The audit of the US$261.8 million office complex, he said, formed part of a comprehensive review of the Bank's legacy projects, which would be done after the swearing-in of the Board of Directors next week.

Dr Asiama made the disclosure when he appeared before Parliament to brief them of the cost of the project, which was commissioned by the erstwhile government, but was now about 98 per cent completed.

"We believe this will bring clarity to the matter and we believe this will bring conclusion to the issue of our new Bank of Ghana building," the Central Bank Governor said.

The briefing had become necessary as the total cost of the 20-storey building, located on a 21,551 square metres land at West Ridge kept increasing, raising concerns last year, given the economic situation of the country at the time.

"The project was initially valued at US81.8m but later increased to US$121.1m after the Bank of Ghana requested for three evaluations. This was revised again to US222.8m after the redesign and inclusion of building management system," Dr Asiama said.

He noted that statutory requirements, security needs, and sustainability considerations resulted in a total project cost of US$261.8m, adding that as of February 2025, an amount US$230 million had been paid to the contractor, with an outstanding balance of US$31.8m.
He also told the House that separate contracts were awarded for other infrastructure, including ICT and integrated electronics systems and network infrastructure, and furniture, totalling, US$35.5m.

The Central Bank Governor stated that those elements were included to ensure that the Bank operated in a secure and technologically advanced environment, in line with the needs of a modern central bank.

In 2019, under a new Board of the Bank of Ghana, a structural integrity audit was conducted, which showed that the existing head office, built in the late 1950s, had developed significant structural defects and was no longer fit for purpose, he said.
He assured the House of the Central Bank's focus on its primary responsibilities of maintaining price stability to ensure financial sector resilience and contribute to economic growth.