BoG’s excuse for building new head office unacceptable – Bernard Monarh


A leading member of pressure group, AriseGhana, Bernard Monarh, has criticized the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, for his justification of the new headquarters for the central bank.

The central bank stated that its current head office is not earthquake resistant, hence the construction of a new head office.

The Minority in Parliament has described the justification for the new BOG head office, which is costing taxpayers a colossal $250 million as “bizarre”.

“The excuse that the current Bank of Ghana Head office is not earthquake resistant is most ridiculous, to say the least,” the Minority said.

In light of this, AriseGhana has announced its intention to join the Minority in Parliament in picketing at the premises of the Bank of Ghana on September 5 to demand the resignation of the Governor and his deputies.

In an interview with Eyewitness News, Bernard Monarh rejected the excuse given by the Governor of BoG, arguing that all buildings within the enclave of the head office of BoG should be evacuated since the area is earthquake-prone.

“If you listen to the Governor of the Bank of Ghana, he said the location of the central bank is earthquake-prone and so it should be removed. Citi FM, Parliament, our Superior Courts, Kwame Nkrumah Memorial Park, are all located in an earthquake-prone area. The entire Accra is earthquake-prone. Ghana Commercial Bank is directly opposite the central bank.”

“We have the biggest market in Accra called Makola of which all these institutions are within the central bank enclave. If it’s about an earthquake area, then the suggestion is that let’s evacuate all other buildings. In fact, what it will mean is that we will take our capital from Accra. If you make these arguments, which are flimsy, of which you are spending that money, I think that it doesn’t sit well with anyone”.

The leading member of AriseGhana lashed out at Dr Addison for building a new office when Ghanaians are currently experiencing hardships.

“We do what is necessary before we do what is desirable. At this critical moment, when the economy is in such turmoil and the IMF has asked the government to suspend major development programs in order to relieve the burden on the citizens of this country, the BoG is thinking of building an edifice that will make them sit comfortably. I think the governor has lost track of time,” he asserted.


He said they will continue to picket at the premises of BoG until the Governor and his deputies resign.