Kyei-Mensah-Bonsu: New BoG HQ sets stage for ‘ECO’ currency introduction
The Majority Leader in the Ghanaian Parliament and Minister for Parliamentary Affairs, Osei Kyei-Mensah-Bonsu, has provided reasoning for the decision by the Bank of Ghana (BoG) to construct a new headquarters.
Kyei-Mensah-Bonsu explained that the construction of a new BoG headquarters would position Ghana to potentially become the headquarters for the ECOWAS’ new currency, the ECO, when it is successfully introduced in the future.
He stated, “For a long time, ECOWAS has been considering adopting a common currency, which is the ECO. West African countries are contemplating selecting two potential host countries for the ECO currency’s headquarters. The central bank of the chosen country would be responsible for this bank.”
He further elaborated, “Currently, three countries, Nigeria, Côte d’Ivoire, and Ghana, are being considered as potential hosts. However, Ghana is perceived to have a greater chance.”
This explanation follows criticism from the National Democratic Congress (NDC), which accused the Bank of Ghana of investing a substantial $250 million in the construction of a new head office. The NDC also accused the bank’s management of financial mismanagement and recklessness over the past years, contributing to economic strain and a decline in the standard of living for Ghanaians.
In response to the accusations, the Bank of Ghana’s management defended the decision to spend $250 million on the new building, stating that it has valid justifications for its construction.
This statement by the Majority Leader seeks to provide context to the bank’s decision in relation to potential regional and economic considerations, while also addressing concerns raised by the NDC.
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