No procurement laws were breached; necessary approvals were obtained from PPA - BoG on new HQ

The Bank of Ghana has said the Public Procurement Authority (PPA) approved all its processes and documentation before the commencement of the construction of a new headquarters edifice at Ridge.

According to the Director of Research at the Bank, Dr Philip Abradu-Otoo, all the necessary approvals were obtained from the Authority before moving ahead to undertake the ongoing construction.

Speaking in an interview with Accra-based JoyFM, Dr Abradu-Otoo pointed out that no public procurement laws have been breached by the Bank as suggested by the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa.

“The BoG has not broken any public procurement laws as the necessary public procurement approvals were obtained at every stage of the project. This project even started before the COVID-19 pandemic began and the necessary appropriation had been made over the past year when the Central Bank recorded significant profit”.

"The quest for a new head office started as far back in 2012 or even earlier if my memory serves me correct and the full details of the components of this special Central Bank headquarters, which is line with international standards, will be made available to the public at the appropriate time,” Dr Abradu-Otoo added.

He emphasized that no procurement laws have been breached as the BoG remains a transparent and law-abiding institution that operates within the laws of the country.

Touching on whether the Restricted Tendering Procurement process was value for money, Dr Abradu-Otoo said the decision remains justified since it was evaluated and approved by the PPA.

Meanwhile, the Minority in Parliament has given the Central Bank a 7-day ultimatum to provide the necessary details and justification for the construction of a new headquarters.

But a structural integrity assessment conducted by the BoG has determined that the current headquarters cannot withstand shocks such as earth tremors or earthquakes.

The BoG in a statement issued argued that the current building, which was constructed in the 1950s era is currently not-fit-for purpose.

MA/NOQ