President Nana Addo Dankwa Akufo-Addo has praised the Bank of Ghana (BoG) for its unwavering commitment to sound monetary and financial policies, which have been instrumental in fostering economic stability and growth.
Speaking at the Bank’s new headquarters’ inauguration in Accra, the president highlighted its vital role in addressing macroeconomic challenges and supporting socio-economic progress.
“These achievements are a reflection of the Bank’s steadfast dedication to maintaining stability and enabling inclusive, sustainable growth,” the president stated.
He noted key milestones achieved under the Bank’s leadership, including GDP growth of 6.9 percent in the second quarter of 2024 – a significant reduction of inflation from 54.1 percent in 2022 to 22.1 percent as of October 2024 – and a trade surplus of US$2.78 billion.
The Bank’s management of international reserves, now standing at US$7.5 billion, was also recognised as critical to navigating external shocks.
President Akufo-Addo further emphasised the new headquarters’ role in strengthening the Bank’s capacity to advance digital finance, improve regulatory frameworks and attract investments.
Construction of The Bank Square fulfils a vision dating back to the early 2000s, according to Dr. Ernest Addison, Governor of the Bank of Ghana.
The project gained momentum in 2018 after President Akufo-Addo endorsed the proposal and authorised an Executive Instrument to secure the land.
The Governor acknowledged that while previous attempts faced obstacles, this administration’s commitment ensured the project’s completion.
Standing at 100 metres, The Bank Square is now Ghana’s tallest building and a symbol of sustainability.
Entirely powered by solar energy, the complex aligns with global environmental standards. It houses over 2,500 staff and includes modern amenities such as a currency museum, a 1,500-seat auditorium and advanced conference facilities.
At the inauguration ceremony, Dr. Addison said the state-of-the-art facility symbolises the nation’s commitment to economic progress and its aspirations for leadership in Africa’s financial ecosystem.
Governor Addison highlighted the building’s significance, stating: “This edifice is more than a physical structure. It is a national monument highlighting our strong commitment to the transformation of the Ghanaian economy”.
“This structure is not just a landmark in terms of size but also in sustainability,” Dr. Addison emphasised. “The building represents a bold statement of the Bank of Ghana’s enduring presence and authority in the financial landscape.”
The Governor said the new headquarters will enhance efficiency and productivity by consolidating the Bank’s operations, which were previously spread across multiple locations in Accra. He noted that the move would reduce costs, improve communication and foster synergies critical to the Bank’s regulatory role.
Dr. Addison expressed optimism about the facility’s impact, saying: “We envision this building as a hub for innovation, where groundbreaking ideas will be born and nurtured. It will be a place where our new generation of officials will thrive and achieve new heights in modern central banking”.
Historical and economic significance
The Bank of Ghana has operated from its previous headquarters on Thorpe Road since its establishment in 1957. Dr. Addison paid tribute to the old building’s legacy, stating: “After 67 years of meritorious service, today’s ceremony officially retires the old head office”.
He also traced the central bank’s evolution from its roots as the Bank of the Gold Coast in 1947 to its current role – overseeing a financial sector that now includes over 830 institutions.
“This expansion reflects the changing domestic economic landscape and increasing integration with global financial systems,” the Governor explained.
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