The Bank of Ghana is considering selling its ultra-modern headquarters in Accra less than two years after it was commissioned as a “legacy project,” sources within the Central Bank have disclosed to Myjoyonline.com.

The multi-purpose complex, known as The Bank Square, replaced BoG’s 69-year-old previous headquarters. It was built under the erstwhile Akufo-Addo government at a cost of over $260 million as a befitting legacy for the Central Bank after more than six decades of service.

However, the current management, backed by the government, is now pursuing a “sale and leaseback” arrangement, according to the sources.

Serious discussions have reportedly taken place, with BoG leadership said to be strong advocates for disposing of the prestigious national asset.

Divided board 

While some directors oppose the proposal, warning it will be costly to the Bank in the long term, influential proponents, backed by strong elements within the government, insist the sale must go ahead.

They argue that the BoG urgently needs to shore up its balance sheet following recent operational losses.

Opponents counter that the proposed deal is structured to benefit the buyer, who would lease the facility back to BoG at rates “that don’t make business sense.”

“Even though BoG seeks to unlock immediate cash from the sale, the proposal, from what we know, is designed to benefit the buyer at great long-term cost to the bank. This doesn’t make business sense,” one source said.

Background 

Construction of The Bank Square began in 2019 under the previous NPP government and was commissioned by President Akufo-Addo in November 2024, replacing the old headquarters, which had been described as small and “unsafe”.

Plans for a new office date back to the 1990s, but work only started in 2019, with the Bank itself describing the new project as a “legacy” investment.

The 150,000-square-metre complex comprises seven structures, including “The Tower” — Ghana’s tallest building at 100m with 22 floors.

At the launch, then Governor Dr. Ernest Addison called it “a national monument highlighting our commitment to transforming the Ghanaian economy,” adding that it is “intertwined with the development and history of Ghana.”

President Akufo-Addo, who commissioned it, said the edifice symbolised “a modern and forward-thinking approach” for the decades ahead.

Bank of Ghana officially relocated operations to The Bank Square in September 2025.