Hon. Alexander Kwamena Afenyo-Markin, Minority Leader and Member of Parliament for Effutu, has stated that the earlier allegations of financial irregularities surrounding the construction of the new Bank of Ghana (BoG) Corporate Headquarters are unfounded.
His assertion follows the presentation of a six-page report by the Governor of the new Bank of Ghana, Dr. Johnson Pandit Asiama, detailing the step-by-step processes undertaken in executing the project.
According to Afenyo-Markin, the report titled “Report to the Ninth Parliament on the New Corporate Headquarters for the Bank of Ghana,” dated March 5, 2025, contains no indication of financial mismanagement or irregularities.
“The central bank governor relied on this report with a further submission from his prepared notes, and he has taken us through the step-by-step processes and the step-by-step procedures.
That the bank followed due process in the construction of its new headquarters. I think that’s a mark of leadership. And on this side of the house, we convey to you our respect for your sincerity.”
Hon. Alexander Kwamena Afenyo Markin, Minority Leader and MP for Effutu
Hon. Afenyo-Markin outlined several key takeaways from the Governor’s report, including the costing and market comparisons.
Here, Hon. Afenyo Markin noted that the standard costing procedure used in the construction of the BoG headquarters was determined to be lower than the prevailing market rates in the industry. This, as per the report, was verified and recorded in Parliament’s official Hansard.
According to him, the project variations were necessary, asserting that the variations in the cost of the project stemmed from crucial additions, including security considerations that were initially overlooked.
He also acknowledged a power generation and recycling facility to enhance sustainability and additional structures beyond the originally planned tower, as explained by the project manager.
On the final cost and tax considerations, Hon. Afenyo Markin indicated that the total cost of the project, which reached $261.8 million, included a tax component of $48 million.
He emphasized that the actual amount paid to the contractor was $213.8 million, with the remaining $48 million constituting payments made to the state in taxes.
The Effutu Member of Parliament further noted that every aspect of the project followed due process, in compliance with Ghana’s procurement regulations from the Governor’s address to Parliament.
According to him, documents submitted to Parliament confirmed that the Public Procurement Authority (PPA) had granted approval for the use of a restricted tendering method in selecting contractors for the project.
Parliamentary Reactions and Political Undertones
Despite Afenyo-Markin’s assurances, the parliamentary debate on the cost of the BoG headquarters remains contentious.
He noted that the Majority Caucus, which had previously scrutinized the project, gradually exited the parliamentary chamber as the Governor presented his report.
The Minority Leader pointedly remarked on the absence of the Members of the National Democratic Congress Majority Caucus, implying a reluctance to acknowledge the findings of the report.
Hon. Afenyo-Markin also read from the governor’s report, highlighting the detailed procurement history. He cited paragraphs detailing the BoG’s request to the PPA on January 14, 2020, for approval to use restricted tendering.
The PPA’s subsequent approval led to a competitive tendering process involving firms known to operate in Ghana, with Renaissance Construction ultimately partnering with David Water Limited.
The cost trajectory of the BoG headquarters has been a subject of political debate since its inception. Originally budgeted at $81.8 million in 2019, the project cost was later revised to $121.1 million, then $222.8 million, before reaching its final cost of $261.8 million in 2024.
The NDC, which now leads the government, had been at the forefront of demanding accountability while in opposition.
Through demonstrations and Right to Information (RTI) requests, the party sought explanations regarding the cost escalations. However, the immediate past Governor of the Bank of Ghana, Dr Ernest Addison did not respond to these demands during his tenure.
With the new Governor’s report now a matter of public record, Hon. Afenyo-Markin urged Parliament to accept the findings and move forward.
While the Minority Leader lauded the new Governor’s transparency and leadership, the political discourse surrounding the project is unlikely to subside entirely, as the Majority Leader, Hon Mahama Ayariga, insisted further inquiries to ensure full accountability.
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