BoG’s new $250m headquarters 70% done

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The Bank of Ghana‘s (BoG) new 21-story headquarters situated in Ridge, which is slated to be completed in September 2024, is currently at about 70 percent completion.

The project consists of three main blocks, namely the Tower, Urban and Amenities Blocks including basements, podium and ancillary facilities.

As of August 2023, the completed works on the project were: 13th Floor slab casting, Upper Roof slab casting, Upper Ground slab casting.

Internal blockwork in both Tower and Urban blocks, as well as mechanical, electrical, and plumbing (MEP) first fixes, which were ongoing at various levels five months ago, are believed to be completed or nearing completion following a visit by the Independent Ghana to the site.

From the current progress, it is likely that the construction of the edifice will be completed by September as per the Central Bank’s projections.

Approval from Public Procurement Authority

The Central Bank then wrote to the Public Procurement Authority (PPA) on January 14, 2020, for approval to use the Restricted Tender Method. This procurement method was based on national security considerations.

The following firms, known to be operating in Ghana, were shortlisted: MAN Enterprise, WBHO Ghana Ltd, De Simone Ltd, Goldkey Properties Ltd., and Ronesans Construction.

Subsequently, tenders were opened on June 19, 2020, at 11am and were later evaluated between July 6 and 17, 2020.

After evaluation of tenders were received, the Entity Tender Committee (ETC) of the Bank at its meeting held on August 6, 2020 considered Tender Evaluation Panel’s recommendation and approved the award of contract for the project to Messrs Goldkey Properties Limited at the cost of $121,078,517.94.

The PPA later revised the initial approved estimated amount from USD81,882,640.00 to USD121,078,517.94.

Following this, the Central Tender Review Committee (CTRC) on September 4, 2020, granted concurrent approval to the Bank to engage the recommended Tenderer, Messrs. Goldkey Properties Limited, at a contract price of USD121,078,517.94.

Commencement of work

The project site was formally handed over to the contractor in March 2021 for commencement of preliminary site works and designs.

Later on, there was a review of the design, prompting the ETC of the Bank at its meeting held on 19th December 2022 to revise the project cost of USD2,068.00/m2.

CTRC subsequently granted concurrent approval for the revised scope of works at cost of USD2,068.00/m2 on 17th January 2023.

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