Bank of Ghana Considers Sale of New Headquarters Less Than Two Years After Commissioning

The Bank of Ghana (BoG) is reportedly considering the sale of its newly built headquarters, The Bank Square, less than two years after the facility was commissioned as a major national project.

According to sources within the Central Bank, discussions are ongoing about a possible "sale and leaseback" arrangement. Under this model, the Bank would sell the property to an investor and then rent it back for continued use.

The Bank Square, located in Accra, was constructed at a cost of more than $260 million and officially commissioned in November 2024. The project replaced the Bank's 69-year-old headquarters and was described as a legacy investment aimed at supporting the institution's long-term operations.

Sources indicate that the current leadership of the Bank, with support from some government officials, believes the sale could help strengthen the Bank's financial position following recent operational losses.

However, the proposal has reportedly divided members of the Bank's board. While some directors support the move, others have raised concerns that leasing the building back after selling it could create significant long-term financial costs for the institution.

Critics of the proposal argue that the arrangement may provide more benefits to the buyer than to the Bank of Ghana. They believe the rental payments over time could outweigh the short-term financial gains from the sale.

Construction of The Bank Square began in 2019 and was completed under the previous Akufo-Addo administration. The complex covers approximately 150,000 square metres and includes seven buildings, among them "The Tower," a 22-storey structure that stands at 100 metres, making it Ghana's tallest building.

When the facility was commissioned, former President Nana Addo Dankwa Akufo-Addo described it as a symbol of a modern and forward-looking Bank of Ghana. Former Governor Dr. Ernest Addison also referred to the development as a national monument that reflects the country's economic transformation.

The Bank of Ghana officially moved its operations to The Bank Square in September 2025. While discussions on the proposed sale continue, no official announcement has yet been made by the Bank regarding the future of the facility.