The Bank of Ghana (BoG) is building a new multi-million dollar mansion for its governor at the old location of the Bank of Ghana Clinic in Ridge, Accra, according to Dr. Cassiel Ato Forson, the Minority Leader in Parliament.

The former deputy finance minister voiced worries about the clinic’s demolition in a post on X on Monday, June 3, alleging that it was done just to create room for the governor’s new home.

Governor Ernest Addison came under fire from Dr. Forson for moving on with the project in spite of the BoG’s report of huge financial losses.

He emphasized that in 2023, the Bank of Ghana declared a significant loss that amounted to fifteen thousand percent of its declared capital.

He contended that large-scale construction projects like the one that is now underway are not justified by such subpar financial results.

“In 2022, Bank of Ghana made a colossal loss of over 600,000% of its stated capital of GHS10 million. The Bank made another loss equivalent to 150,000% of its stated capital in 2023. Is this poor record of performance comparable to any central bank?”

“Yet, apart from ongoing construction of a new HQ with about USD250 million, the Bank of Ghana is also building a new multi-million dollar residence for the Governor at where the Bank of Ghana Clinic used to be at Ridge in Accra.”

In light of the Bank of Ghana’s current financial situation, the MP for Ajumako-Enyan-Essiam reiterated his belief that the governor’s new mansion should not be built.

In order to make sure that public resources are being used effectively, he urged interested parties to carefully examine such choices.