The Controller and Accountant-General’s Department (CAGD) has refuted claims circulating on social media that the government has already spent almost GH¢11 billion on the proposed Accra-Kumasi Expressway despite construction work yet to begin.
According to the Department, the claim is based on a misinterpretation of government accounting procedures, stressing that the funds allocated for the project remain in a dedicated Bank of Ghana account and have not been disbursed to any contractor.
Funds Intact At Bank of Ghana
In a statement issued yesterday, the CAGD explained that the Accra-Kumasi Expressway is being implemented through Accra-Kumasi Expressway Limited, a Special Purpose Vehicle (SPV) established by the Ghana Infrastructure Investment Fund (GIIF).
Following Parliament’s approval of the concession agreement, the government earmarked proceeds from the Annual Budget Funding Amount (ABFA) and mineral royalties in the 2025 Budget to finance the project.
The Department said the approved funds were transferred from the Consolidated Fund into a dedicated account at the Bank of Ghana, where they remain pending the commencement of project execution.
“The funds have not been paid to any contractor or spent on construction works,” the statement stressed.
Accounting Entry Not Actual Spending
Explaining the controversy, the CAGD said Ghana’s public financial management system requires transfers from the Consolidated Fund to State-Owned Enterprises (SOEs) to be recorded as Grant Expenditure in the books of Central Government and as Grant Revenue in the accounts of the receiving entity.
It said this is purely an accounting requirement and should not be interpreted to mean that the money has been spent.
The Department noted that the same accounting treatment 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 explained.
Military Works Separate From Project Funds
The CAGD also clarified that the ongoing right-of-way clearing by the Ghana Armed Forces is a preparatory activity and is being financed separately from the funds earmarked for the expressway project.
The Department assured the public that the accounting treatment adopted for the project is fully consistent with Ghana’s Public Financial Management framework and established government accounting standards.
It reiterated that the monies allocated for the Accra-Kumasi Expressway remain untouched and will only be utilised when the substantive execution phase of the project begins.
