BoG ‘caught’ hiding over GH¢711m expenditure on remodelling of offices, guest house – Ablakwa alleges: North Tongu Member of Parliament (MP) Samuel Okudzeto Ablakwa has strongly criticized the Bank of Ghana (BoG) for its alleged expenditure of over GH¢711 million in 2022. These funds were purportedly used for various projects, including remodeling regional offices, constructing a guest house, and erecting a new head office. Ablakwa’s condemnation stems from the fact that these expenditures occurred during a time when Ghana was grappling with a significant economic crisis.
In a Facebook post dated September 19, 2023, Ablakwa raised concerns about the transparency of the BoG, asserting that the central bank had attempted to conceal these massive expenditures. It was only due to the diligence of independent auditors from Deloitte that these financial commitments came to light.
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Ablakwa questioned the motives behind the BoG’s apparent efforts to hide these transactions, particularly given the public scrutiny of such significant expenditures. He queried, “If the Bank of Ghana had nothing to hide and was really proud of its sleazy new headquarters project and all the other dubious constructions, why did they deploy such elaborate opaque concealment schemes just to avoid accountability?”
According to a document shared by the MP, Deloitte’s findings revealed that the BoG had omitted GH¢711.21 million in capital expenditure commitments from its financial statement as of December 31, 2022. These expenditures included extensive projects such as the renovation of regional offices, the development of the Bank of Ghana Head Quarters, and the construction of a Guest House in Tamale.
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Ablakwa’s allegations and concerns regarding the BoG’s financial transparency raise important questions about accountability, especially when public funds are involved. The situation highlights the significance of transparency and responsible financial management, especially in critical sectors like banking and finance.
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It remains to be seen how the BoG will respond to these allegations and whether further investigations will be conducted to address these concerns.
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