STORY HIGHLIGHTS
- Sources within the Bank of Ghana have told MyJoyOnline the central bank is actively considering a sale-and-leaseback of the Bank Square, less than two years after it was commissioned
- The bank’s board is reportedly divided — with opponents warning the deal is structured to benefit the buyer at long-term cost to the institution
- Finance Minister Ato Forson publicly floated the idea in March 2025 after rejecting a GH¢53 billion bailout request from the bank
- The Bank Square cost over $260 million in total; the Bank of Ghana recorded a net loss of GH¢15.63 billion in 2025, with negative equity widening to GH¢93.82 billion
Accra, June 2026 — When President Nana Akufo-Addo commissioned The Bank Square on November 20, 2024, the central bank described it as a 150,000-square-metre complex accommodating 2,500 staff, built to meet Excellence in Design for Greater Efficiencies standards and featuring seven interconnected structures.
Designed by architect David Adjaye and constructed by Goldkey Properties, the tower rises 100 metres over Accra’s Ridge district — Ghana’s tallest building.
Two years after its commissioning, reports say that the Bank of Ghana is considering selling it.
The Bank has categorically denied the report.
A Building Built in Controversy
Plans for a new headquarters dated back to the 1990s, when the central business district had effectively swallowed the bank’s old Thorpe Road site.
In 2018, vacant land belonging to SIC Insurance Company at Ridge was acquired, and an Executive Instrument was issued to authorise the acquisition. Construction began in 2021.
The timing was almost immediately contested. The construction generated widespread debate after the central bank recorded losses worth GH¢60 billion in 2022.
Opposition legislators questioned how an institution in financial distress could justify a landmark building programme, while the bank maintained its old structure was structurally unsafe.
The bank said its existing headquarters was vulnerable to collapse in the event of strong winds and earthquakes, citing a structural integrity assessment.
The costs, it later emerged, were higher than the headline figure. Governor Dr. Johnson Asiama, addressing Parliament in March 2025, disclosed that beyond the core building, separate contracts were awarded for ICT and network infrastructure at $8.6 million, integrated electronic systems at $15.8 million, and furniture and furnishings at $11.1 million.
That puts the total outlay at over $260 million — before maintenance and operational costs.
Inside the Push to Sell
The most concrete indication yet that the Bank Square’s future is in question came on Monday, when MyJoyOnline reported that the Bank of Ghana is considering selling its ultra-modern headquarters less than two years after it was commissioned as a “legacy project,” according to sources within the central bank.
The current management, backed by the government, was reported to be pursuing a “sale and leaseback” arrangement, with serious discussions reportedly already underway, and BoG leadership said to be strong advocates for disposing of the asset.
The report stated that some directors oppose the move, warning it will be costly to the bank in the long term. Influential proponents backed by strong elements within the government, reportedly insist the sale must proceed, arguing that the BoG urgently needs to shore up its balance sheet following recent operational losses.
The terms of any deal, however, are drawing sharp internal criticism according to the report.
One source said: “Even though BoG seeks to unlock immediate cash from the sale, the proposal, from what we know, is designed to benefit the buyer at great long-term cost to the bank.“
The Bank of Ghana officially relocated its operations to The Bank Square in September 2025 — meaning the institution would, under this arrangement, be leasing back a building it only recently moved into and spent over a quarter of a billion dollars constructing.
Denial By The Bank
The Bank of Ghana, in a written statement, has denied the reports by Joy News.
In its statement posted on the Bank’s website and social media, the Bank stated:
“The Bank of Ghana categorically states that this report is false and misleading. The Bank is not considering, discussing, or planning the sale of its new headquarters. The facility, which was commissioned to support the Bank’s operations and enhance efficiency in the discharge of its statutory mandate, remains a critical asset of the Bank.”
The Bank urged the public to ignore the report.
Sale Idea Floated By The Minister of Finance
The sale conversation did not emerge in a vacuum. It flows directly from the government’s refusal to honour a financial commitment inherited from the previous administration.
Following revelations that the Bank of Ghana had signed a Memorandum of Understanding with the Akufo-Addo government for a GH¢53 billion recapitalisation, Finance Minister Dr. Cassiel Ato Forson ruled out the use of taxpayer funds, insisting the central bank must explore internal solutions, including selling off some of its assets.
Speaking on Joy News in March 2025, Dr. Forson was direct about what that might look like.
“You know, you’ve seen their new head office, a very big building. They have a choice — a choice to sell and lease back if they want. They have to look within, cut expenditures, and reduce events. The taxpayer cannot afford GH¢53 billion,” he said.
He went further, warning that allocating the sum to recapitalise the Bank of Ghana would mean denying citizens essential services: “Giving GH¢53 billion to the central bank will simply mean that we will have to deny the taxpayer some public good, like roads, like schools, like hospitals.”
The Labari Journal reached out to the Ministry of Finance for further comment. They did not respond by the time of publication.
