Parliament has approved a £17 million lease extension that will enable Ghana to retain Regina House, the London property that houses the Ghana International Bank (GHIB), for an additional 150 years.

The approval paves the way for the government to renew the long-term lease on the strategically located property in the heart of London's financial district, securing Ghana's continued ownership interest in one of its most valuable overseas assets.

The decision followed the presentation and adoption of a report by Parliament's committee responsible for examining the agreement.

Presenting the committee's report to the House, the Deputy Minister of Finance, Thomas Ampem Nyarko, said the lease extension would cost approximately £17 million and would guarantee Ghana's continued occupation of the property for another 150 years.

The approval comes amid heightened public interest in the future of Regina House following concerns over the condition of sections of the building and calls for a more efficient commercial use of the property.

In recent months, questions have been raised about the state of the building, with some stakeholders urging the government to undertake refurbishment works to preserve the value of the asset.

There have also been suggestions that portions of the property not currently occupied by Ghana International Bank should be leased to commercial tenants to generate additional revenue and improve returns on the investment.

Supporters of the agreement argue that extending the lease protects a strategic national asset in one of the world's leading financial centres while creating opportunities for future redevelopment and commercial utilisation.

Regina House has for decades served as the headquarters of Ghana International Bank, a United Kingdom-based banking institution established to facilitate trade, correspondent banking and financial transactions between Ghana, the United Kingdom and other international markets.

The property occupies a prime location in central London, making it one of Ghana's most significant real estate holdings abroad.

The lease extension is also expected to provide long-term certainty for the bank's operations while preserving the property's strategic and commercial value for future generations.

The approval authorises the government to proceed with the transaction, after which the lease extension agreement will be executed in accordance with the applicable legal and financial requirements.