The Bank of Ghana (BoG) has justified its choice to proceed with the construction of a new head office, despite a significant loss of 10.50 billion cedis in 2023, at a Public Accounts Committee hearing on July 26.
In addressing this, Special Advisor to the Governor, Mr Stephen Opasa, told the committee that they had advanced too far in the project to halt it.
“Stopping the project was not the best option.The Central Bank has already paid $82 million. While we understand the perspective of minimising losses, the losses in 2023 and 2022 were not solely due to this project. Contractors actively engaged and the project significantly advanced.”
Further, Mr Opasa emphasised that various factors, not just construction expenses, caused the bank’s losses after acknowledging Mr Yusif Suleman’s scrutiny of this decision of it feasibility.
The BoG’s defence comes as the bank seeks a government bailout to recapitalize and support its policy objectives.
source: Adomonline
