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
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
Business
Sammi Awuku backs former Finance Minister
Former National Lotteries Authority Boss Sammi Awuku has backed the former Finance Minister’s claim on Betting Tax
The former Finance Minister, Dr.Amin Adam, after the 2025 budget said the NPP did not implement any betting tax.
Additionally, he noted that for the NDC government to say they have abolished something which did not exist was unconscionable.
The former minister has come under fierce criticism on social media by some Ghanaians who believed the betting tax existed.
In a post backing the former Finance Minister, Mr.Awuku wrote.
Read the full post below;
On the So-Called Abolition of 10% Tax on Lottery Wins….
First off, It is important to clarify that lottery is different from betting and same as its taxes. The National Lottery Authority (NLA) is under the Ministry of Finance, while betting is regulated by the Gaming Commission under the Ministry of the Interior.
This distinction matters, yet it’s often ignored for political convenience.
After listening to today’s budget presentation by the Finance Minister , I couldn’t help but notice a rather misleading claim that the government has abolished the 10% lottery tax on winnings.
But let’s be honest: how do you abolish a tax that was never implemented?
For the record, under the previous NPP administration, we engaged extensively with stakeholders, including the then Finance Minister and Hon. Amin Adam and the GRA after the announcement of the proposed 10% tax on lottery wins and recognized early on that taxing lottery winnings would be problematic.
It would have been difficult to administer, cripple the Lottery sector, unfair to players and ultimately more harmful than beneficial.
That is why the tax was never implemented nor enforced.
So, let’s call it what it is. This isn’t an “abolition” but rather a convenient attempt to score political points.
The truth is, the NPP government had already made the decision not to burden Ghanaians with this lottery tax because we understood its impact.
Hon. Amin Adam won’t be wrong to say the Betting tax was never collected anyway since the Finance Minister Hon. Ato Forson also referred to the 10% on Lottery wins as “Betting Tax”. So if that’s what the Finance Minister refers to as Betting Tax then it was never implemented even though passed in 2023.
Ghanaians deserve honesty, not spin. Policies should be about real impact, not just headlines. Let’s focus on the issues that truly affect livelihoods.
