In the midst of ongoing economic challenges, Osei Kyei-Mensah-Bonsu, the Majority Leader in Parliament, has offered a robust defense of the Bank of Ghana’s decision to construct a new head office. In a recent interview with Angel FM, the Suame legislator asserted that the completion of the new Bank of Ghana head office could enhance Ghana’s prospects of being chosen as the headquarters for the Economic Community of West African States’ (ECOWAS) new currency, ECO.
Highlighting the broader economic implications, Osei Kyei-Mensah-Bonsu emphasized that securing the ECOWAS headquarters designation for the ECO currency could lead to significant economic growth in the country. “For a long time, ECOWAS wants to use a common currency which is ECO. The West African countries are considering two countries that can serve as Headquarters to the ECO, a bank to be responsible for that and they will place under the central bank of that country,” he explained.
Among the contenders for the ECO currency headquarters, Ghana finds itself in competition with Nigeria and Côte d’Ivoire. However, Osei Kyei-Mensah-Bonsu expressed confidence in Ghana’s favorable position, stating, “So far there three countries Nigeria, Côte d’Ivoire, and Ghana being considered to host it but Ghana has a greater chance.”
The decision to forge ahead with the new head office project has not been without its critics. The opposition National Democratic Congress (NDC) has been vocal in its criticism, accusing the Bank of Ghana of mismanagement and recklessness over the years. During a press conference on August 8, the NDC went so far as to threaten a march to the Bank of Ghana premises, demanding the resignation of the governor and deputy governors within 21 days.
In response to concerns, the central bank released a statement on August 9, explaining that structural integrity assessments revealed deficiencies in the current building. “The outcome of the structural integrity work was that the main building does not satisfy the full complement of excess strength required for a building to be considered safe for usage,” the bank clarified.
As the debate continues, the fate of the new Bank of Ghana head office remains a topic of national interest, with implications extending beyond the immediate economic challenges facing the country. The quest to become the headquarters of the ECOWAS’ ECO currency signals a strategic move by Ghana, aiming to position itself as a key player in the region’s evolving economic landscape
Source:Joynews
