President Lauds Bank of Ghana’s Commitment to Sound Monetary Policies at New Headquarters Inauguration

President Nana Akufo-Addo has commended the Bank of Ghana (BoG) for its steadfast commitment to sound monetary and financial policies, which have been crucial in promoting economic stability and growth.

During the inauguration of the Bank’s new headquarters in Accra, the President emphasized the institution’s essential role in tackling macroeconomic challenges and fostering socio-economic development. “These achievements reflect the Bank’s unwavering dedication to maintaining stability and enabling inclusive, sustainable growth,” he stated.

The President noted several key milestones under the Bank’s leadership, including a GDP growth rate of 6.9 percent in the second quarter of 2024, a significant drop in inflation from 54.1 percent in 2022 to 22.1 percent as of October 2024, and a trade surplus of US$2.78 billion.

He also highlighted the effective management of international reserves, which now stand at US$7.5 billion, as crucial for navigating external shocks.

President Akufo-Addo underscored the new headquarters’ role in enhancing the Bank’s capacity to promote digital finance, improve regulatory frameworks, and attract investments.

Dr. Ernest Addison, Governor of the Bank of Ghana, noted that the construction of The Bank Square fulfills a vision dating back to the early 2000s. The project gained momentum in 2018 after the President endorsed it and authorized an Executive Instrument to secure the land. Dr. Addison acknowledged previous obstacles but credited the current administration for ensuring the project’s completion.

At 100 meters tall, The Bank Square is now Ghana’s tallest building and a symbol of sustainability, powered entirely by solar energy and in line with global environmental standards. The complex accommodates over 2,500 staff and features modern amenities, including a currency museum, a 1,500-seat auditorium, and advanced conference facilities.

During the inauguration, Dr. Addison remarked that the state-of-the-art facility symbolizes the nation’s commitment to economic progress and its aspirations for leadership in Africa’s financial ecosystem.

He described the building as a national monument representing Ghana’s dedication to transforming its economy.

“This structure is not only significant in size but also in sustainability,” Dr. Addison emphasized. He added that the new headquarters would enhance efficiency and productivity by consolidating the Bank’s operations, which were previously dispersed across multiple locations in Accra, thereby reducing costs and improving communication.

Expressing optimism about the facility’s future impact, he stated, “We envision this building as a hub for innovation, where groundbreaking ideas will flourish, enabling the new generation of officials to achieve new heights in modern central banking.”

Historically, the Bank of Ghana has operated from its previous headquarters on Thorpe Road since its establishment in 1957. Dr. Addison paid tribute to the legacy of the old building, declaring, “After 67 years of meritorious service, today’s ceremony officially retires the old head office.” He also reflected on the central bank’s evolution from the Bank of the Gold Coast in 1947 to its current oversight of a financial sector comprising over 830 institutions, highlighting the changing domestic economic landscape and the increasing integration with global financial systems.