Parliament has ratified a 150-year agreement renewing the headlease for Regina House in London, the building occupied by Ghana International Bank.
The transaction is valued at £17.25 million and involves the Ministry of Finance and the Wardens and Commonalty of the Mystery of Mercers.
The existing lease is due to expire in September 2027, prompting the government to secure parliamentary approval for the long-term renewal before the current arrangement ends.
Regina House serves as Ghana International Bank’s London base. The parliamentary decision concerns the continuation of the leasehold interest in the property and does not represent the purchase of its freehold.
Under the approved arrangement, the Ministry of Finance is the Ghanaian party to the lease, while Ghana International Bank remains the occupant identified in the transaction.
The 150-year term gives the agreement a substantially longer duration than an ordinary commercial tenancy. A headlease establishes the principal leasehold interest under which occupation and related property rights may be exercised.
Parliament’s ratification completes the legislative approval stage for the agreement placed before the House. Deputy Finance Minister Thomas Nyarko Ampem was identified in connection with the presentation of the transaction.
The approval comes more than a year before the existing lease expires. The timing allows the parties to establish a new legal arrangement ahead of September 2027.
Ghana International Bank provides banking services in the United Kingdom and maintains commercial links with Ghana and other markets. Its occupation of Regina House gives the lease direct relevance to the bank’s continued presence in London.
The parliamentary decision relates specifically to the property agreement. It does not change the bank’s ownership, management, operating licence or services to customers.
The £17.25 million amount represents the stated value of the lease agreement approved by Parliament. The transaction was presented in pounds sterling because the property is located in London and the agreement is denominated in the British currency.
The renewal will preserve the property interest used for the bank’s operations after the current lease reaches its scheduled end.
The Mercers’ corporate body is the counterparty named in the agreement. The institution has longstanding property interests in London and is the landlord involved in the Regina House headlease.
Parliament’s approval authorises the government to proceed with the transaction on the terms presented to the House. The current lease remains in force until its scheduled expiry in September 2027.
