The Bank of Ghana (BoG) announced plans to establish a new subsidiary to manage idle assets, unused real estate and state properties under its control, as part of efforts to improve efficiency and unlock value from dormant resources.
The decision followed a comprehensive review of the central bank’s asset base, which revealed significant underutilised properties across the country.
These included staff bungalows, parcels of land, abandoned projects and other facilities as well as structures acquired from the banking clean-up exercise that had remained idle for several years.
Speaking at the annual Nine Lessons, Carols and Thanksgiving Service of the BoG at the Bank Square in Accra on December 19, the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, explained that the situation represented wasted economic value at a time when the institution was focused on strengthening its balance sheet and operational efficiency.
“We have lots of real estate spread across the country, including staff bungalows that are empty, and these are wasted resources,” he said.
Financial sector clean-up
Dr Asiama stated that the new subsidiary would also take responsibility for managing lands and properties secured through the financial sector clean-up exercise.
He said that several microfinance institutions that collapsed during the clean-up had taken land as collateral from borrowers, and these assets reverted to the state after liquidation.
Many of the properties, he said, were scattered across the country and lacked proper documentation, making them difficult to manage or develop.
The Governor said the creation of a dedicated entity would allow the BoG to properly document, secure and enhance the value of these assets.
“As those institutions went down, we became responsible for those lands, which are all over the country with no documentation, and we must now make proper use of them,” he stated.
New subsidiary to drive efficiency
Dr Asiama said the proposed subsidiary would work closely with the bank’s estate and projects department to pursue, consolidate and develop the assets into viable investments.
He explained that the aim was not merely asset ownership, but value creation through structured management and redevelopment.
This, he said, would ensure that properties under the BoG’s control contributed meaningfully to institutional sustainability rather than remaining dormant.
Dr Asiama stressed that the move formed part of broader reforms to strengthen the bank’s operations following the economic challenges of recent years.
“We will re-pursue all those assets and enhance their value, and that is why there will be a new subsidiary to manage them. This initiative would support long-term financial resilience,” he said.
Wider institutional reforms
Dr Asiama explained that the decision was taken as part of a wider reform undertaken by the BoG to restore confidence, strengthen governance and improve operational effectiveness after the 2022 crisis.
He said the bank had spent the year stabilising the macroeconomic environment, reinforcing policy credibility and avoiding further instability.
The Governor said that sound judgement under pressure and disciplined execution had helped the institution quietly steady the economy.
He emphasised that the asset management subsidiary was another step towards ensuring the bank remained focused on its mandate while making better use of available resources.
“This is just the beginning; progress has been made, but we must continue to take responsible decisions that strengthen the institution,” he said.
He expressed confidence that the new subsidiary would help transform idle state assets into productive investments that benefit the economy.
Transparency
Dr Asiama said the initiative would also improve transparency and accountability in how public assets under the bank’s control were managed, ensuring clear records and professional oversight.
He stated that the subsidiary would be guided by strict governance structures to prevent misuse and protect public value.
“Our aim is to ensure that every asset entrusted to the Bank of Ghana works for the institution and, ultimately, for the Ghanaian economy,” he added.
Source:
www.graphic.com.gh
