{"id":253158,"date":"2024-11-20T06:55:45","date_gmt":"2024-11-20T06:55:45","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/20\/akufo-addo-to-commission-the-bank-square-headquarters-of-bank-of-ghana-today\/"},"modified":"2024-11-20T06:55:45","modified_gmt":"2024-11-20T06:55:45","slug":"akufo-addo-to-commission-the-bank-square-headquarters-of-bank-of-ghana-today","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/20\/akufo-addo-to-commission-the-bank-square-headquarters-of-bank-of-ghana-today\/","title":{"rendered":"Akufo-Addo to commission The Bank Square, Headquarters of Bank of Ghana today"},"content":{"rendered":"<p><\/p>\n<div>\n<p>President Nana Addo Dankwa Akufo-Addo will be commissioning The Bank Square, Headquarters of Bank of Ghana today Wednesday November 20.<\/p>\n<p><iframe loading=\"lazy\" style=\"border: none; overflow: hidden;\" src=\"https:\/\/www.facebook.com\/plugins\/post.php?href=https%3A%2F%2Fweb.facebook.com%2Fthebankofghana%2Fposts%2Fpfbid02TYtTkzgumj15U2rTjjzuXTeeXexvDRoxTHY4jCfdSyhS2CoKM8MG6Zh9CJXKJLbil&amp;show_text=true&amp;width=500\" width=\"500\" height=\"250\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Background<br \/>In the 1990s, the Bank of Ghana began the 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<br \/>growing operations.<br \/>i. In the year 2011, the Board of Directors of the bank agreed that the Bank must consider looking for a suitable land for the new headquarters.<br \/>ii. In 2012 the Bank was allocated an 5.19-acre land at Accra Central by the Lands Commission and a total of GHS 791,580.00 was paid. The Bank however was not given access to the land as the Ministry of Foreign Affairs and Regional Integration refused to grant the Bank vacant possession on the grounds that they had never agreed to give<br \/>up ownership of the land.<br \/>iii. Several offers were made to the Bank between 2012 and 2016 including parcels of land near the Ridge Hospital, Airport City, around 37 Military Hospital, Achimota Forest among others. Due diligence made on these plots indicated that they were either encumbered, had unfavourable terms or that these lands were not suitable for the Bank\u2019s purpose.<br \/>iv. The requirement for land for the new Headquarters became urgent when the structural failure on the existing Head Office became pronounced with more serious cracks showing on the building and portions of the structure falling off. Having been apprised of the nature of the Head Office building on Thorpe Road through a Condition<br \/>Survey by the Estate Office, the Bank commissioned ESPCo, a thirdparty Engineering Firm to undertake a Structural Integrity Audit of the facility, which revealed that the current Bank of Ghana Head Office,<br \/>built by the Nkrumah Government in the late1950s was no longer fit for purpose and could not withstand any major earth tremors.<br \/>v. The Board of the Bank at its 662nd Regular Meeting directed the Corporate Management and Services Department (CMSD) of the Bank by a decision dated 18th December 2019 to initiate all proper processes for the development of a New Corporate Headquarters for the Bank.<br \/>vi. Subsequently, the Bank went through the required processes to acquire a parcel of land at West Ridge, which was previously owned by State Insurance Company (SIC). The land was compulsorily acquired by the Government of Ghana by Executive Instrument, 2020 E.I 304 for the New Bank of Ghana Headquarters, a building of national<br \/>interest. The compulsory acquisition process started in 2019 and the<br \/>Executive Instrument was published and gazetted in 2020.<br \/>Approval from Public Procurement Authority<br \/>\u2022 The need to procure a highly complex Central Bank accommodation<br \/>meeting national security considerations, as well as the Bank\u2019s highly<br \/>classified information security needs, informed the selection of the<br \/>firms. The Bank wrote to the PPA on 14th January 2020, for approval<br \/>to use the Restricted Tender Method. This procurement method was<br \/>on the basis of national security considerations.<br \/>The following firms, known to be operating in Ghana, were shortlisted:<br \/>o MAN Enterprise<br \/>o WBHO Ghana Ltd<br \/>o De Simone Ltd<br \/>o Goldkey Properties Ltd<br \/>o Ronesans Construction<br \/>\u2022 Ronesans Construction, though not wholly Ghanaian, had partnered<br \/>with David Walter Limited a local partner, during the tendering<br \/>process.<br \/>\u2022 The PPA by a letter dated 29th January 2020 conveyed the Board\u2019s<br \/>approval to the Bank of Ghana. This approval to use the shortlisted<br \/>contractors for the Restricted Tender, also revised downward the<br \/>estimated cost of the project from USD100,857,942.48 to<br \/>USD81,882,640.00 without any justification.<br \/>Solicitation of Tenders<br \/>\u2022 Invitation letters to the Tenderers with the Request for Proposal (RFP)<br \/>documents were issued to shortlisted firms on 21st February 2020.<br \/>\u2022 A Pre-Bid Conference for Tenderers was held on 19th March 2020.<br \/>\u2022 The RFP was reviewed after the initial pre-bid conference and re-issued<br \/>on 4th May 2020 to the Tenderers.<br \/>\u2022 Tender submission was revised to 5th June 2020 with another pre-bid<br \/>conference held on 13th May 2020.<br \/>BANK OF GHANA<br \/>E S T. 1 9 5 7<br \/>Page 3 of 7<br \/>\u2022 In view of the COVID-19 restrictions, the Bank by a letter dated 22nd<br \/>May 2020 issued addenda and revised the deadline for tender<br \/>submission to 19th June 2020.<br \/>\u2022 Tenders were opened on 19th June 2020 at 11am in the presence of all<br \/>relevant stakeholders and Tenderers who chose to be present.<br \/>\u2022 The tenders were evaluated between 6th \u2013 17th July 2020.<br \/>Approvals<br \/>\u2022 After evaluation of tenders were received, the Entity Tender Committee<br \/>(ETC) of the Bank at its meeting held on 6th August 2020 considered<br \/>Tender Evaluation Panel\u2019s recommendation and approved the award<br \/>of contract for the project to Messrs. Goldkey Properties Limited at the<br \/>cost of $121,078,517.94, the least cost evaluated bid, under Turnkey<br \/>(Design and Build) contract arrangements.<br \/>\u2022 The ETC further directed for concurrent approval to be sought from<br \/>the Central Tender Review Committee (CTRC) of the Ministry of<br \/>Finance.<br \/>\u2022 The PPA in a response to the Bank\u2019s letter dated 31st August 2020<br \/>reviewed the initial PPA approved estimated amount from<br \/>USD81,882,640.00 to USD121,078,517.94<br \/>\u2022 The CTRC on 4th September 2020 granted concurrent approval to the<br \/>Bank to engage the recommended Tenderer, Messrs. Goldkey<br \/>Properties Limited at a contract price of USD121,078,517.94 under<br \/>Turnkey (Design and Build) contract arrangements, which was the<br \/>least evaluated bid.<br \/>Contract Award<br \/>\u2022 After a series of pre-contract meetings on contract agreements, the<br \/>Bank signed a contract with the Contractor on 26th November 2020 for<br \/>the Construction of a Corporate Headquarters for the Bank via<br \/>Turnkey in 30months (6 months for design, 24 months for<br \/>construction).<br \/>Commencement of Project<br \/>\u2022 The project site was formally handed over to the Contractor in March<br \/>2021 for commencement of preliminary site works and designs.<br \/>BANK OF GHANA<br \/>E S T. 1 9 5 7<br \/>Page 4 of 7<br \/>Engagement of Employer\u2019s Representative<br \/>\u2022 The Bank\u2019s search on all iconic projects at the time such as the KIA<br \/>Terminal 3, SU Towers, Ecobank Head Office, Standard Chartered<br \/>Head Office, Cal Bank Building, MTN Head Office, 335 Place and other<br \/>emerging projects such as the ABSA Bank Building pointed in the<br \/>direction of several firms, some of which were not based in Ghana,<br \/>others which had local representatives and some local experts.<br \/>\u2022 The following were invited to express interest in leading the Bank\u2019s<br \/>project in the area of project management commensurate with the level<br \/>of complexity of the Bank\u2019s building:<br \/>\u2022 Profica<br \/>\u2022 GHC Africa<br \/>\u2022 Diagonal<br \/>\u2022 DAR<br \/>\u2022 AECOM<br \/>\u2022 MULTICAD<br \/>Following a scrutiny of their profiles, the Bank settled on MULTICAD, a<br \/>Ghanaian consultancy firm which had partnered other consultants in all the<br \/>identified projects.<br \/>In July 2021 the Bank invited a proposal from MULTICAD to be considered<br \/>for single source based on the following:<br \/>\u2022 Demonstrable experience and association in managing projects of<br \/>similar nature; Fidelity Bank Head Office Annex, the Octagon,<br \/>Standard Chartered Bank Head Office, Accra Mall, Kumasi City Mall,<br \/>Achimota Mall, SU Tower, 335 Place, Oxford Street Mall, Tulip Inn and<br \/>others.<br \/>\u2022 Technical team of experts in the fields of Engineering, Cost<br \/>Management, Building Information Modeling (BIM), ICT, Health, Safety<br \/>&amp; Environmental Impact (HSE)<br \/>\u2022 MULTICAD\u2019s profile, which also includes details of its company<br \/>registration, were scrutinized and same submitted to PPA for review.<br \/>In addition to MULTICAD\u2019s outstanding project portfolio, the main<br \/>consideration for adopting the single source was hinged on Section 40<br \/>(f) of the PPA: \u201cwhere the procurement entity applies this Act for<br \/>Procurement that concerns national security and determines that singlesource procurement is the most appropriate method of procurement.\u201d<br \/>BANK OF GHANA<br \/>E S T. 1 9 5 7<br \/>Page 5 of 7<br \/>\u2022 MULTICAD is numbered in the topmost tier of Architecture and MultiDisciplinary Consulting Firms in Ghana, in rigorous practice for more<br \/>than 29 years. MULTICAD\u2019s registration date, boldly cited on its RGD<br \/>Certificate is 11th July 1994. A re-registration was done on 10th<br \/>December 2021.<br \/>\u2022 MULTICAD\u2019s vast portfolio of diverse projects is primarily focused on<br \/>the commercial and industrial sectors with a well-known reputation<br \/>for handling projects other firms are incapable or unwilling to take on.<br \/>The firm\u2019s portfolio ranges from humble tasks through shopping malls<br \/>and offices to midtown and peri-urban satellite cities. The firm has<br \/>been involved in most large commercial retail projects and most<br \/>notable Grade \u201cA\u201d office buildings executed in the country.<br \/>\u2022 MULTICAD was adjudged uniquely qualified in its knowledge of the<br \/>larger cultural context of the local design and execution environment<br \/>and its depth of knowledge of the statutory context and having been<br \/>partners in design and execution of several notable buildings afforded<br \/>the Bank de-risked fluent Project Design Management and<br \/>Construction oversight.<br \/>\u2022 A consultancy fee of 3.36% of the contract sum (translating into<br \/>USD3,450,417.00) was negotiated, mindful of the Ministry of Works &amp;<br \/>Housing\u2019s recommended threshold of 16.5%. MULTICAD, has since<br \/>their engagement, lived up to expectation by adequately representing<br \/>the Bank\u2019s interest in delivering the project.<br \/>Design and Cost Reviews<br \/>\u2022 The initial design proposals projected a gross floor area of 73,000 sq.m<br \/>with the following details:<br \/>\u25aa 25-storey Tower Block<br \/>\u25aa 4-storey car parking facility,<br \/>\u25aa 2 level basements<br \/>\u25aa Auditorium.<br \/>\u2022 The need to reconfigure the spatial requirements in order to meet all<br \/>relevant statutory requirements and functionality of the building<br \/>resulted in modification of the initial design concept to the current<br \/>gross floor area in excess of 100,000sq.m.<br \/>\u2022 The project consists of three main blocks namely the Tower, Urban<br \/>and Amenities Blocks including basements, podium and ancillary<br \/>facilities.<br \/>\u2022 Tower Block \u2013 20-Storey Tower Block<br \/>\u2022 Urban Block \u2013 8-Storey Urban Block<br \/>\u2022 Amenities Block \u2013 6-Storey Amenities Block<br \/>\u2022 Podium \u2013 Upper Ground<br \/>\u2022 Podium \u2013Lower Ground<br \/>\u2022 Basements \u2013 Three (3) level basement car parking areas<br \/>\u2022 Ancillary facilities<br \/>\u2022 Energy Farm<br \/>\u2022 Treatment plants<br \/>\u2022 Security Gate Houses<br \/>Key Design Considerations:<br \/>\u2022 In addition to meeting the requirements of all relevant building codes,<br \/>the building has incorporated Sustainable Design Concepts, such as<br \/>energy conservation, water conservation, material selection, recycling<br \/>and reuse of waste (liquid and solid), humane adaptation, etc.<br \/>\u2022 The design satisfies the EDGE (Excellence in Design for Greater<br \/>Efficiencies) green standard. Minimum certification shall be EDGE<br \/>Advanced.<br \/>\u2022 The Design\u2019s innovative damping design approach adopted ensures<br \/>Seismic and wind loads are to be resisted.<br \/>\u2022 The building\u2019s design deploys a Building Management System (BMS)<br \/>to monitor key energy and utility infrastructure.<br \/>\u2022 The ETC of the Bank at its meeting held on 19th December 2022<br \/>considered and approved the design review and revised project cost of<br \/>USD2,068.00\/m2. This figure compares favourably with data from the<br \/>Africa Property &amp; Construction Cost Guide 2021\/22 (USD2,658\/m2)<br \/>and 2022\/23 (USD2,720.00\/m2) as average construction costs for<br \/>Prestige High Rise Office spaces in Africa.<br \/>\u2022 Even though the comparable data from the Africa Property &amp;<br \/>Construction Cost Guide relates to Prestige High Rise Office spaces,<br \/>the unique features of a Central Bank (including vaults and security<br \/>installations) rank higher than the considerations for the former. This<br \/>makes the figure for the Bank\u2019s building more competitive.<br \/>\u2022 CTRC subsequently granted concurrent approval for the revised scope<br \/>of works at cost of USD2,068.00\/m2 on 17th January 2023.<br \/>BANK OF GHANA<br \/>E S T. 1 9 5 7<br \/>Page 7 of 7<br \/>\u2022 The  Bank was guided by all legal requirements in going through all the<br \/>processes from inception to its current state. All internal due diligence<br \/>protocols were strictly adhered to.<br \/>Current Project Progress Update<br \/>\u2022 Currently, physical progress on site stands at 41% and is summarized<br \/>as follows:<br \/>\u25aa Tower Block<br \/>Up to 13th Floor slab casting completed.<br \/>\u25aa Urban Block<br \/>Upper Roof Slab casting completed.<br \/>\u25aa Amenities (Auditorium) Block<br \/>Upper Ground slab Casting completed.<br \/>\u25aa Other works<br \/>Internal blockwork ongoing at various levels in both Tower and<br \/>Urban blocks.<br \/>Mechanical, electrical and plumbing (MEP) first fixes ongoing at<br \/>various levels<br \/>\u2022 The Project is expected to be completed in September 2024.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Nana Addo Dankwa Akufo-Addo will be commissioning The Bank Square, Headquarters of Bank of Ghana today Wednesday November 20. BackgroundIn the 1990s, the Bank of Ghana began the 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":253159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-253158","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Akufo-Addo to commission The Bank Square, Headquarters of Bank of Ghana today - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/11\/20\/akufo-addo-to-commission-the-bank-square-headquarters-of-bank-of-ghana-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Akufo-Addo to commission The Bank Square, Headquarters of Bank of Ghana today - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"President Nana Addo Dankwa Akufo-Addo will be commissioning The Bank Square, Headquarters of Bank of Ghana today Wednesday November 20. 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