BoG Governor Dr. Johnson Asiama on the floor of parliament revealed that $11.1 million was spent on furniture by the previous administration sparking shock among some Ghanaians
the Governor of the Bank of Ghana, made a significant disclosure during a parliamentary session, revealing that the previous administration had spent $11.1 million on furniture for the newly-built Bank of Ghana headquarters, known as The Bank Square.
Bank of Ghana $11.1 million Furniture Spending Revealed by Dr. Johnson Asiama
This announcement, reported by multiple news outlets including GhanaTrends.com and Adom Online, has reignited discussions about the project’s overall cost and fiscal responsibility, especially given the economic context in Ghana.
Dr. Johnson Asiama, the BoG Governor, has revealed that the previous administration spent $11.1 million on furniture for the newly-built Bank of Ghana headquarters among others.#GhanaTrends pic.twitter.com/YKTHHMSVfQ
— GhanaTrends.com (@GhanaTrendsInc) March 5, 2025
Project Context and Total Cost Dr. Johnson Asiama
The Bank of Ghana’s new headquarters, inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, spans 150,000 square meters and accommodates 2,500 staff members, featuring seven interconnected structures including a 22-storey tower and a nine-storey urban block with amenities like cafeterias and medical centers, as detailed by Graphic Online.
The total project cost is estimated at around $250 million, with the core building construction costing $223 million, and additional contracts for ICT systems ($8.6 million), integrated electronic systems ($15.8 million), and furniture and furnishings ($11.1 million), summing to an additional $35.5 million, bringing the total to approximately $258.5 million, aligning with earlier reports of a $250 million figure.
Furniture Cost Breakdown and Comparison
The $11.1 million furniture cost translates to roughly $4,440 per staff member, which, while high, appears reasonable when considering the scale and prestige of the headquarters. Global comparisons suggest office furniture costs can range from $10 to $75 per square meter, with high-end setups exceeding $50 per square meter, according to Zentura. For 150,000 square meters, at $50 per square meter, the cost would be $7.5 million, but given the need for executive and meeting room furniture, the $11.1 million figure seems plausible, especially in the context of Ghana’s currency exchange rate (1 USD ≈ 15.5 GHS as of recent data from Xe), equating to about 172 million GHS.
