Ghanaian News

Ghana will have a ‘greater chance’ as headquarters for ECOWAS’s ECO after BoG’s new head office – Majority Leader

The Majority Leader in Parliament, Osei Kyei-Mensah-Bonsu has justified the decision by the Bank of Ghana (BoG) to build a new head office amidst the current economic crisis.

According to him, the new Bank of Ghana head office when completed will put the country at a “greater chance” of being selected as the headquarters for ECOWAS’ new currency ECO.

In an interview with Angel FM on Thursday, August 10, the Suame legislator said when this is achieved, it will boost economic growth in Ghana.

“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.”

“So far there three countries Nigeria, Côte d’Ivoire, and Ghana being considered to host it but Ghana has a greater chance.”

Mr Osei Kyei-Mensah-Bonsu’s justification comes after the opposition National Democratic Congress (NDC)‘s criticism of the central bank for embarking on such a project.

The NDC at a press conference on August 8, also accused the management of the Bank of Ghana of gross mismanagement and recklessness over the past years..

The party thus threatened to march to the premises of BoG to drag the governor and his deputies from office if they fail to resign within 21 days.

However, in a press release on Tuesday, August 9, the central bank explained that “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.

“This means that in the case of a worst-case gravity and wind loading scenario, for example, unusually strong wind, the building may be significantly affected.”

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