Government denies spending gh¢11bn on Accra-Kumasi expressway as funds remain in Bank of Ghana

The Government has dismissed claims that nearly GH¢11 billion allocated for the Accra–Kumasi Expressway has already been spent even though construction of the flagship highway project has yet to begin, insisting that the funds remain intact and have not been paid to any contractor.

In a statement issued on Wednesday, the Controller and Accountant-General's Department (CAGD) said reports circulating on social media had misrepresented government accounting records, creating the false impression that the money had already been used.

The Department said the claims stem from a misunderstanding of how public funds are recorded in the government's accounts rather than evidence of actual expenditure.

"The CAGD wishes to clarify that this claim is based on a misunderstanding of Government accounting procedures," the statement said.

Funds 'remain in Bank of Ghana accounT

The Controller and Accountant-General explained that the money earmarked for the Accra–Kumasi Expressway was transferred from the Consolidated Fund into a dedicated Bank of Ghana account after Parliament approved financing arrangements for the project.

According to the Department, the transfer was part of standard financial procedures and does not mean the funds have been spent.

It stressed that the money remains in the dedicated account pending the commencement of the project.

"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.

Why the money appears as expenditure

The clarification comes after questions were raised over government accounts showing the transfer as expenditure.

The Department explained that under Ghana's public financial management system, transfers from the Consolidated Fund to government entities outside the central government accounting structure are recorded as expenditure in the books of central government.

However, the receiving institution records the same amount as grant revenue—not as money already spent.

Officials said the same accounting treatment applies 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 statement noted.

A flagship infrastructure project

The Accra–Kumasi Expressway is one of the government's flagship transport projects aimed at reducing travel time between Ghana's two largest cities while improving road safety and boosting trade.

To manage the project, the government established the Accra–Kumasi Expressway Limited, a Special Purpose Vehicle (SPV), through the Ghana Infrastructure Investment Fund (GIIF).

The company has been classified as a State-Owned Enterprise to oversee funding and implementation of the highway.

According to the Controller and Accountant-General, Parliament approved the use of proceeds from the Annual Budget Funding Amount (ABFA) and mineral royalties in the 2025 Budget to finance the project.

Right-of-way works separate

The Department also clarified that ongoing right-of-way clearing being undertaken by the Ghana Armed Forces is a preparatory exercise and is not being financed from the funds set aside for the expressway.

Government seeks to reassure public

The Controller and Accountant-General's Department said the accounting treatment applied to the project is fully consistent with Ghana's Public Financial Management framework and established government accounting standards.

The clarification is expected to ease public concerns following widespread speculation over whether billions of cedis had been spent on a project whose main construction works have yet to commence.

The statement underscores the growing public scrutiny over major infrastructure spending and highlights the importance of transparency in the management of public finances as government prepares to roll out one of its most ambitious road projects.