Is the new BoG office building the catalyst to attaining its mandate?

The Bank of Ghana (BoG) has inaugurated a $250 million office complex, dubbed "The Bank Square," intended to consolidate its operations and symbolize its prominence in Ghana’s financial sector.

The building includes sustainable features, staff facilities, and advanced structural designs. However, critics argue the project misaligns with the BoG’s mandate amidst worsening economic indicators.

Between 2016 and 2023, inflation rose significantly, the cedi depreciated sharply, and non-performing loans increased despite a financial sector cleanup.

Private sector credit growth also slowed, reflecting poorly on the BoG’s ability to promote economic stability and growth.

Observers question the prioritization of a costly building over addressing core economic challenges, suggesting it highlights disconnects in the bank’s focus and recruitment practices.

They emphasize the need for stronger technical competence to fulfill its mandate and address Ghana's pressing economic issues.