BoG is building a new multi-million dollar governor’s residence

Dr. Cassiel Ato Forson, the Minority Leader in Parliament, has disclosed that the Bank of Ghana (BoG) is building a new multi-million dollar residence for its Governor at the former site of the Bank of Ghana Clinic in Ridge, Accra.

In a post on X on Monday, June 3, the former deputy minister of finance expressed concern over the demolition of the clinic, claiming it was done specifically to make way for the new governor’s residence.

Dr Forson criticized Governor Ernest Addison for continuing the project despite significant financial losses reported by the BoG.

He pointed out that the Bank of Ghana reported a massive loss in 2023 amounting to 150,000% of its stated capital.

He argued that such poor financial performance does not justify undertaking large-scale construction projects such as the one underway.

“In 2022, Bank of Ghana recorded a colossal loss of over 600,000% of its declared capital of GHS 10 million. The bank also recorded a loss equivalent to 150,000% of its stated capital in 2023. Is this poor performance comparable to any central bank?”

“However, in addition to the ongoing construction of a new headquarters at about $250 million, the Bank of Ghana is also building a new multi-million dollar residence for the governor where the Bank of Ghana clinic was at Ridge in Accra.”

In 2022, the Bank of Ghana recorded a colossal loss of over 600,000% of its stated capital of GHS 10 million.

The bank also recorded a loss equivalent to 150,000% of its stated capital in 2023.

Is this poor performance comparable to that of any central bank?

However, in addition to being ongoing…

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

The Ajumako-Enyan-Essiam MP has reiterated his position that the ongoing construction of the new governor’s residence is unwarranted given the current financial situation of the Bank of Ghana.

He encouraged stakeholders to scrutinize such decisions to ensure that public resources are used wisely.

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