Parliament Approves £17.25m Lease for Regina House to Secure Ghana International Bank Operations in London

14th July•2 min read•7 sources

Parliament has ratified a significant 150-year lease agreement for Regina House in London, securing the future of the Ghana International Bank (GHIB) headquarters. The extension, valued at £17.25 million, ensures that the strategic asset remains under Ghanaian administration for over a century and a half, following the expiration of the current lease in September 2027. Deputy Minister of Finance, Thomas Nyarko Ampem, presented the agreement, emphasizing that the move is critical to maintaining Ghana's financial presence in the heart of the United Kingdom’s financial district.

Regina House has been a cornerstone of Ghana’s overseas assets since 1937, serving as a vital hub for financial transactions between Ghana and international markets. Beyond housing the GHIB, the facility currently generates approximately £1.4 million in annual rental income from other tenants. Deputy Minister Ampem noted that these funds would be instrumental in supporting the repayment of the lease and sustaining the bank's operations. The approval follows a comprehensive report by the Parliamentary Finance Committee, which highlighted the property’s prime location and its potential for future redevelopment and commercial expansion.

The decision to renew the lease also addresses public interest regarding the building’s condition and its commercial viability. By securing the 150-year tenure, the government aims to protect a national asset from potential loss while opening avenues for future strategic investment. Revenue generated from the property is planned to be reinvested into acquiring additional strategic real estate in the UK, a move intended to enhance Ghana’s international image and financial standing. Supporters of the extension emphasized that maintaining a physical presence in London’s financial district is essential for the long-term stability and growth of Ghana's banking sector abroad.

In a related development within the broader business and infrastructure sector, the Ghana Ports and Harbours Authority (GPHA) is exploring new avenues for international maritime cooperation. The Indian High Commissioner to Ghana, Ambassador Surinder Bhagat, recently held discussions with the Director-General of GPHA, Brigadier General Paul Seidu Tanye-Kulono, regarding capacity building and professional exchange programs. This partnership aims to enhance Ghana's maritime industry through specialized training and technical support, mirroring the government’s broader strategy of leveraging international partnerships to bolster national economic assets.

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Parliament Approves £17.25m Lease for Regina House to Secure Ghana International Bank Operations in London

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