THE Bank of Ghana (BoG) says the Public Procurement Authority (PPA) approved all its processes and documents before the commencement of the construction of its headquarters.
According to the Head of Research at the Bank, Dr. Philip Abradu-Otoo, all necessary approvals were obtained from the PPA prior to the commencement of the project’s construction.
“We broke no procurement law,” Dr Abradu-Otoo indicated.
Speaking on radio, Dr Abradu-Otoo further indicated that the PPA was involved in evaluating all documents so “no wrong doing has been committed whatsoever.”
“As a transparent and law-abiding institution, we operate within the laws of the country,” he stressed, urging the public to ignore the claims of procurement breaches.
On whether restricted tendering procurement method was good value for money, he indicated that it was justified, since it was evaluated and approved by the PPA.
On the cost of the project, he indicated that it was justified, the reason it was approved by the PPA.
Justification for new office project
A structural integrity assessment conducted by the BoG revealed that the current BoG Head Office building, built by the Nkrumah government in the early 1960s, was no longer fit for purpose and according to experts could not stand any major earth tremors.
The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage.
The building also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area.
The BoG argued that looking at the strategic objective of positioning Ghana as the financial hub of the subregion, with prospects of a potential Headquarters for a future regional Central Bank, the Board and management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank, and also position the BoG in a very good position to be the host of the regional Central Bank as it currently hosts the West African Monetary Institute (WAMI) of the sub region.
It will be recalled that the Acting Director General of the Ghana Geological Survey Authority, Mr Isaac Mwinbelle, in a recent interview with the media justified the need for the Central Bank to relocate from its current location to Ridge, citing seismic reasons.
He said, given the structural integrity assessment by the Central Bank, the new headquarters building at Ridge, will be constructed to withstand any earth tremors and well fortified.
Mr. Mwinbelle said the move by the BOG is in the right direction as the Bank must ensure structural safety, that of the staff and resources, adding that the new location of the headquarters building is better off because it is much further away from offshore.