$3bn Accra-Kumasi Expressway funding ready as Ato Forson claims gov't has saved $1bn

The government has secured approximately US$3 billion to finance the construction of the Accra-Kumasi Expressway, with Finance Minister Dr Cassiel Ato Forson announcing that the project will be delivered without borrowing.

Presenting the 2027 Budget Statement to Parliament on Thursday, November 12th, Dr Forson said the dedicated project account at the Bank of Ghana held US$2.2 billion and GH¢9 billion as of November 11th, 2026, representing about US$3 billion in total.

He said the funds had been accumulated through petroleum revenues and mineral royalties, alongside savings from prudent economic management.

“The money is in the safe custody of our central bank. Before actual construction of the Accra-Kumasi Expressway begins, the money is ready,” he told Parliament.

“We promised to secure the financing. We have done so. Promise made, promise fulfilled without borrowing,” he added.

Dr Forson also disclosed that the estimated construction cost of the 198.7-kilometre, six-lane expressway had been reduced from an initial US$4 billion to US$2.98 billion following detailed feasibility studies, engineering designs, costing and environmental and social assessments.

“This engineering estimate is more than US$1 billion below the initial estimate of US$4 billion. We have saved over US$1 billion,” he said.

The revised estimate includes contingencies, supervision and compensation costs of US$200 million.

The Minister said tenders had been issued through international competitive tendering, with the process expected to conclude by the end of 2026. He added that final contract pricing would be determined through the competition, while contract awards would be subject to procurement controls and value-for-money assessments.

Dr Forson further said the estimated savings could be used to finance the proposed Accra Orbital Expressway, for which feasibility studies and engineering designs were underway.

He also announced plans to apply the same financing model to the Western Corridor Railway Line, linking Takoradi Harbour through Nsuaem and Awaso to the Nyinahin bauxite enclave.