CAGD denies claims that GH¢11 billion has been spent on Accra Kumasi Expressway

The Controller and Accountant General’s Department (CAGD) has firmly refuted circulating social media claims that the Ghanaian government has already disbursed nearly GH¢11 billion for the Accra-Kumasi Expressway project. The department stated that major construction has not yet commenced.

In a formal statement, CAGD explained that the assertion stems from a misunderstanding of government accounting practices. The Accra-Kumasi Expressway is identified as a key government infrastructure initiative. To ensure consistent funding and prevent project delays or cost escalations, the government established Accra Kumasi Expressway Limited, a Special Purpose Vehicle (SPV), managed by the Ghana Infrastructure Investment Fund (GIIF).

CAGD confirmed that Parliament approved the allocation of funds from the Annual Budget Funding Amount (ABFA) and mineral royalties in the 2025 Budget for the project. These approved funds were transferred from the Consolidated Fund to a specific account at the Bank of Ghana. However, the department stressed that these funds have not been paid to any contractor and have not been utilized for any construction activities. The money remains secured in the dedicated Bank of Ghana account, earmarked for the project's execution phase.

Furthermore, CAGD clarified that the ongoing clearing of the right of way by the Ghana Armed Forces is a separate preparatory measure and is not financed by these earmarked funds. The department detailed that government accounting operates across three tiers: Central Government, Local Government, and Government Business Entities. Standard public financial management rules dictate that transfers from the Consolidated Fund to entities outside the Central Government accounting group are recorded as grant expenditure by the Central Government and grant revenue by the recipient entity. This standard practice, also applied to other institutions like the District Assemblies Common Fund and the National Health Insurance Authority, does not signify that the funds have been spent. CAGD urged the public to interpret these accounting records accurately and assured that the project's financial treatment aligns with Ghana's Public Financial Management framework and established government accounting standards.