We're in a deep hole so we can't build $250m Bank of Ghana head office now — Prof. Adei

He described the timing of the building of the head office for the central bank of Ghana as inappropriate.

He said that the country is currently in a deep economic crisis.

According to him, he doesn't think it is the time when "we are in such a deep hole that you should be building new headquarters."

He stated that even though he agrees with all the explanations that the Bank of Ghana gave that their building is not fit for purpose adding that he agrees but there are certain things that we cannot do at this time – in a year or two, Ghana, fortunately, will not be in this forever.

Earlier, the National Democratic Congress (NDC) accused the Bank of Ghana, of claiming the construction of a new head office at an alleged cost of $250 million.

The Minority Leader, Dr. Cassiel Ato Forson, said the money blown has taken a toll on Ghana's economic stability, exacerbating the living conditions of its citizens.

Speaking during the NDC's Moment of Truth series on Tuesday, August 8, 2023, he asserted that a new central bank headquarters was allegedly being erected in the Ridge area of Accra adding that their stance reflected a sentiment of disappointment with the Bank of Ghana's handling of financial matters, branding the institution as insensitive to the nation's plight.

But the Bank of Ghana justified why they invested $250 million in the construction of a new building.

In a statement on Wednesday, August 9, 2023, the central bank explained that a structural integrity assessment it conducted revealed that its current Head Office building is no longer "fit for purpose" and could not stand any major earth tremors.

According to the Bank of Ghana, unlike its current BoG Head Office building, built by the Nkrumah Government in the early 1960s, the new Head Office can stand major earth tremors.