President Akufo-Addo (3rd R), being assisted by Vice President Dr. Mahamudu Bawumia (2nd R), Dr. Ernest Addison (4th L), Governor, Bank of Ghana and King Tackie Teiko Tsuru II (3rd L), Ga Mantse to inaugurate the new BoG Headquarters. PIX BY: Gifty Ama Lawson
President Akufo-Addo yesterday commissioned the new Bank of Ghana headquarters at Ridge in Accra.
The 22-storey facility ‘The Bank Square’ spans 150, 000 Square meters that accommodates 2,500 staff members across seven interconnected structures.
The facility also has a 6-storey amenity pavilion that has facilities such as currency museum, conference centers, press rooms, an auditorium and an urban block with a 9 storey structure for corporate offices, staff wellness spaces, cafeteria, lecture rooms, computer labs, breakout and a medical center.
The facility also has a tower that houses the majority of office spaces, Banking hall, a VIP area, meeting conference rooms among others.
Speaking at the commissioning, President Akufo-Addo said the occasion marks a historic milestone in the journey of the Central Bank, that began in 1957 serving as an enduring symbol of the nation’s economic independence and resilience.
He said the bank has over several decades played an important role in the evolution of the economy, serving as the bedrock of momentous stability and financial regulation while providing the necessary framework for the pursuit of macroeconomics stability, enabling the realisation of our collective aspirations for socioeconomic progress.
“The Bank Square today is a testament to the bank’s vision, maturity and enduring relevance,” he said.
The President mentioned that beyond its aesthetic grandeur the Bank’s office complex, represents a heart for financial innovation, a centre for collaboration among policymakers, industry leaders and experts and a landmark that underscores its commitment to a sustainable future.
The President also commended the management and staff of the Bank of Ghana under the leadership of Dr. Ernest Addison and his two deputies for their strong dedication and professionalism.
Touching on the economy, President Akufo-Addo indicated that Ghana’s economy is on a recovered trajectory with a provisional GDP growth of 6.9% recording in the second quarter of 2024 driven by robust performances across all sectors.
He also cited non-oil GDP growth of 7% which attest to the dynamism of the economic growth of the country.
The President also stated that indicators of economic activity such as construction industry, agriculture, consumer demand and tourism show encouraging signs of continued improvement.
He also cited said Inflation for instance as an example of government efforts to continue to build a robust economy in spite of the challenges.
The President mentioned that inflation which stood at a staggering 54.1% in 2022, has been reduced sharply to 22.1% as of October 2024, reflecting the effectiveness of the Battle of Ghana’s monetary policy interventions.
He was hopeful that the downward that the downward trend in the rate of inflation will continue as shown in the reduction of prices of foodstuffs and petroleum products.
He said, “This stabilisation has renewed confidence among households and businesses, reinforcing the sense of optimism for the future. Trade surplus now stands in an impressive $2.78 million with gold and crude oil exports leading the way.
Our international reserves stand at $7.5 billion under the stewardship of the bank of Ghana in navigating global uncertainties”.
Those achievements the President explained are a reflection of the bank’s commitment to sound monetary and financial policies.
By Ebenezer K. Amponsah