The Governor of the Bank of Ghana, Dr. Johnson Asiama, has defended the cost of the new Bank of Ghana headquarters, asserting that the cost per square meter is lower than both the Ghanaian and West African market averages.
In his appearance before Parliament to address concerns over the project’s cost, Dr. Asiama revealed that the Bank’s Entity Tender Committee (ETC) approved the revised cost of $2,068 per square meter in December 2022.
“This figure is lower than the market value,” Dr. Asiama stated, referencing data from the Africa Property & Construction Cost Guide 2021/22, which cited the average construction cost for high-rise office spaces in Africa at $2,658 per square meter, and $2,720 per square meter in 2022/23.
He further explained that the Central Tender Review Committee (CTRC) approved the revised scope of works at the same cost of $2,068 per square meter, resulting in a total construction cost of $222,799,760.58.
Dr. Asiama reassured Parliament that the project’s cost had been carefully assessed to ensure value for money while meeting international construction standards.
He emphasized that the project was being executed with financial prudence, in line with regional cost benchmarks for high-rise office buildings.