Samuel Okudzeto Ablakwa, the North Tongu Member of Parliament, has unveiled evidence suggesting that the Bank of Ghana (BoG) included an unregistered Ghanaian company in its shortlist for the construction of its new office complex.
In a comprehensive Facebook post on August 17, Ablakwa outlined a range of concerns surrounding the project, spanning its inception, procurement processes, and the evolving budget.
He revealed that the project’s initial cost exceeded $81 million, but astonishingly escalated to $121 million within just eight months.
He also hinted that the current projected cost of $250 million, as presented by the Parliamentary Minority, might be surpassed based on the information he had gathered. Ablakwa disclosed that the BoG received approval from the Public Procurement Authority (PPA) to employ a restricted tendering approach for selecting contractors, which resulted in the selection of five foreign companies.
However, he raised queries about the criteria used to select these foreign firms when Ghana already boasts several established local construction enterprises. Ablakwa additionally highlighted the anomaly that one of the chosen firms, Messrs. Ronesans Holdings, was not registered with the Office of the Registrar of Companies.
Furthermore, Ablakwa alleged possession of a letter dated September 4, 2020, signed by Mr. Frank Mantey, the Acting Chief Executive of the PPA. According to Ablakwa, this correspondence exposed a staggering surge in the cost of the BoG Head Office project from $81,882,640.00 to $121,078,517.94 within an astonishingly brief eight-month period.
The significant increase in the project’s expenses has sparked substantial attention, particularly as the projected value of the facility has now reached $250 million, as asserted by the Parliamentary Minority. In response to criticism from the minority, the Bank of Ghana defended the necessity of the new office complex, citing security reasons and concerns over the safety of the current location during earthquakes.
Ablakwa’s disclosures have intensified the mounting pressure on Governor Ernest Addison’s leadership at the Bank of Ghana. Following the revelation of 60 billion cedis in losses in the 2022 annual report, the Minority has demanded the resignation of Addison and his two deputies.
The Minority has also indicated their intention to stage a protest at the bank’s premises if the governor does not step down within 21 days of their demand.
