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President Nana Addo Dankwa Akufo-Addo has commended the Bank of Ghana (BoG) for its pivotal role in ensuring economic stability through sound monetary and financial policies. The President made these remarks during the inauguration of the central bank’s new state-of-the-art headquarters in Accra.

Economic Milestones Celebrated

President Akufo-Addo highlighted key achievements under the Bank’s leadership, including:

  • GDP Growth: A notable increase to 6.9% in the second quarter of 2024.
  • Inflation Reduction: A significant drop from 54.1% in 2022 to 22.1% as of October 2024.
  • Trade Surplus: Recording a US$2.78 billion surplus, showcasing robust export performance.
  • International Reserves: Management of reserves now stands at US$7.5 billion, providing resilience against external shocks.

“These achievements reflect the Bank’s dedication to macroeconomic stability and sustainable growth,” the President remarked.

The Bank Square: A New Era for BoG

The new BoG headquarters, named The Bank Square, is a landmark for Ghana’s financial sector. At 100 metres tall, it is now the tallest building in Ghana and a testament to modern architectural innovation and sustainability.

Features of The Bank Square

  • Eco-Friendly Design: Fully powered by solar energy, aligning with global environmental standards.
  • Staff Capacity: Accommodates over 2,500 employees in a single, unified workspace.
  • Facilities: Includes a currency museum, a 1,500-seat auditorium, and advanced conference rooms.

Dr. Ernest Addison, Governor of the Bank of Ghana, described the new facility as more than just a physical structure, calling it a symbol of national aspiration and a hub for financial innovation and excellence.

“This edifice is a bold statement of the Bank of Ghana’s enduring presence and authority in the financial landscape,” Dr. Addison stated.

Historical Context and Efficiency Goals

The new headquarters replaces the bank’s previous facility on Thorpe Road, which served as its main office since its establishment in 1957. Reflecting on the legacy of the old headquarters, Dr. Addison remarked, “After 67 years of service, today’s ceremony officially retires the old building.”

The Governor emphasized that consolidating operations in the new facility would reduce costs, improve communication, and enhance the bank’s overall efficiency and productivity.

A Vision for the Future

Dr. Addison underscored the importance of the new headquarters in advancing Ghana’s financial ecosystem:

  • Innovation Hub: Positioned as a space for groundbreaking ideas to shape the future of central banking.
  • Regulatory Synergies: Consolidation of operations to better serve the evolving financial sector, which now includes over 830 institutions.
  • Global Leadership: Aims to position Ghana as a leader in Africa’s financial systems.

Enduring Legacy

The inauguration of The Bank Square marks a significant milestone in Ghana’s economic journey, encapsulating the central bank’s resilience, forward-thinking policies, and commitment to fostering socio-economic growth.

As President Akufo-Addo aptly noted, the Bank of Ghana’s achievements and the completion of this iconic structure symbolize Ghana’s readiness to achieve new heights in financial governance and innovation.

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