Bank of Ghana Considering Sale of New $260M Headquarters Under Sale-and-Leaseback Plan
The Bank of Ghana is exploring the sale of its ultra-modern headquarters in Accra, less than two years after the building was commissioned as a flagship legacy project, according to sources within the Central Bank.
The multi-purpose complex, known as The Bank Square, replaced the Bank’s 69-year-old previous headquarters and was built under the erstwhile Akufo-Addo government at a cost exceeding $260 million. It was intended to serve as a befitting permanent home for the Central Bank after more than six decades of service.
However, the current management, backed by the government, is now pursuing a “sale and leaseback” arrangement that would see the Bank sell the property and then lease it back from the new owner. Serious discussions have reportedly taken place, with BoG leadership said to be strong advocates for disposing of the prestigious national asset.
The proposal has exposed sharp divisions within the Bank’s boardroom. While some directors oppose the plan, warning it will prove costly to the institution in the long term, influential proponents backed by strong elements within government insist the sale must proceed. They argue that the BoG urgently needs to shore up its balance sheet following recent operational losses.
Opponents, however, counter that the proposed deal is structured to benefit the buyer, who would lease the facility back to the Bank at rates that, in their assessment, do not make business sense.
“Even though BoG seeks to unlock immediate cash from the sale, the proposal, from what we know, is designed to benefit the buyer at great long-term cost to the bank. This doesn’t make business sense,” one source familiar with the discussions said.
The Bank Square itself is a landmark development. Construction began in 2019, and the complex was commissioned by President Nana Akufo-Addo in November 2024. Spanning 150,000 square metres, it comprises seven structures, including “The Tower,” which at 100 metres and 22 floors stands as Ghana’s tallest building.
At its launch, then Governor Dr Ernest Addison described it as “a national monument highlighting our commitment to transforming the Ghanaian economy,” adding that the building was “intertwined with the development and history of Ghana.” President Akufo-Addo, who commissioned the edifice, said it symbolised “a modern and forward-thinking approach” for the decades ahead.
The Bank of Ghana officially relocated operations to The Bank Square in September 2025, making the potential sale all the more striking given how recently the move took place.
The deliberations come against a backdrop of broader fiscal challenges. Finance Minister Dr Cassiel Ato Baah Forson has been actively courting diaspora investment and signalling that the economy is on the mend. Yet the potential disposal of a national asset of this magnitude raises difficult questions about the Central Bank’s financial health and the government’s appetite for unconventional revenue-raising measures.
If the sale-and-leaseback arrangement proceeds, it would represent one of the most significant property transactions in Ghana’s history and could set a precedent for how state institutions manage their real estate holdings in an era of fiscal constraint.
Image Source: MYJOYONLINE
