The Bank of Ghana in the 1990s began a search for adequate and secured land for a new Head office. Given that the Central business district had caught up with the existing head Office and the need to expand to meet its growing operations, the bank decided to acquire all properties adjoined to the head office at the Thorpe Road.
Various negotiations were held with the owners and occupants of the properties. The Bank was only able to acquire the Queensway Bookshop and a piece of land near the Melcom which do not have ownership conflicts.
In 2012 The Bank was allocated an unnumbered 5.19-acre land at Accra Central by the Lands Commission and a total of GHS 791,580.00 was paid. The Bank however did not have access to the land since the Ministry of Foreign Affairs and Regional Integration refused to give the Bank vacant possession on the grounds that they had never agreed to give up ownership of the land.
The Bank continued to search for suitable land for its Headquarters, and in 2013, Messrs Callister Ghana Limited represented by Mr. Kingsley Kwame Awuah-Darko offered to sell to the Bank a proposed 5.341-acre land at West Ridge near Ridge Hospital to the Bank at USS32,313,050.00 inclusive of the Agent’s fee. Further to due diligence by the Bank, this offer was turned down.
A similar offer of about 6 acres near Airport City was made to the Bank by Messrs Dream Realty. Their proposed fee had some element of fees to be paid to the Finder. Due diligence on the land also led to the bank refusing the offer.
Messrs KAA Law also offered a 7-acre land at USS21miilion to the Bank in 2014. The location of the land and other factors led to the bank rejecting the Offer.
In 2015 an offer was made by Messrs IbisTek Ltd for a 20-acre land near the Achimota Forest at $2.5 million per acre. Further to a directive by the Board of the Bank in an Extract dated 25th June 2015, the Bank pursued negotiation for the acquisition of the land. However, based on due diligence it was recommended that the acquisition should not be done.
The Bank however went further to negotiate to pay a settlement of GHS1,200,000.00 to the company for failing to acquire the land.
The Bank finally went through due process to compulsorily acquire the land at West Ridge by the Government of Ghana by Executive Instrument, 2020 E. I 304 for its new Head Office project which is in progress.