The Controller and Accountant-General’s Department (CAGD) has dismissed claims circulating on social media that the government has spent nearly GH¢11 billion on the Accra-Kumasi Expressway project despite the main construction works yet to begin.
In a press release issued on Thursday, July 16, 2026, the CAGD explained that the claim stems from a misunderstanding of government accounting procedures and insisted that the funds remain untouched in a dedicated Bank of Ghana account.
According to the Department, the Accra-Kumasi Expressway is one of the government’s flagship infrastructure projects.
To ensure efficient implementation and avoid the funding constraints, delays and cost overruns that have affected similar projects in the past, the government, through the Ghana Infrastructure Investment Fund (GIIF), established the Accra-Kumasi Expressway Limited as a Special Purpose Vehicle (SPV) to execute the project.
The CAGD noted that the company is classified as a State-Owned Enterprise (SOE) for both funding and accounting purposes.
It explained that following Parliament’s approval of the concession agreement, proceeds from the Annual Budget Funding Amount (ABFA) and mineral royalties were earmarked in the 2025 Budget to finance the project.
The approved funds were subsequently transferred from the Consolidated Fund into a dedicated Bank of Ghana account.
The Department stressed that although the transfer is reflected in the Central Government’s accounts, the money has not been disbursed to any contractor or used for construction.
“The funds have not been paid to any contractor or spent on construction works. They remain in the dedicated Bank of Ghana account pending project execution,” the statement said.
The CAGD further clarified that the ongoing right-of-way clearing being undertaken by the Ghana Armed Forces is a separate preparatory exercise and is not being financed from the earmarked project funds.
Addressing the accounting concerns, the Department explained that government finances are managed across three distinct levels: Central Government, comprising Ministries, Departments and Agencies (MDAs); Local Government, made up of Metropolitan, Municipal and District Assemblies (MMDAs); and Government Business Entities, including State-Owned Enterprises such as the Accra-Kumasi Expressway Limited.
Under Ghana’s public financial management framework, the CAGD said any transfer of funds from the Consolidated Fund to an entity outside the Central Government accounting group is recorded as Grant Expenditure in the books of Central Government and Grant Revenue in the accounts of the receiving institution.
It emphasized that this accounting treatment is standard practice and should not be interpreted as evidence that the receiving entity has already spent the money.
The Department pointed out that the same accounting principle applies to statutory transfers made to institutions such as the District Assemblies Common Fund (DACF), the Ghana Education Trust Fund (GETFund), and the National Health Insurance Authority (NHIA).
“It is therefore incorrect to conclude that because the transfer appears as expenditure in the accounts of Central Government, the funds have already been spent on the construction of the Accra-Kumasi Expressway,” the statement added.
The CAGD assured the public that the accounting treatment applied to the project fully complies with Ghana’s Public Financial Management framework and established government accounting standards.
The clarification comes amid public debate over the accounting treatment of the project funds, following allegations by some critics that nearly GH¢11 billion had already been spent on the expressway even though the main construction works have yet to commence.
By 1960news.com
