Data journalist and Managing Editor of the National Voice Newspaper, Kwabena Adu Koranteng, has strongly criticized suggestions that the government could dispose of the new Bank of Ghana headquarters, describing any such move as a direct assault on Ghana’s sovereignty and a continuation of what he sees as a troubling history of state asset disposals.
According to Koranteng, the newly completed Bank of Ghana complex, constructed during the administration of former President Nana Addo Dankwa Akufo-Addo, represents a strategic national asset that should be preserved for future generations rather than placed on the market.
He argues that Ghana has already paid a heavy price for the large-scale divestiture of state-owned enterprises undertaken during the era of the Provisional National Defence Council and subsequent governments led by the National Democratic Congress.
“Over the years, Ghana lost many strategic factories, industries, hotels and commercial enterprises through divestiture. Today, after selling much of the country’s industrial base, it would be a national tragedy to begin disposing of strategic state institutions such as the Bank of Ghana complex,” Koranteng stated.
The renowned journalist noted that Ghana’s first President, Kwame Nkrumah, embarked on an ambitious industrialization drive that established hundreds of state-owned enterprises across the country.
According to him, these factories and industries formed the backbone of Ghana’s industrial development and created thousands of jobs. He contends that many of these enterprises were later privatized or sold, with ownership passing into the hands of foreign investors and politically connected individuals.
Koranteng maintains that successive governments justified the divestiture programme as a means of improving efficiency and generating revenue for economic development. However, he questions whether the expected economic benefits were fully realized.
“The country was told that selling state assets would improve efficiency and strengthen the economy. Today, many of those assets are no longer under Ghanaian control, and yet the economic challenges remain. We must therefore be careful not to repeat the same mistakes,” he said.
State Assets Cited as Having Been Divested
Koranteng listed several former state enterprises that he said were disposed of during the divestiture era, including:
- GHACEM shares
- Kwame Nkrumah Catering Rest Houses
- Nsawam Cannery
- Kanda GNTC Properties
- Atlantic Hotel
- Meridian Hotel
- Star Hotels
- Abosso Glass Factory
- Continental Hotel (Golden Tulip)
- West Africa Mills Company
- Tema Steel Company
- Ghana Agro-Food Company
- GIHOC Bottling Company
- Gliksen West Africa Company
- Ghana Oil Palm Development Company
He insists that the lessons from these transactions should guide current policymakers in dealing with strategic national assets.
A Call for National Reflection
Koranteng argues that central bank infrastructure occupies a unique place in the governance architecture of any nation and should not be viewed merely as real estate that can be monetized during periods of fiscal stress.
“The Bank of Ghana is a symbol of our monetary independence and national sovereignty. The headquarters of the central bank is not just another office building; it represents the authority of the state over its financial system,” he emphasized.
He therefore urged government officials, policymakers, civil society groups and Parliament to reject any proposal that would result in the sale of the new Bank of Ghana complex.
“After decades of selling strategic national assets, Ghana must draw a line somewhere. We cannot continue disposing of assets built with public resources. Future generations will judge us harshly if we fail to protect what belongs to the nation,” he concluded.
