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The President, Nana Addo Dankwa Akufo-Addo, has said that the economy is charting a course of recovery and resilience, driven by robust performances across construction, industry, agriculture, consumer demand and tourism.
He said recent data estimating the provisional Gross Domestic Product (GDP) growth at 6.9 per cent in the second quarter of the year demonstrated the dynamism of the Ghanaian economy, with non-oil GDP growth of 7.0 per cent further reinforcing the strength of the nation’s economic fundamentals.
Speaking to an audience of financial experts, policymakers and international guests in Accra yesterday, President Akufo-Addo alluded to the sharp reduction in inflation from a staggering 54.1 per cent in 2022, to 22.1 per cent as of October 2024.
“Recent data from the Bank of Ghana (BoG) paints a picture of resilience and promise,” the President added.
On the external front, President Akufo-Addo pointed out that the country recorded a trade surplus of $2.78 billion at the end of the first half, buoyed by robust gold and crude oil exports.
The nation’s international reserves stand at $7.5 billion, providing a critical buffer against external shocks.
President Akufo-Addo attributed the achievements to the prudent stewardship of the BoG, emphasising its indispensable role in navigating global uncertainties and fostering economic growth.
“These achievements reflect the bank’s unalloyed commitment to sound monetary and financial policies,” he stated.
The President noted that the downward trend in inflation, coupled with reducing prices of food and petroleum products, signalled a brighter economic future.
Front view of the new Headquarters of the Central Bank of Ghana. Picture: SAMUEL TEI ADANO
He emphasised the broader impact of the gains, including improved confidence among investors and enhanced opportunities for domestic and international stakeholders.
President Akufo-Addo called on Ghanaians to remain optimistic and united in their pursuit of inclusive and sustained growth.
He made the observations when he inaugurated a new head office complex of the central bank, located at the Ambassadorial Enclave at Ridge, which has been christened “The Bank Square”.
Designed by a Ghanaian-British architect, Sir David Frank Adjaye, and constructed by indigenous firm, Goldkey Properties Limited, The Bank Square spans seven interconnected structures across an area of 150,000 square metres within a beautifully landscaped environment. The complex accommodates 2,500 staff.
The development also includes an energy farm that powers the complex, making it one of Ghana's largest solar-powered office buildings.
The key components of the Square include the Amenity Pavilion, Urban Block, Podium, Tower and Grand Pavilion.
The Amenity Pavilion, a six-storey building, houses facilities such as a currency museum, conference centres, press rooms, an auditorium and a rooftop terrace.
The Urban Block is a nine-storey structure designed with expansive floor plates for corporate offices, staff wellness spaces, cafeterias, lecture rooms, computer laboratories, a nursery, breakout areas and a medical centre.
The Podium, on the other hand, is a strategically positioned five-storey structure, with two levels above ground and three below, serving as the main connector between buildings.
It includes secure parking and extensive mechanical, electrical and plumbing spaces.
Its landscaped rooftop provides direct access to the primary lobbies of the Tower and Urban Block.
The Tower serves as the visual icon of the project, housing the majority of office spaces, meeting and conference rooms, a banking hall and VIP areas.
It also includes prayer rooms for both Muslim and Christian staff.
The Grand Pavilion of the square is a stunning entrance featuring a grand staircase of 41 elegantly designed steps, blending functionality with architectural sophistication to encourage wellness.
It also boasts eco-friendly elements such as solar canopies, UV-protected glass facades, natural self-cleaning stones, rainwater harvesting and energy-efficient lighting systems.
Goldkey Properties Limited built the modern complex in conformity with the certified Excellence in Design for Greater Efficiencies (EDGE) resource-efficient building standard.
The inaugural ceremony was attended by a number of dignitaries, including the President’s wife, Rebecca Akufo-Addo; Vice-President Mahamudu Bawumia; the Minister of Finance, Dr Mohammed Amin Adam; the Chairman of the Council of State, Nana Otuo Siriboe; the Ga Mantse, King Tackie Teiko Tsuru II; the Governor of the Central Bank of West African States, Jean-Claude Kassi Brou, and the Founder of Goldkey Properties Limited, Kwaku Ofosu Bediako.
President Akufo-Addo said the inauguration marked a historic milestone in the remarkable journey of the BoG which started operation in 1957, the year of the country's independence.
Established as a central institution for economic management at the dawn of Ghana's sovereignty, he said the Bank of Ghana had been an enduring symbol of the nation's economic independence and resilience.
President Akufo-Addo said over the decades, the BoG had played a pivotal role in the evolution of “our economy, serving as a bedrock of monetary stability and financial regulation".
He said the original headquarters which had served the bank since 1957 had become inadequate to support the evolving scale and complexity of its operations.
"Over six decades, the bank has been transformed in response to the dynamism of Ghana's economy, necessitating facilities that are both modern and secure to discharge effectively its mandate.
"The Bank Square is a declaration of intent. It embodies the resilience of our institutions and the aspirations of our people," he said.
The President stated that beyond its aesthetic grandeur, the square represented a hub of financial innovation, a centre for collaboration among policymakers, industry leaders and experts, and a landmark that underscored the country’s commitment to a sustainable future.
The Minister of Finance said the monumental edifice represented more than just a physical structure as it symbolised "our nation's commitment to economic stability, financial integrity and progress".
Dr Adam acknowledged the critical role the bank played in shaping the country's economic destiny.
"This new headquarters will, therefore, provide a conducive environment for the bank's dedicated staff to execute their mandate with efficiency and effectiveness," he stated.
For his part, the Governor of the BoG, Dr Ernest Addison, said the infrastructure was designed with the future in mind and stood as one of the most important modern civic landmarks in the city of Accra and for that matter, the country.
The building, he said, would play a pivotal role in shaping Ghana’s identity as a leading force in Africa’s financial ecosystem, symbolising Ghana's growing influence as an economic powerhouse on the world stage.
"By commissioning this product of the imagination of an internationally celebrated architect, Sir David Adjaye, a proud son of Ghana, we are boldly affirming our commitment to investing in the nation’s future.
His architectural firm, Adjaye Associates, has created this enduring masterpiece — one designed to withstand the test of time and serve as a beacon of Ghana’s revitalisation for generations to come," he said.
Standing at 100 metres, he said "it is not only the tallest building in Ghana, but also the most sustainable EDGE Advanced structure of its size in the country and in the sub-region".
The President of the Ghana Association of Bankers and Managing Director of GCB Bank PLC, Kofi Adomakoh, described the facility as a remarkable feat.
"It represents how mature we are today as a country in developing the ecosystem for financial markets in Ghana," he said.
