President Nana Addo Dankwa Akufo-Addo has unveiled the Bank of Ghana’s (BoG) ultramodern Bank Square headquarters, a facility symbolizing the institution’s commitment to financial stability and innovation. The commissioning ceremony, held on Wednesday, November 20, 2024, in Accra, represents a pivotal moment in Ghana’s financial history, with the new building reflecting the evolution of the BoG since its establishment in 1957.
A Ceremony of Grandeur
The event was graced by distinguished guests, including Vice President Dr. Mahamudu Bawumia, Finance Minister Dr. Mohammed Amin Adam, First Lady Rebecca Akufo-Addo, Ga Mantse King Tackie Teiko Tsuru II, and John Claude, Governor of the Central Bank of West African States. The presence of these dignitaries underscored the significance of this milestone for Ghana and its financial sector.
In his speech, President Akufo-Addo lauded the BoG for its unwavering role in Ghana’s economic development. He emphasized that the new headquarters is not just a physical structure but a symbol of resilience and forward-thinking.
Today is a celebration of the aspirations of our people. This facility represents a commitment to innovation, stability, and sustainability within Ghana’s financial landscape, he remarked.
Modernizing Financial Infrastructure
The new Bank Square headquarters, constructed by Ghanaian firm Berock Ventures Limited, is a testament to the BoG’s dedication to advancing its operations. The eco-friendly design incorporates cutting-edge technologies to meet the demands of a rapidly evolving financial sector.
President Akufo-Addo noted that the former headquarters, which had served the central bank since 1957, had become inadequate for the complexities of modern financial management.
This building is a reflection of the Bank’s resilience and its determination to remain at the forefront of financial innovation, he said.
Economic Growth and Stability
During the ceremony, the President highlighted Ghana’s recent economic strides. The nation recorded a provisional GDP growth of 6.9% in the second quarter of 2024, driven by key sectors such as construction, industry, agriculture, and tourism. Non-oil GDP growth was particularly strong at 7%.
Inflation, which had peaked at 54.1% in 2022, has significantly declined to 22.5% as of October 2024. This progress, President Akufo-Addo stated, is a testament to the effectiveness of BoG’s monetary policies.
On the external front, Ghana achieved a trade surplus of $2.78 billion, bolstered by gold and crude oil exports. The country’s gross international reserves stood at $7.5 billion, providing a buffer against external shocks.
Recognizing Excellence
The President commended the leadership of BoG Governor Dr. Ernest Addison and his deputies, Maxwell Opoku-Afari and Elsie Awadzi, for their strategic financial oversight. He also praised the architects, engineers, and contractors for their role in constructing the landmark facility.
This building is a beacon of Ghanaian creativity and resilience. It stands as a source of pride for every citizen, Akufo-Addo said.
A Call for Visionary Leadership
The President urged Ghanaians to view the Bank Square as a symbol of progress, collective responsibility, and sound governance. He called for continued efforts to foster an inclusive and robust economy while leveraging the new facility to strengthen financial systems.
As the event concluded, the commissioning of the Bank Square marked a new chapter for the Bank of Ghana. It represents not only an advancement in infrastructure but also a renewed commitment to innovation, stability, and the future of Ghana’s financial sector.
blogpay
Total Comments: 0