BoG constructing new multi-million dollar Governor’s residence – Ato Forson alleges

Dr. Cassiel Ato Forson, the Minority Leader in Parliament, has revealed that the Bank of Ghana (BoG) is constructing 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 Finance Minister expressed concerns over the demolition of the clinic, claiming it was done specifically to make way for the governor’s new residence.

Dr. Forson criticised Governor Ernest Addison for proceeding with the project despite the significant financial losses reported by the BoG.

He highlighted 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 like the one currently in progress.

“In 2022, Bank of Ghana made a colossal loss of over 600,000% of its stated capital of GHS10 million. The Bank made another loss equivalent to 150,000% of its stated capital in 2023. Is this poor record of performance comparable to any central bank?”

“Yet, apart from ongoing construction of a new HQ with about USD250 million, the Bank of Ghana is also building a new multi-million dollar residence for the Governor at where the Bank of Ghana Clinic used to be at Ridge in Accra.”

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

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