The Bank of Ghana is set to inaugurate its new headquarters, "The Bank Square," on November 20 in Accra, despite public scrutiny over the project’s $250 million price tag.

The ceremony, scheduled to begin at 10 a.m., will feature President Nana Addo Dankwa Akufo-Addo as the special guest.

Attendance is by invitation only.

The construction of the new headquarters has fuelled debate, particularly since the Bank of Ghana reported a significant loss of 10.5 billion cedis ($900 million) for 2023.

Critics, including Member of Parliament Yusif Suleman, have questioned the prudence of the project in light of these losses, suggesting the funds could have been redirected to shore up the bank’s finances.

Defending the project, Mr Stephen Opata, Special Advisor to the BoG Governor, argued that abandoning the headquarters, which was already in an advanced stage, would have been costly and inefficient.

“I hear you clearly,” Mr. Opata said in response to concerns. “But this project was way advanced. Stopping it mid-way would not have been the best decision under the circumstances.”

Bank of Ghana officials maintain that the new facility is essential for meeting the institution's operational demands.

Mr. Opata emphasised that the bank’s financial setbacks in 2023 stemmed from multiple factors unrelated to the headquarters' construction and that halting the project would have imposed further financial strain.

The new headquarters, according to the BoG, reflects a long-term investment in Ghana’s financial infrastructure, balancing both present and future needs, and is expected to enhance the bank's operational efficiency in years to come.