BoG’s $300M Bank Square has more questions to be answered as information shows the cost is up and the project only abouyt 85% complete.
Bright Simons, Vice President in charge of research at the IMANI Centre for Policy and Education, has revealed that the newly commissioned Bank of Ghana’s Bank Square building is not yet complete, despite its official commissioning. According to his post on the matter, the project initially had an estimated cost of $100 million but is now projected to rise to approximately $300 million.
Simons disclosed that the building was only between 81% and 85% complete at the time of its commissioning. He stated, “Information we have is that the ‘commissioning’ is technically dubious because the project is around 81% to 85% complete, with a large amount of interior work, utility installations, and amenities outstanding.” This was part of a detailed 12-point release shared on his X account.
He further questioned why companies were invited to bid for the project, yet it was awarded to a firm that reduced the height of the building from 25 floors to 20 floors, while the cost inexplicably increased by $121 million, an amount approved by the Public Procurement Authority (PPA).
Simons reiterated his concerns about the project’s status, emphasizing that substantial work, including interior fittings, utility installations, and essential amenities, remains incomplete.
This raises questions among observers: Why did the government rush to commission a project that was far from being finished? Notably, during the commissioning event, the interior of the building was conspicuously not shown.
Below are all the chronological facts to prove that all is not right with the Bank Sqaure.
1. In 2020, the Bank of Ghana (BoG) decided to build a new head office (HQ) for ~$100 million.
2. The Public Procurement Authority did its evaluation and said for what they need ~$81.8 million should be enough.
3. BoG invited 5 companies to bid.
4. De Simone & Boogertman+Partners submitted the design for the 25-storey building on the left.
5. BoG decided to award the contract to Goldkey for the design on the right. The floors of the main tower were reduced to 20 but an additional shorter block was added, ostensibly increasing floor space.
6. The cost went up to $121 million with PPA approval.
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7. In 2022, BoG took another look and increased the budget to ~$200m.
8. By September 2023, the project was at 40% completion. Analysts projected final costs at $250m.
9. In November 2024, the project was “commissioned,” with the look on the right.
10. Information we have is that the “commissioning” is technically dubious because the project is around 81% to 85% complete with a large amount of interior work, utility installations, and amenities outstanding.
11. Further information suggests that the central building management system that is supposed to enable control of security, utilities, and ventilation etc. is still stuck in considerable design and troubleshooting issues.
12. Some analysts project final costs to top $300 million. It would be nice to see a proper statement from the Bank of Ghana explaining the *true state of affairs*.
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Some Ghanaians have reacted to his post. Below is one of the comments left on the post:
“Has any of you seen the inside of the new Bank of Ghana building? They didn’t show, and no media house was even given access to the inside… thieves.”
“Ah, the Bank of Ghana HQ—starting as a $100 million dream, now a $300 million masterpiece in progress. Who knew inflation affected buildings mid-construction? Floors were reduced, but the budget soared! And here we are, commissioning an 81% complete structure. Interior work? Utilities? Central management system? Minor details, right? Maybe by 2030, we’ll get the full grand tour. BoG, we’re waiting—tell us the real story.”