$261M Bank Square NOT FOR SALE – BoG Fires Back

The Bank of Ghana (BoG) has denied reports that it plans to sell its ultra-modern headquarters, known as “The Bank Square.” The building stands 100 meters (328 feet) tall and has 22 floors.

In a statement issued yesterday, Tuesday June 2, the central bank described claims that it was considering a sale-and-leaseback deal as “false and misleading.”

“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 statement said.

The response follows a MyJoyOnline report which cited unnamed sources claiming that discussions were underway within the Bank and government circles over a possible sale of the landmark building to help shore up the central bank’s finances after recent losses. But BoG says there is no truth to the reports.

According to the central bank, The Bank Square remains a key operational asset that was built to improve efficiency and support the Bank’s mandate.

“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 statement noted.

BoG also warned that speculative and unverified reports could damage public confidence in Ghana’s financial system and create unnecessary uncertainty in the market. The central bank urged the public and media organisations to disregard the publication, warning that unverified reports of such nature could undermine confidence in Ghana’s financial system and create unnecessary uncertainty in the market.

“We urge the public and the media to disregard this publication. Unverified reports of this nature have the potential to undermine public confidence in Ghana’s financial system and create unnecessary market uncertainty,” the Bank stated.

The report that sparked the controversy alleged that opinions within the Bank’s board were divided over the idea, with some members reportedly backing a sale while others opposed it.

The Bank Square, one of the most prominent public infrastructure projects in recent years, was commissioned by former President Nana Addo Dankwa Akufo-Addo in November 2024 and became the Bank’s official operational headquarters in September 2025.

Construction of the facility began in 2019 and reportedly cost $261.8 million. The project was promoted by the previous administration as a long-term investment for the central bank.

The debate comes at a time when the Bank of Ghana remains under public scrutiny over its finances. The central bank recorded a GH¢15.6 billion loss in 2025, its second-largest loss since 2008, although officials say the figure could have been much worse without measures taken to strengthen its balance sheet.

For now, BoG insists the matter is settled: The Bank Square is staying put.