Minority Leader Cassiel Ato Forson has voiced concerns over the Bank of Ghana's decision to build a new multi-million dollar residence for its governor at the former site of the BoG Clinic in Ridge, Accra.

In a post on social media on Monday, June 3, Dr. Forson, who previously served as Deputy Finance Minister, criticised the demolition of the clinic to make way for the governor’s new home. 

He expressed alarm that this project is proceeding despite the Bank of Ghana's significant financial losses.

Dr. Forson highlighted that the BoG reported a staggering loss in 2023, amounting to 150,000% of its stated capital. 

He questioned the rationale behind undertaking large-scale construction projects amid such financial difficulties.

“In 2022, the Bank of Ghana reported a colossal loss of over 600,000% of its stated capital of GHS10 million. This was followed by another loss in 2023, equivalent to 150,000% of its stated capital. Is this level of performance seen in any other central bank?” he asked.

He also noted that, in addition to building a new headquarters at a cost of approximately USD 250 million, the BoG is constructing a new residence for Governor Ernest Addison at Ridge.

Dr. Forson, who is also the MP for Ajumako-Enyan-Essiam, reiterated that the construction of the governor’s new residence is unwarranted given the Bank of Ghana’s current financial situation.

He called on stakeholders to scrutinise such decisions to ensure that public funds are being used wisely.