President Nana Addo Dankwa Akufo-Addo has commended the Bank of Ghana for navigating Ghana’s economy in a resilient manner.
According to President Akufo-Addo, the economy is rebounding strongly, with over a 6% GDP growth rate in the 2nd quarter of 2024, adding that the prices of food and fuel are going down.
He made this statement when he commissioned the magnificent edifice serving as the new headquarters of the Bank of Ghana at Ridge, Accra.
The journey to this momentous achievement, President Akufo-Addo revealed, was driven by the growing demands and complexities of the Bank’s operations over six decades. The old headquarters, while historically significant, had become inadequate.
He said, “This new complex, built by Ghanaian architectural powerhouse GoldKey Properties under the leadership of Kwaku Bediako, signals a transformative era for the Bank of Ghana.”
The project was designed by Ghana’s internationally known David Adjaye.
The Bank Square’s commissioning marks a broader vision of progress. It reflects Ghana’s ambitions to position itself as a regional financial powerhouse.
With facilities designed to meet international standards, the new headquarters will bolster the Bank’s ability to implement reforms, enhance regulatory frameworks, and attract investments.
President Akufo-Addo extended his gratitude to Governor Ernest Addison, Deputy Governors Maxwell Opoku-Afari and Elsie Awadzi, and the entire staff of the Bank of Ghana for their professionalism and dedication.
He also acknowledged the architects, engineers, and contractors whose creativity and expertise made this iconic structure a reality.
“Recent data from the Bank of Ghana paints a picture of resilience and promise,” President Akufo-Addo declared. He highlighted that Ghana’s provisional GDP growth reached an impressive 6.9% in the second quarter of 2024. This growth, driven by robust performances across construction, industry, agriculture, consumer demand, and tourism, demonstrates the dynamism of the Ghanaian economy. Non-oil GDP growth of 7.0% further reinforces the strength of the nation’s economic fundamentals.
One of the most notable achievements, the President said, is the sharp reduction in inflation. From a staggering 54.1% in 2022, inflation has dropped to 22.1% as of October 2024, thanks to the effective monetary policies implemented by the Bank of Ghana. This progress has brought relief to households and businesses, renewing confidence in the economic stability of the country.
On the external front, Ghana recorded a trade surplus of $2.78 billion, buoyed by robust gold and crude oil exports. The nation’s international reserves stand at $7.5 billion, providing a critical buffer against external shocks. President Akufo-Addo attributed these achievements to the prudent stewardship of the Bank of Ghana, emphasizing its indispensable role in navigating global uncertainties and fostering economic growth.
Finance Minister Dr. Mohammed Amin Adams has stated that Ghana’s economy is recovering steadily and that growth has even exceeded the target.
Dr. Mohammed Amin Adams stated this during the commissioning of the state-of-the-art new headquarters of the Bank of Ghana at Ridge.
He also enumerated the investments the government has made in infrastructure and human development.
He said, “I can report, Mr. President, that you have steered this economy to strong recovery—the economy is getting stronger and stronger by the day under your leadership.” The Finance Minister added, “Macroeconomic stability is returning faster; growth has exceeded the target, and you’ve invested heavily in infrastructure and human development… and we also know that the banks are posting strong performances across key financial ratios.”
Governor of the Bank of Ghana, Dr. Ernest Addison, said that he is glad the construction of the new headquarters of the Bank of Ghana has been accomplished during his tenure, in spite of the challenges, which included land litigation.
Speaking at the opening of the Bank Square at Ridge, Accra, Dr. Addison noted that the headquarters is not only a physical structure but serves as a national legacy.
According to him, the new BoG headquarters, which begins operations today, will house more than 2,000 staff and has several state-of-the-art features.