Parliament has approved a 150-year lease agreement between the Ministry of  Finance and the Wardens and Commonalty of the Mystery of Mercers for the renewal of the headlease of Regina House in London, which houses the Ghana International Bank.

The agreement, valued at 17.25 million pounds, follows the expiration of the existing lease arrangement, which is due to end in September 2027.

Deputy Finance Minister Thomas Nyarko Ampem said the facility generates about £1.4 million in rental income annually for the state.

He explained that the revenue accrued from the property will support the repayment of the lease cost while ensuring the continued operations of Ghana International Bank at the facility.

“This is one of the assets that the colonial administration handed over to us; we have held the property for almost a century now, from 1937. And it’s due to expire in 2027. One of the occupants of the facility, Ghana International Bank, together with Ghana’s High Commission, has taken steps to approach the Mercers to negotiate for renewal of the lease.

“And it is in this regard that we have brought before the House, and the request is for us to get approval to renew the lease for another 150 years. The property is in the prime location at the heart of London. It has been the face of Ghana for many years. We believe that it’s important for us to renew the lease for Ghana International Bank to deepen our financial services in the UK.

“There are other tenants. So far, rental income derived from the occupancy is about £1.4M a year. The government has taken a decision that the rental income will be accumulated to acquire other strategic properties in the UK to promote the work of the country in the UK and enhance the image of Ghana,” he said.