New BoG office valued at $121 million as of 2020 – Governor Addison

The Governor of the Bank of Ghana, Ernest Addison, has explained the issues surrounding the building of a new head office.

According to him, after various stages of evaluation and submission of the contract details the value of the contract approved by the Public Procurement Authority is $121,078,517.94.

At a press briefing on August 21, 2023, he noted that the initial cost of the project was valued at $100 million in 2020.

He said: “The PPA by a letter dated 29th January 2020 conveyed the Board’s approval to the Bank of Ghana. This approval to use the shortlisted contractors for the Restricted Tender also revised downward the estimated cost of the project from USD100,857,942.48 to USD81,882,640.00 without any justification.”

The Governor added that after the evaluation of tenders was received, the Entity Tender Committee (ETC) of the Bank at its meeting held on August 6, 2020, considered Tender Evaluation Panel’s recommendation and approved the award of the contract for the project to Messrs. Goldkey Properties Limited at the cost of $121,078,517.94, the least cost evaluated bid, under Turnkey (Design and Build) contract arrangements.

The ETC further directed for concurrent approval to be sought from the Central Tender Review Committee (CTRC) of the Ministry of Finance.

Governor Addison noted that the PPA in response to the Bank’s letter dated August 31, 2020, reviewed the initial PPA approved estimated amount from USD81,882,640.00 to USD121,078,517.94

“The CTRC on 4th September 2020 granted concurrent approval to the Bank to engage the recommended Tenderer, Messrs. Goldkey Properties Limited at a contract price of USD121,078,517.94 under Turnkey (Design and Build) contract arrangements, which was the least evaluated bid,” he said.

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