The Chartered Institute of Project Analysts and Consultants (CIPAC) has expressed concerns over the financing model of Ghana's GH₵30 billion Big Push infrastructure programme, which includes the Accra-Kumasi Expressway. CIPAC Executive Secretary Amo Agyapong stated that the programme's financing arrangements need to be more resilient to withstand potential drops in gold and oil revenues. The Accra-Kumasi Expressway is a critical project that will improve connectivity, reduce travel time and transport costs, boost trade and investment, create jobs, and unlock economic activity along the route.
Ghana's economy heavily relies on gold and oil revenues, which are inherently volatile and can be affected by currency swings. CIPAC warned that if government locks in multi-year infrastructure spending based on projected extractive revenues that fall short, the result could be delayed payments, slower construction, contractor disputes, higher financing costs, or funds being diverted from other priority sectors. The institute emphasized that a project of this scale cannot be run on headline funding figures alone, especially when a large share of the fiscal space backing it is tied to commodity revenues that fluctuate.
To mitigate these risks, CIPAC proposed setting up a dedicated contingency reserve to shield major strategic infrastructure from revenue swings. The reserve would be funded by a fixed share of extra income from extractive-sector revenues that outperform conservative budget targets. When revenues underperform, the reserve could be tapped under clearly defined rules to keep critical project payments on track. CIPAC stressed that the reserve should operate under strict eligibility criteria, withdrawal triggers, reporting requirements, and independent oversight.
CIPAC's proposal is part of a growing scrutiny of how Ghana plans to fund its infrastructure ambitions. The Big Push roads programme's numbers were released without a clear funding plan, and the country's infrastructure was rated poorly despite economic growth. Additionally, funding shortfalls have already stalled other road projects, even as the government unveils new flagship commitments.
The Accra-Kumasi Expressway is a critical project that links Ghana's major commercial, industrial, agricultural, and population centers. The programme aims to improve connectivity, reduce travel time and transport costs, boost trade and investment, create jobs, and unlock economic activity along the route. However, the financing debate will determine whether the expressway is delivered on schedule or becomes another stalled promise, particularly if global gold and oil prices soften in the years ahead.
CIPAC has called on independent professionals, Parliament, civil society, and the media to help push for accountability and informed public debate on how the GH₵30 billion will be spent and safeguarded. The institute did not specify a deadline for the government to respond to its proposals or adopt the contingency reserve mechanism. The outcome of this financing debate will have significant implications for Ghanaian commuters and businesses along the Accra-Kumasi corridor.
The GH₵30 billion Big Push programme has received support from various stakeholders, but its financing architecture must be sufficiently resilient to withstand potential risks. CIPAC's proposal for a contingency reserve mechanism is aimed at ensuring that critical infrastructure projects are shielded from revenue swings. The government's response to these recommendations will be crucial in determining the success of the programme.
Key points
- CIPAC warns that Ghana's GH₵30 billion Big Push programme faces financing risks due to volatile gold and oil revenues.
- The programme's financing arrangements need to be more resilient to withstand potential drops in revenue.
- CIPAC proposes setting up a dedicated contingency reserve to shield major strategic infrastructure from revenue swings.
