We didn’t incur losses because of new head office project – BoG

The Bank of Ghana (BoG) has defended its decision to continue constructing a new head office despite a significant loss of 10.50 billion cedis in 2023, including a $82 million payment to contractors last year.

MP Yusif Suleman questioned the project's viability during a Public Accounts Committee hearing.

Stephen Opasa, Special Advisor to the BoG Governor, argued that halting the advanced project would have been inefficient and costly due to contractors already on site.

Opasa emphasized that the bank's losses were due to other factors and not the construction project. The BoG is seeking a government bailout to recapitalize and support its policy objectives.