The Controller and Accountant General’s Department (CAGD) has dismissed claims circulating on social media that the government has already spent nearly GH¢11 billion on the Accra Kumasi Expressway project even though major construction has not begun.
In a statement, the department explained that the claim was based on a misunderstanding of government accounting procedures.
According to the CAGD, the Accra Kumasi Expressway is one of the government’s flagship infrastructure projects.
To ensure steady financing and avoid delays and cost overruns, the government, through the Ghana Infrastructure Investment Fund (GIIF), established Accra Kumasi Expressway Limited as a Special Purpose Vehicle (SPV) to implement the project.
The department said Parliament approved the use of proceeds from the Annual Budget Funding Amount (ABFA) and mineral royalties in the 2025 Budget to finance the project. It added that the approved funds were transferred from the Consolidated Fund into a dedicated Bank of Ghana account.
However, the CAGD stressed that the money has not been paid to any contractor and has not been used for construction works.
According to the statement, the funds remain in the dedicated Bank of Ghana account and will only be used when the project moves into the execution stage.
The department also clarified that the ongoing right of way clearing by the Ghana Armed Forces is a separate preparatory activity and is not being financed with the earmarked funds.
Explaining the accounting treatment, the CAGD said government operates through three levels: Central Government, Local Government and Government Business Entities, including State Owned Enterprises such as Accra Kumasi Expressway Limited.
It noted that under public financial management rules, transfers from the Consolidated Fund to government entities outside the Central Government accounting group are recorded as grant expenditure in the books of Central Government and as grant revenue in the books of the receiving entity.
The department said this is a standard accounting practice and does not mean the receiving entity has spent the money.
It added that the same accounting principle applies to transfers made to institutions such as the District Assemblies Common Fund, GETFund and the National Health Insurance Authority.
The CAGD therefore urged the public not to interpret the accounting records as evidence that the funds had already been spent on the Accra Kumasi Expressway project.
It assured Ghanaians that the accounting treatment for the project is fully consistent with the country’s Public Financial Management framework and established government accounting standards.
By: Jacob Aggrey
