Private legal practitioner, Martin Kpebu has shared a different perspective on the cost of the new Bank of Ghana headquarters.

According to him, the new BoG headquarters under construction is cheaper compared to what private developers had done in the past.

“I asked people who know about building in Accra and I got jaw-dropping facts. For the first time, government [BoG] is able to build at a far lower cost than the private sector, he said on JoyNews’ Newsfile on Saturday.

The Bank of Ghana in a recent statement noted that it is spending $250 million to build a new head office because its current office which was built in the 1960s has failed a structural integrity assessment.

It said, the edifice “is no longer fit for purpose and could not stand any major earth tremors.”

Also read: https://myjoyonline.com/current-bog-head-office-edifice-built-in-early-1960s-cant-withstand-earthquakes-bog-justifies-new-250m-building/

But the Minority in Parliament has been loud about the development questioning why such a building would be under construction at a time when the bank had recorded a GH¢60.8 billion loss and the economy is not yet stabilised.

Speaking on the same show, former Tamale Central MP, Inusah Fuseini said it was unwise for the bank to commence the construction of a new building project in 2021 amidst the economic challenges at the time.

According to him, the BoG holds a fiduciary responsibility to the people of Ghana because the bank belongs to the entire Ghanaian populace.

Speaking on JoyNews’ Newsfile on Saturday, Mr Fuseini said that decisions taken by BoG must be taken prudently and that the bank should be accountable.

But Mr Kpebu applauded government for undertaking such a project at a less expensive cost and asked critics to take a second look at the project’s cost.

“I looked at this document, it is called 2021 property and construction – when you go to page 81 you see that in Ghana the average if you want to build shows 2,658 dollars per square meter yet this particular building is far cheaper not exceeding 2,200 dollars per square meter.”

According to him, the fact that Covid-19 hit the nation does not mean that the country should not undertake any developmental projects.

Read also: https://myjoyonline.com/bog-to-blow-250m-on-new-head-office-amid-its-huge-losses-ndc/

He added that having an economic challenge does not preclude the construction of buildings and that the construction of roads and other projects stimulates the economy.

However, he noted that the issue of contention is the reckless borrowing of the government.

He has thus backed calls for the Governor, Dr Ernest Addison and his two deputies to resign.

Mr Kpebu says the trio have no business staying considering the mismanagement that they have caused at the central bank.