CAGD clarifies Accra-Kumasi Expressway funding, dismisses GH¢11 billion spending claims

The Controller and Accountant-General’s Department CAGD has refuted social media claims that the government has spent nearly GH¢11 billion on the Accra-Kumasi Expressway project. The CAGD explained that the transfer of funds from the Consolidated Fund to Accra-Kumasi Expressway Limited, a Special Purpose Vehicle SPV established through the Ghana Infrastructure Investment Fund GIIF, represents a standard accounting procedure. This transfer is recorded as Grant Expenditure by the Central Government and as Grant Revenue by the receiving entity, which is classified as a State-Owned Enterprise SOE. The Department emphasized that the money, earmarked from the Annual Budget Funding Amount ABFA and mineral royalties, remains in a dedicated Bank of Ghana account and has not been used for construction or paid to contractors. The CAGD clarified that the ongoing right-of-way clearing by the Ghana Armed Forces is a separate, preparatory exercise not funded by these project-specific funds. The Department urged the public not to misinterpret the accounting entry as actual expenditure on construction, affirming that the process aligns with Ghana’s Public Financial Management framework and established government accounting standards.