Parliament witnessed heated exchanges on Wednesday, March 5, 2025, as Majority Leader Mahama Ayariga demanded answers regarding the escalating costs associated with the construction of the new Bank of Ghana (BoG) headquarters.
Addressing the floor, Ayariga pressed for a breakdown of the expenditure, questioning discrepancies in the cost assessments presented.
Ayariga, in his submission, queried why there seemed to be an eagerness to justify the pricing of the project rather than providing full transparency. “Why are you eager to defend the construction and the pricing?
“Because the CCTV, the security, and all those are a separate contract. So I’m giving you just the square meters cost. You said the square meter cost is $ 222. million for the 107 square meters.
“How is it possible that your square meters moved from 73,000 square meters to 107,000? That is 46 percent [increment]. And yet your price moved from 121 million to 222 million, which is 83 percent of the increase in the price. So your square meters increased by 46 percent, and then your price increased by 84 percent.”
Mahama Ayariga
Accordingly, Ayariga strongly criticized the cost adjustments, questioning the logic behind the figures and dismissing the explanation as unconvincing.
He argued that pricing should be based on square meters, not height, and urged Parliament to take the matter seriously, emphasizing that the nation was watching.
Highlighting the public scrutiny of their discussions, he challenged how anyone could justify a 46.6% increase in square meters from 73,000 to 107,000 while the cost surged by 84% from 121 million to 222 million.
The Majority Leader echoed these concerns, insisting that such a significant price disparity required further scrutiny and accountability.
He referenced his past protests against financial mismanagement, stating that he could not understand why a 46% increase in space would result in an 84% jump in cost.
Breakdown of Additional Costs Raises Eyebrows
Furthermore, Mahama Ayariga outlined additional costs associated with the project, particularly for security, ICT, and furniture.
He revealed that CCTV cameras and other security features amounted to $15.8 million, while ICT installations cost $8.6 million.
He also raised concerns about the cost of furnishing the new headquarters, questioning why chairs and other office furniture alone totaled $11 million.
“How many workers are in the building that it will cost the Republic of Ghana $ 11 million to buy chairs for them to sit in? We want to know how many workers are in the building for it to cost us $ 11 million to buy chairs.”
Mahama Ayariga
Ayariga emphasized that Parliament would not let the issue go unresolved and called for a thorough verification of the project’s costs.
Addressing the new Governor of the Bank of Ghana, Dr. Johnson Asiamah, he questioned whether the square meter measurements had been independently verified, stressing the need for transparency.
He urged the Governor to conduct a value-for-money audit and assured that Parliament would closely monitor the process, insisting that lawmakers would demand a comprehensive follow-up report.
To ensure credibility, Ayariga proposed involving independent institutions, such as the Institute of Architectural Engineers of Ghana or the Kwame Nkrumah University of Science and Technology (KNUST), to verify the project’s cost assessments and ensure accountability.
“When you use them to verify, we expect you to come back to this house and report to us. Secondly, we want you to assemble the engineers, the architects, and the surveyors.”
Mahama Ayariga
He wrapped up his remarks by emphasizing the need for full transparency, demanding a clear explanation for the sharp increase in cost from $121 million to $222 million—an 83% surge.
He stressed that accountability was crucial and that Parliament expected a detailed justification for the drastic price escalation.
As the controversy over the Bank of Ghana headquarters intensifies, the public remains keenly focused on how Parliament will handle these financial concerns.
With growing scrutiny, Ghanaians will be watching closely to see whether lawmakers take decisive action to ensure transparency and fiscal responsibility.
