The government has dismissed claims that it has spent nearly GH¢11 billion on the Accra-Kumasi Expressway project, insisting that the funds remain untouched in a dedicated Bank of Ghana account and have not been paid to any contractor.
Government Spokesperson Felix Kwakye Ofosu urged the public to disregard what he described as misleading claims circulating on social media regarding the project’s financing.
The clarification follows concerns that government had already spent about GH¢11 billion on the expressway despite major construction works yet to begin.
In a statement, the Controller and Accountant-General’s Department (CAGD) explained that the claims were based on a misunderstanding of government accounting procedures.
According to the CAGD, government established the Accra-Kumasi Expressway Limited, a Special Purpose Vehicle (SPV) through the Ghana Infrastructure Investment Fund (GIIF), to oversee the implementation of the project and avoid challenges such as funding delays and cost overruns experienced by previous infrastructure projects.
The company is classified as a State-Owned Enterprise for funding and accounting purposes.
The department said Parliament approved the concession arrangement for the project, while funds from the Annual Budget Funding Amount (ABFA) and mineral royalties were earmarked in the 2025 Budget.
These funds were subsequently transferred from the Consolidated Fund into a dedicated Bank of Ghana account.
However, the CAGD stressed that the money has not been spent on construction activities and has not been transferred to any contractor.
“The funds remain in the dedicated Bank of Ghana account pending project execution,” the statement said.
The department also clarified that ongoing right-of-way clearing being undertaken by the Ghana Armed Forces is a separate preparatory activity and is not being financed from the earmarked project funds.
The CAGD explained that under Ghana’s public financial management system, transfers from Central Government to other government entities, including State-Owned Enterprises, are recorded as expenditure in the accounts of the Central Government and as revenue in the accounts of the receiving institution.
It said this accounting treatment does not mean the receiving institution has used the funds.
The department noted that similar accounting procedures apply to 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).
The CAGD assured the public that the accounting treatment used for the Accra-Kumasi Expressway project complies with Ghana’s Public Financial Management framework and government accounting standards.
It maintained that interpreting the recorded transfer as proof that GH¢11 billion has already been spent on road construction is inaccurate.
