CAGD denies claims of GH¢11bn spending on Accra-Kumasi expressway

The Controller and Accountant-General’s Department (CAGD) has clarified that funds allocated for the Accra-Kumasi Expressway project have not been spent on construction works, following claims circulating on social media suggesting that government had already expended almost GH¢11 billion on the project.

The Department said the claims were based on a misunderstanding of government accounting procedures and explained that the funds remain in a dedicated Bank of Ghana account pending the commencement of project execution.

In a statement issued on Thursday, July 16, 2026, the CAGD said the Accra-Kumasi Expressway was being implemented through the Ghana Infrastructure Investment Fund (GIIF), which established the Accra-Kumasi Expressway Limited as a Special Purpose Vehicle (SPV) for the project.

The company, it noted, is classified as a State-Owned Enterprise (SOE) for funding and accounting purposes.

Following parliamentary approval of the concession, government earmarked proceeds from the Annual Budget Funding Amount (ABFA) and mineral royalties 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 CAGD wishes to emphasise that these 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 Department explained that under government accounting rules, transfers from Central Government to entities outside the central government accounting group are recorded as Grant Expenditure in the books of Central Government and as Grant Revenue in the accounts of the receiving entity.

It said the accounting treatment does not indicate that the receiving entity has spent the funds, noting that similar arrangements apply to transfers made to institutions such as the District Assemblies Common Fund (DACF), 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 CAGD stated.

The Department added that ongoing right-of-way clearing by the Ghana Armed Forces is a separate preparatory activity and is not being financed from the allocated project funds.

It assured the public that the accounting treatment applied is consistent with Ghana’s Public Financial Management framework and established accounting standards.