The Governor of the Bank of Ghana, Dr Johnson Asiama, has stated that the old headquarters of the central bank lacked structural integrity, necessitating the construction of a new facility.

He made this known when he appeared before Parliament to answer questions regarding the decision to build a new headquarters for the Bank of Ghana.

Dr Asiama explained that discussions surrounding a new headquarters started as far back as 2011 when the board at the time considered acquiring land for the project.

However, despite deliberations, the board was unable to settle on a specific location before its tenure ended.

"Mr Speaker, even in 2016, when I was the Deputy Governor, the same issue was being considered; however, we could not settle on a specific location," he stated.

He further revealed that in 2019, under a new board, a structural integrity audit was conducted on the existing headquarters, which was built in the late 1950s.

The audit findings indicated that the structure had developed significant defects over the years, making it unfit for purpose.

"The existing headquarters had developed significant structural defects and was no longer fit for purpose," he emphasised.

Dr Asiama’s comments come amid concerns raised about the necessity and cost of constructing a new headquarters.

However, he maintained that the decision was based on expert assessments, highlighting the importance of having a structurally sound and modern facility for the effective functioning of the central bank.

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