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 construction not yet beginning.
In a statement, the Department said the claim stems from a misunderstanding of government accounting procedures.
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According to the CAGD, the government established the Accra-Kumasi Expressway Limited, a Special Purpose Vehicle (SPV) classified as a State-Owned Enterprise (SOE), through the Ghana Infrastructure Investment Fund (GIIF) to implement the project.
The Department explained that following Parliament’s approval of the concession, proceeds from the Annual Budget Funding Amount (ABFA) and mineral royalties allocated in the 2025 Budget were transferred from the Consolidated Fund into a dedicated Bank of Ghana account to finance the project.
The CAGD stressed that the funds have not been paid to any contractor or used for construction works and remain in the dedicated Bank of Ghana account pending project execution. It added that the ongoing right-of-way clearing by the Ghana Armed Forces is a separate preparatory activity and is not being financed from these funds.
The Department further explained that under government accounting rules, transfers from the Consolidated Fund to State-Owned Enterprises are recorded as grant expenditure in the accounts of the Central Government and as grant revenue in the accounts of the receiving entity.
It said this is a standard accounting treatment and does not mean the funds have been spent.
The CAGD maintained that the accounting treatment applied to the Accra-Kumasi Expressway project is fully consistent with Ghana’s Public Financial Management framework and established government accounting standards.
