• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 2, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Ayariga Demands Accountability Over New BoG Building Costs

March 5, 2025
Lilian Ahedorby Lilian Ahedor
in General News
0
transparency demanded for BoG New Headquarters

BoG New Headquarters

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? 

RelatedPosts

AG Urges Court to Strike out Suspended CJ’s Review Application

Asah-Asante Calls Out National Day of Prayer, Questions Value

IMANI Warns of “Missing Gaps” in NPP’s Renewal Drive

“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
Majority Leader on BoG cost
Hon. Mahama Ayariga, Majority Leader

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.

financial discipline urged in BoG
financial challenges

“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.

BoG in the spotlight
Bank of Ghana (BoG)

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.

READ ALSO: Unhealthy Rivalry Hindering Ghana Music Industry

Tags: Bank of GhanaBoGMahama AyarigaParliamentpublic accountability
Please login to join discussion
Previous Post

Akpabey Urges Economic Course Change After National Dialogue

Next Post

Selorm Branttie Urges Public Enquiry into Agenda 111 Hospital Contracts

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Dr Dominic Ayine, AG and Minister for Justice
General News

AG Urges Court to Strike out Suspended CJ’s Review Application

July 2, 2025
PURC Increases Electricity Tariffs by 2.45%, Holds Water Rates Steady 
Extractives/Energy

AGI, GUTA Warn PURC Tariff Hike Threatens 24-Hour Economy Rollout 

July 2, 2025
Ghana Clears Final Hurdles for IMF Disbursement, Eyes $2.3 Billion Milestone
Economy

Ghana Clears Final Hurdles for IMF Disbursement, Eyes $2.3 Billion Milestone

July 2, 2025
National Day of Prayer under scrutiny
General News

Asah-Asante Calls Out National Day of Prayer, Questions Value

July 2, 2025
Akwaboah Reveals Why He Cut Locks
Entertainment

Akwaboah Reveals Why He Cut Locks

July 2, 2025
Thomas Nyarko Ampem, Finance, Budget
Economy

Parliament Reviews $360 Million IDA Deal for Recovery Plan

July 2, 2025
Dr Dominic Ayine, AG and Minister for Justice
General News

AG Urges Court to Strike out Suspended CJ’s Review Application

by Evans Junior OwuJuly 2, 2025
PURC Increases Electricity Tariffs by 2.45%, Holds Water Rates Steady 
Extractives/Energy

AGI, GUTA Warn PURC Tariff Hike Threatens 24-Hour Economy Rollout 

by Prince AgyapongJuly 2, 2025
Ghana Clears Final Hurdles for IMF Disbursement, Eyes $2.3 Billion Milestone
Economy

Ghana Clears Final Hurdles for IMF Disbursement, Eyes $2.3 Billion Milestone

by Stephen M.CJuly 2, 2025
National Day of Prayer under scrutiny
General News

Asah-Asante Calls Out National Day of Prayer, Questions Value

by Lilian AhedorJuly 2, 2025
Akwaboah Reveals Why He Cut Locks
Entertainment

Akwaboah Reveals Why He Cut Locks

by Esther Korantemaa OffeiJuly 2, 2025
Thomas Nyarko Ampem, Finance, Budget
Economy

Parliament Reviews $360 Million IDA Deal for Recovery Plan

by Silas Kafui AssemJuly 2, 2025
Dr Dominic Ayine, AG and Minister for Justice
PURC Increases Electricity Tariffs by 2.45%, Holds Water Rates Steady 
Ghana Clears Final Hurdles for IMF Disbursement, Eyes $2.3 Billion Milestone
National Day of Prayer under scrutiny
Akwaboah Reveals Why He Cut Locks
Thomas Nyarko Ampem, Finance, Budget
[/vc_row_inner]

Recent News

  • AG Urges Court to Strike out Suspended CJ’s Review Application
  • AGI, GUTA Warn PURC Tariff Hike Threatens 24-Hour Economy Rollout 
  • Ghana Clears Final Hurdles for IMF Disbursement, Eyes $2.3 Billion Milestone
  • Asah-Asante Calls Out National Day of Prayer, Questions Value
  • Akwaboah Reveals Why He Cut Locks
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.