According to the NDC, the Bank of Ghana is building a $250 million headquarters in Ridge.

Bank of Ghana - Rapid News GH

The Bank of Ghana has been accused by the opposition National Democratic Congress (NDC) of spending over $250 million on the construction of a new head office.

The NDC has blamed the leadership of the Bank of Ghana for financial management problems, alleging a history of poor decision-making and mismanagement.

According to Minority Leader Dr. Cassiel Ato Forson, these acts have reportedly harmed Ghana’s economic stability and worsened the country’s residents’ living standards.

On Tuesday, August 8, 2023, party leaders claimed that a new central bank headquarters was purportedly being built in the Ridge neighborhood of Accra during the NDC’s Moment of Truth series. They portrayed the Bank of Ghana as being inattentive to the needs of the country and expressed dissatisfaction with how it handled financial issues.

“Perhaps the most worrying reality is that the Governor and his deputies decided it was wise and practical to spend $250 million (GHC2.8 billion) on a new head office facility someplace at Ridge after putting the Bank of Ghana in such a dire financial situation. This is the height of insensitivity mis the administration of a struggling nation’s finances in our situation, Dr. Forson remarked.

Notably, Dr. Ernest Addison, the governor of the Bank of Ghana, and his assistants have come under the focus. The NDC has demanded their resignation due to the purported financial hardship that resulted from their activities.

The party’s spokesperson said, “It is definitely unsettling to see the commitment of $250 million (GHC 2.8 billion) toward building a new Head Office at Ridge in light of the Bank of Ghana’s current financial predicament. This choice seems to epitomize a lack of regard for the sensible management of a country facing challenges in the context of our nation’s condition.

The NDC has issued a severe ultimatum as tensions rise. The party has threatened to hold a march on the Bank of Ghana’s grounds in an effort to remove Dr. Ernest Addison and his deputies from office if they don’t present their resignations within a 21-day window.

The NDC has made additional assertions, including that the Bank of Ghana has been producing money without authorization. The party claims that this claimed action caused hyperinflation, which led to a significant segment of the Ghanaian population falling into poverty.

The NDC’s narrative holds that this alleged “illegal printing of money” has caused Ghana’s external reserves to be depleted, culminating in the unheard-of devaluation of the national currency, the Cedi, which was a major contributing factor to the hyperinflation experienced in 2022.

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