Business
New BoG building: $230m paid to contractor, $31.8m outstanding – Dr Asiama
The new Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has revealed that the state under the previous Nana Akufo-Addo administration has paid $230 million to the contractor working on the new BoG building project, with an outstanding balance of $31.8 million still owed to the construction firm.
He disclosed that the total cost of the project has risen to $261.8 million, with the payments to the contractor being made as recently as February this year.
“As of February this year, a total of approximately $230 million has been paid towards the project, with an outstanding balance of $31.8 million still due to the contractor,” he stated in parliament on Wednesday, March 5.
Dr Asiama also noted that an additional $48.3 million has been paid in taxes and levies associated with the construction of the building.
In addition to the main building, Dr Asiama explained that several other facilities were part of the project, including an Integrated Communication and Computing (ICC) system and Network Infrastructure, which cost $8.6 million.
Other expenditures included integrated electronic security systems at $15.8 million and furniture and furnishings, which amounted to $11.1 million.
He emphasised that these investments are aimed at ensuring the Bank of Ghana operates in a secure and technologically advanced environment, in line with the needs of a modern central bank.
In November 2024, former President Nana Akufo-Addo officially inaugurated the facility to serve as the new headquarters of BoG.
The state-of-the-art facility designed to symbolise financial strength and modernity is situated in the heart of the national capital.
The new facility marked a historic milestone in the evolution of the country’s central bank, which has been a pillar of the nation’s economic independence since its establishment in 1957.
Source: Myjoyonline.com
Business
Ghana Gas debunks claims by Oforikrom MP over Atuabo plant shutdown
The Ghana National Gas Company (Ghana Gas) has dismissed claims by the Member of Parliament for Oforikrom that the Atuabo Gas Processing Plant is still not working after a recent maintenance shutdown.
In a statement, the company said the reports being circulated on social and traditional media were “false and misleading.”
It explained that the planned maintenance was successfully completed ahead of schedule and in line with international safety and operational standards.
According to Ghana Gas, the plant was restarted on August 27, 2025, and has since been delivering gas safely to major consumers, including power producers and industries.
The company noted that the shutdown works involved calibration of safety systems, overhaul of the main transmission compressor, servicing of the heat medium system, and replacement of the system fluid as recommended by the manufacturers.
It added that in previous years, restarting the plant after such major works had taken at least 14 days, but this year the team managed to complete the process in just five days.
Ghana Gas described the achievement as proof of improved planning, efficiency, and technical excellence.
Management also revealed that both the Chief Executive Officer and the Deputy Chief Executive in charge of Technical and Operations had personally commended the technical team for the job done ahead of schedule.
Ghana Gas assured the public that the Atuabo plant is in good condition and continues to supply reliable gas to support national energy needs.
The company further urged the media and commentators to verify information from official sources before publication, stressing that unverified claims only mislead the public and create unnecessary panic.
By: Jacob Aggrey
Business
BoG Governor: Cedi’s appreciation not artificially influenced
The Governor of the Bank of Ghana, Dr Johnson Asiama, has dismissed claims that the Central Bank is manipulating the exchange rate to cause the recent appreciation of the Cedi.
His comments come amid growing speculation following the local currency’s notable performance against major foreign currencies in recent weeks.
Addressing participants at the Ghana CEO Summit in Accra on Monday, 26 May 2025, Dr Asiama firmly denied any artificial intervention by the Bank of Ghana.
He noted that the strength of the Cedi was the result of broader economic improvements rather than external support or short-term tactics.
“Our Cedi has appreciated by 24.1% against the US dollar,” he stated. “Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation.”
He attributed the positive trend to a combination of disciplined monetary policy, foreign exchange reforms, and increased inflows.
“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he explained.
Dr Asiamah further pointed to enhanced market surveillance and improved remittance flows as contributing factors to the sustained strength of the currency.
He assured the business community that the central bank remains committed to maintaining transparency and credibility in Ghana’s monetary operations.
Source:Myjoyonline.com
