CAGD clarifies: gh¢11 billion for Accra-Kumasi expressway not spent, funds still in BoG account
ACCRA —
The Controller and Accountant-General’s Department (CAGD) has clarified that the government has not spent the nearly GH¢11 billion reported for the Accra-Kumasi Expressway project, saying the funds remain untouched in a dedicated Bank of Ghana account.
In a press release dated 16th July 2026, the CAGD said claims circulating on social media that the government had spent almost GH¢11 billion on the project “even though the main construction works have not started” are based on a misunderstanding of government accounting procedures.
How the funds were treated
According to the CAGD, the Accra-Kumasi Expressway is being implemented through Accra-Kumasi Expressway Limited, a Special Purpose Vehicle (SPV) established by the Ghana Infrastructure Investment Fund (GIIF) and classified as a State-Owned Enterprise (SOE).
Following Parliament’s approval of the concession, the government earmarked proceeds from the Annual Budget Funding Amount (ABFA) and mineral royalties in the 2025 Budget to finance the project. The approved funds were transferred from the Consolidated Fund into a dedicated BoG account.
“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 added that the ongoing right-of-way clearing by the Ghana Armed Forces is a separate preparatory activity and is not being financed from these funds.
Accounting explanation
The CAGD explained that under government accounting rules, any transfer from the Central Government to an entity outside the MDAs, such as an SOE, is recorded as “Grant Expenditure” in the Central Government’s books and as “Grant Revenue” in the receiving entity’s books.
“This is a standard accounting treatment and does not mean the receiving entity has spent the funds,” it noted, adding that the same principle applies to transfers to the DACF, GETFund, and NHIA.
The clarification comes a day after the Minority Caucus in Parliament demanded a full breakdown of the GH¢10.92 billion reported in the 2025 Audited Annual Whole of Government Accounts for the Accra-Kumasi Expressway, citing public interest and fiscal transparency.
The CAGD urged the public to disregard misinterpretations and assured that the funds earmarked for the flagship project remain secured for its execution.
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