The Bank of Ghana (BoG) has defended its decision to continue building a new head office despite posting a significant loss of ₵10.5 billion in 2023.

The central bank paid $82 million to contractors for the project last year, sparking scrutiny and debate.

MP Yusif Suleman questioned the project's viability during a Public Accounts Committee hearing on Friday, given the bank’s financial situation.

In response, Stephen Opata, Special Advisor to the BoG Governor, justified the continued construction, arguing that halting the project would have been inefficient and costly due to its advanced stage.

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Mr Opata stated that the losses were not solely due to the construction project, acknowledging Suleman’s concerns but maintaining that stopping the project mid-way would not have been the best decision.

“The other alternative was to stop the project. So, I see your point in management, but as I explained earlier, the losses we incurred in 2023 and 2022 were not because of this project.

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"Stopping the project, given the contractors were still on site, wouldn’t have been the best decision,” Mr Opata stated.

The BoG's defence comes as the bank seeks a government bailout to recapitalize and support its policy objectives.