ECOWAS eco linked to $250 million BoG headquarters

The Proposed common currency of the Economic Community of West African States (ECOWAS), eco has been cited as one of the reasons for the controversial $250 Million Bank of Ghana (BoG) Headquarters.

Majority Leader and Minister of Parliamentary Affairs, Osei Kyei-Mensah-Bonsu reveals that Nigeria, Côte d’Ivoire, and Ghana being considered to host the Eco Headquarters but Ghana has a greater chance and therefore ought to prepare adequately ahead of the implementation of the common currency.

According to him, building a new headquarters for the BoG will in the future serve as a Headquarters for ECOWAS’ new currency ECO when it is successfully implemented as planned.

“For a long time, the ECOWAS wants to use a common currency which is ECO. The West African countries are considering two countries that can serve as Headquarters to the ECO, a bank to be responsible for that and they will place under the Central bank of that country”, Mr Kyei-Mensah-Bonsu told Angel FM Kumasi.

He further revealed that, “So far there three countries Nigeria, Côte d’Ivoire, and Ghana being considered to host it but Ghana has a greater chance”.

This comes after the NDC in a press conference accused the Bank of Ghana of building a new head office at a whopping $250 million.

The NDC also accused the management of the Bank of Ghana of gross mismanagement and recklessness over the past years which Minority Leader, Cassiel Ato Forson said has put a strain on Ghana’s economy thereby deteriorating the standard of living of Ghanaians.

The party threatened to march to the premises of BoG to drag the governor and his deputies from office if they fail to resign within 21 days.

But the management of the central bank has justified why they invested $250 million in the construction of a new building to serve as its new headquarters in Accra.

The central bank explained that a structural integrity assessment it conducted revealed that its current Head Office building is no longer “fit for purpose” and could not stand any major earth tremors.

According to the Bank of Ghana, unlike its current BoG Head Office building, built by the Nkrumah Government in the early 1960s, the new Head Office can stand major earth tremors.

The New Bank of Ghana Headquarters

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, is no longer fit for purpose and 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.

This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected. 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.

Based on the above, and 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 Bank of Ghana in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the Sub region.