Bank of Ghana building new multi-million-dollar residence for its Governor - Ato Forson

The Minority Leader in Parliament, Dr. Cassiel Ato Forson, has alleged that the Bank of Ghana (BoG) is currently constructing a new multi-million-dollar residence for its Governor.

This new structure, according to him, is being built at the site where the Bank of Ghana Clinic previously stood in Ridge, Accra.

In a post shared on X on Monday, June 3, 2024, Dr. Ato Forson, a former Deputy Finance Minister, expressed concern over the demolition of the clinic to make way for the Governor's new accommodation.

He questioned the timing and necessity of this project, especially given the bank's recent financial performance.

Dr. Ato Forson highlighted that the Bank of Ghana reported a staggering loss in 2023, equivalent to 150,000% of its stated capital. He argued that such poor financial results do not support the justification for embarking on large-scale construction projects.

"In 2022, the Bank of Ghana made a colossal loss of over 600,000% of its stated capital of GHS 10 million. The Bank made another loss equivalent to 150,000% of its stated capital in 2023. Is this poor record of performance comparable to any central bank?

"Yet, apart from ongoing construction of a new HQ with about USD 250 million, the Bank of Ghana is also building a new multi-million-dollar residence for the Governor at where the Bank of Ghana Clinic used to be at Ridge in Accra," he wrote on X.

The Minority Leader added, "That clinic has been demolished to make way for the new accommodation of the Governor."

He criticised the BoG's decision, suggesting that it reflects a misallocation of resources, particularly in light of the bank's financial struggles. He emphasised that the focus should be on stabilising the bank's finances rather than investing in luxury accommodations.

Dr. Ato Forson called for greater accountability and transparency from the Bank of Ghana regarding its expenditure decisions. He urged the bank to prioritise its core functions and responsibilities to the public over unnecessary and extravagant projects.

The Ajumako-Enyan-Essiam lawmaker reiterated his stance that the ongoing construction of the Governor's new building is not necessary given the current financial state of the Bank of Ghana.

He encouraged stakeholders to scrutinise such decisions to ensure that public resources are being used judiciously.

View the Minority Leader's post below:

In 2022, Bank of Ghana made a colossal loss of over 600,000% of it’s stated capital of GHS10 million.

The Bank made another loss equivalent to 150,000% of its stated capital in 2023.

Is this poor record of performance comparable to any central bank’s?

Yet, apart from ongoing…

— Cassiel Ato Forson(PhD) (@Cassielforson) June 3, 2024

BAI/ ADG

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