President Akufo-Addo commissions Bank of Ghana's new headquarters

Nov 20, 2024 - 15:24

Accra, Ghana - Nov 20, 2024 - President Nana Akufo-Addo has officially opened the Bank Square, the new headquarters of the Bank of Ghana (BoG), marking a significant milestone in Ghana's economic journey.

This state-of-the-art facility is designed to symbolize financial strength, innovation, and sustainability, reflecting the BoG's commitment to modernizing its operations.

Located in Accra, the Bank Square was constructed by Ghanaian firm Berock Ventures Limited and incorporates cutting-edge technologies and sustainable design principles. The complex is eco-friendly, showcasing the central bank's vision for a secure and dynamic financial future.

During the commissioning ceremony, President Akufo-Addo highlighted Ghana's economic progress, citing a provisional GDP growth of 6.9% in the second quarter of 2024. This growth was driven by robust performance in construction, industry, agriculture, and tourism. Non-oil GDP growth stood at an impressive 7%, signaling the dynamism of Ghana's economy.

The President also praised the Bank of Ghana's efforts in reducing inflation from 54.1% in 2022 to 22.5% as of October 2024. He attributed this success to effective monetary policy interventions and prudent stewardship.

“This reflects the effectiveness of monetary policy interventions and the prudent stewardship of the Bank of Ghana,” the President remarked.

Key Economic Highlights:

- GDP Growth: 6.9% in Q2 2024
- Non-Oil GDP Growth: 7%
- Inflation Reduction: 54.1% (2022) to 22.5% (October 2024)
- Trade Surplus: $2.78 billion
- Gross International Reserves: $7.5 billion

President Akufo-Addo commended the leadership of the Bank of Ghana and the architects, engineers, and contractors involved in the project. He emphasized the importance of visionary leadership, sound governance, and collective responsibility in fostering an inclusive and prosperous economy.

“Today is not just a celebration of a physical structure but a testament to the resilience and aspirations of our people,” he stated.

“The original headquarters, which has served us since 1957, had become inadequate for the complexity of the Bank’s operations. This new facility embodies the resilience of our institution and our determination to remain at the forefront of financial innovation.''

“This magnificent structure is a testament to Ghanaian creativity and perseverance, and it stands as a beacon of pride for all citizens,” he said.

“Let us ensure that this landmark serves as a catalyst for sustainable growth, strengthening our financial systems for generations to come,” President Akufo-Addo concluded.

Source: Lead News Online