The Controller and Accountant-General’s Department (CAGD) has clarified that funds amounting to nearly GHS11 billion earmarked for the Accra-Kumasi Expressway project have not been spent on construction works.
The clarification follows claims circulating on social media suggesting that government had already expended the amount on the project despite the main construction works not having commenced.
In a statement, the CAGD explained that the claims were based on a misunderstanding of government accounting procedures and the treatment of funds transferred for major infrastructure projects.
According to the Department, the Accra-Kumasi Expressway is being implemented through the Ghana Infrastructure Investment Fund (GIIF), which established the Accra-Kumasi Expressway Limited as a Special Purpose Vehicle (SPV) to oversee the project.
The company, classified as a State-Owned Enterprise (SOE) for funding and accounting purposes, was created to help prevent delays, funding challenges and cost overruns that have affected similar projects in the past.
The CAGD said following parliamentary approval of the concession arrangement, government allocated funding from the Annual Budget Funding Amount (ABFA) and mineral royalties in the 2025 Budget to support the project.
The approved funds were subsequently transferred from the Consolidated Fund into a dedicated Bank of Ghana account, where they remain pending the execution 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.
The Department further explained that the ongoing right-of-way clearing being undertaken by the Ghana Armed Forces is a separate preparatory activity and is not being financed from the allocated project funds.
The CAGD also outlined government’s accounting structure, explaining that transfers from Central Government to entities outside the Ministries, Departments and Agencies (MDAs) category, including State-Owned Enterprises, are recorded as grant expenditure in the books of Central Government and as grant revenue in the accounts of the receiving entity.
It stressed that such accounting treatment does not indicate that the receiving entity has spent the funds.
The Department noted that the same accounting principle applies 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 reiterated its commitment to transparency and accurate reporting of government finances, while urging the public to seek clarification on financial matters to avoid misinterpretation of accounting entries.
