BoG new headquarters commissioned

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November 20, 2024
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President Nana Akufo-Addo has commissioned the Bank Square, the new headquarters of the Bank of Ghana (BoG), a state-of-the-art facility designed to symbolise financial strength and modernity.

Delivering the keynote address yesterday in Accra, he noted the importance of the Bank Square describing the facility as a symbol of financial innovation, stability, and sustainability.

“The commissioning of the Bank Square is a testament to the Bank’s vision, maturity, and enduring relevance. This architectural masterpiece not only stands as a symbol of financial strength and stability, but also reflects Ghana’s commitment to modernizing her institutions to meet the demands of a fast-changing world.The journey to this new edifice was born out of necessity and foresight,” he said.

“The Bank Square is a declaration of intent. It embodies the resilience of our institutions and the aspirations of our people. Beyond its aesthetic grandeur, it represents a hub for financial innovation, a center for collaboration among policymakers, industry leaders, and experts, and a landmark that underscores our commitment to a sustainable future. Its eco-friendly design and cutting-edge technologies serve as reminders of our duty to future generations to build responsibly and sustainably,” he added.

President Nana Akufo-Addo highlighted BoG’s pivotal role in shaping the nation’s economic landscape.

“The Bank of Ghana has been an enduring symbol of our nation’s economic independence and resilience. Over the decades, the Bank has played a pivotal role in the evolution of our economy, serving as the bedrock of monetary stability and financial regulation. It has provided the necessary framework for the pursuit of macroeconomic stability, enabling the realization of our collective aspirations for socioeconomic progress,” the President said.

Additionally, President Akufo-Addo told the high-level delegates of Ghana’s economic progress, with data from BoG which points to a picture of resilience and recovery.

The country recorded a provisional GDP growth of 6.9% in the second quarter of 2024, driven by robust performance in construction, industry, agriculture, and tourism. Non-oil GDP growth stood at an impressive 7 percent, signalling the dynamism of Ghana’s economy.

“Indicators of economic activity, such as construction, industry, agriculture, consumer demand, and tourism, show encouraging signs of continued improvement. Inflation, which stood at a staggering 54.1% in 2022, has been reduced sharply to 22.1% as of October 2024, reflecting the effectiveness of the Bank of Ghana’s monetary policy interventions,” he said.

“There is every indication that the downward trend in the rate of inflation will continue, evidenced in the reducing prices of foodstuffs and petroleum products. This stabilization has renewed confidence among households and businesses, reinforcing a sense of optimism for the future. On the external front, Ghana’s trade surplus now stands at an impressive US$2.78 billion, with gold and crude oil exports leading the way,” he added.

President Akufo-Addo continued “our international reserves, at US$7.5 billion, provide critical buffers against external shocks, further demonstrating the prudent stewardship of the Bank of Ghana in navigating global uncertainties. These achievements are a reflection of the Bank’s unalloyed commitment to sound monetary and financial policies.”

President Akufo-Addo commended the leadership of the Bank of Ghana Governor Dr Ernest Addison and his deputies, Maxwell Opoku-Afari and Elsie Awadzi, for their dedication to sound monetary policies and financial stability.

He also lauded the architects, engineers, and contractors who contributed to the successful completion of the Bank Square project.

The President called on Ghanaians to view the Bank Square as a reminder of the importance of visionary leadership, sound governance, and collective responsibility.

The Bank Square, constructed by Ghanaian firm Berock Ventures Limited, represents the Bank of Ghana’s commitment to modernising its operations to meet the demands of a rapidly evolving financial sector.

The eco-friendly complex incorporates cutting-edge technologies and sustainable design principles, reflecting the central bank’s vision for a secure and dynamic financial future.

Clad in durable stone, the building symbolizes permanence and resilience, much like ancient monuments that have withstood the test of time.

Standing at 100 meters, it is not only the tallest building in Ghana, but also the most sustainable edge advanced structure of its size in the country and in the sub-region. This landmark complex is entirely powered by its own harvested solar energy, setting a new standard for environmentally conscious civic and public buildings across Africa.

Together, the four buildings will accommodate over 2,500 staff and alongside offices and public banking facilities, there is a currency museum, conference and press amenities, 1,500 seat auditorium and rooftop terraces.

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December 3, 2024
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3 minutes Read

President commissions phase II of the Tema Motorway Interchange

President Nana Addo Dankwa Akufo-Addo on Monday commissioned the Tema Motorway Roundabout Phase II project, a major intersection connecting the capital city of Accra to the industrial city of Tema.

The facility, coming on the back of the recent inauguration of the Flowerpot and Obetsebi-Lamptey Interchanges, is designed to ease traffic congestion at the five-legged Tema intersection.

It is one of the critical components of the rehabilitation and expansion of the 19.5-kilometer stretch encompassing the transformation of the Motorway into a modern 10-lane divided highway.

“Road infrastructure is the backbone of the nation’s progress,” the President said, noting that giving Ghana’s busiest Motorway a facelift was fundamental to accelerated socio-economic advancement.

The Accra-Tema Motorway has served as a vital artery for the nation’s development for nearly six decades, linking the industrial city to the other parts of the country and West African sub-Region.

The Tema Motorway Roundabout Phase II project commenced in July 2022, aiming to enhance urban mobility, logistics and trade integration in the Greater Accra Region, as well as the West African economic bloc, ECOWAS.

Following a preparatory survey by the Japan International Cooperation Agency, JICA, the Phase One converted the roundabout into a two-tier intersection and was completed ahead of schedule in June 2020.

The second phase involved the construction of a third-tier flyover to alleviate the traffic burden at the intersection.

The entire Motorway rehabilitation project’s scope includes the rehabilitation of three critical sections: the Accra-Tema Motorway, the George Walker Bush Highway and the Nsawam Road.

The construction of both phase One and Phase II were funded by a Japanese grant of 91 million dollars.

President Nana Akufo-Addo indicated that the objective was to remove bottlenecks on the major highways to facilitate regional trade and economic integration.

“These projects are part of a deliberate policy to decentralise economic opportunities and ensure equitable development across the nation.

“From the Pokuase Interchange, the largest in West Africa, to the Tamale Interchange, the first of its kind in northern Ghana, we have worked tirelessly to open up our country, reduce disparities, and empower communities,” he emphasised.

The Government, the President said, had laid the foundation for a resilient economically vibrant and inclusive Ghana, touting his administration’s successes in education, healthcare, amongst others.

The World Bank, in a 2023 report, said rapid increases in population and vehicle ownership had led to unsustainable commuting times and deteriorating air quality in most developing countries.

“The impacts of highway construction are procompetitive in both output and input markets, increasing labour’s share of income by about 1.8 to 2.3 percentage points,” according to the global apex financial body.

It added that urban transportation systems played a key role in shaping the growth and development of cities.

Mr. Francis Asenso-Boakye, Minister of Roads and Highways, lauded the Japanese Government for its support in completing the project.

He assured the public that the government was committed to improving the road conditions linking the Tema Motorway Interchange, including the Tema Aflao road

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November 27, 2024
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Police establish GHC20,000 informant system ahead of December polls

The National Election Security Taskforce has introduced a financial reward system to encourage the public to report potential security threats ahead of the upcoming elections.

Under the initiative, informants can share relevant information with the police or other security agencies and receive rewards ranging from GH¢1,000 to GH¢20,000.

Reports can be made via the toll-free hotline 0800-311-311.

The Inspector General of Police and head of the National Election Security Taskforce, Dr. George Akuffo Dampare, announced the initiative during a meeting with the University Teachers Association of Ghana (UTAG) on Wednesday, November 27.

Dr. Dampare emphasized that the programme aims to bolster election security by encouraging public participation in safeguarding the process.

“We are introducing the informant reward system, and the figure involved is between GH¢1,000 and GH¢20,000. You bring the information, we operationalise it, and if the results are good, we tell you how much you will be given and you tell us the means through which you will want it, and we send it to you.

“For that matter, we have introduced a toll-free number for that purpose, and anybody who will want to share information with us and that toll-free number is 0800-311-311.”

Source: citinewsroom.com