Home General News New BoG Headquarters project cost inflated by US$ 40M – Ablakwa alleges

New BoG Headquarters project cost inflated by US$ 40M – Ablakwa alleges

Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa is challenging the Value of the New headquarters building which he believes is fraught with shadiness.

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Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa is challenging the Value of the New headquarters building which he believes is fraught with shadiness. In a lengthy post on social media, the MP said some investigations have revealed not only a bloating of the cost of the infrastructure but also questions on the companies undertaking the project.

Excerpts of his post reads, “It is obvious that Ghana would have had better value for money if the BoG had been less shady and opened up the process that is opting for a full competitive tendering process. In a bizzare twist, further investigations reveal that one of the BoG’s 5 ordained companies Messrs Ronesans Holdings is not registered at the Office of the Registrar of Companies. How did an unregistered company qualify to participate in a restricted tender?

He again said, “I intercepted another letter dated 4th September 2020 also signed by PPA acting chief executive, Mr Frank Mantey which shockingly reveals that just within 8 months, the cost of the BoG Head Office project astronomically increased from US$ 1,882, 640 to US$ 121, 078,517.94.”

The statement added that “Experts say this staggering US$40 million increase in the project cost between January and September 2020 in a dollar denominated contract is absolutely mind boggling” He believes his expose shows how the Bank of Ghana has been mismanaged by the Governor and his deputies.

The NDC has planned a series of actions including demonstrations against the governor of the central bank if he doesn’t resign within 21 days which expires on Tuesday, 29th August 2023.

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