparency and prudent decision-making as the central bank continues to guide the country’s economic recovery.

SOURCE: CITI NEWSROOM