The Ghanaian government's flagship infrastructure project, the Accra-Kumasi Expressway, has reached a significant milestone with the approval of a concession agreement between the government and Accra-Kumasi Expressway Limited (AKEL) by Parliament on December 17, 2025. The project, part of the Big Push programme, involves a substantial public financial commitment, with US$1.7 billion deposited into a dedicated account at the Bank of Ghana as of July 22, 2026.
Despite the progress made, a fundamental question remains unanswered: what is the legal status of Accra-Kumasi Expressway Limited? Under Ghana's Companies Act, 2019 (Act 992), incorporation is not just an administrative formality, and a company's existence is confirmed by a certificate of incorporation issued by the Registrar. The Act stipulates that a company becomes a body corporate upon incorporation, raising concerns about AKEL's corporate record and incorporation certificate.
There is, however, an important qualification: Parliament can establish a statutory corporation or body corporate directly by legislation, bypassing the incorporation process under Act 992. This distinction has long existed in Ghanaian law, with the State Interests and Governance Authority Act, 2019 (Act 990), recognizing various State-Owned Enterprises, joint venture companies, and other State entities. This raises the question of whether AKEL was incorporated under Act 992, created by an Act of Parliament, or established through another legally authorized corporate structure.
Government communications have described AKEL as a Special Purpose Vehicle (SPV) and a subsidiary under the Ghana Infrastructure Investment Fund (GIIF). The Controller and Accountant-General's Department stated that AKEL was established as an SPV for the project and classified as a State-Owned Enterprise for funding and accounting purposes. These descriptions, however, raise more questions than they answer regarding AKEL's precise corporate instrument and incorporation record.
Parliament's approval of the concession agreement does not necessarily validate AKEL's corporate structure. The parliamentary approval and the concessionaire's legal existence are two separate issues. The Public Financial Management Act, 2016 (Act 921), requires transparency and accountability in the management of public funds, emphasizing the need to clarify AKEL's corporate status, ownership, control, and accountability for public funds.
The financial dimension of the project makes the corporate question even more pressing. With billions of public funds committed to the project, the public has a right to know about the legal recipient, ownership, control, and accountability mechanisms in place. The entity's ability to receive, hold, contract with respect to, and account for public funds hinges on its legal personality.
As the project moves forward, clarity on AKEL's corporate structure will be essential for ensuring transparency, accountability, and effective management of public funds. The government's description of AKEL as an SPV and subsidiary under GIIF highlights the need for a clear and comprehensive understanding of the entity's legal status and its implications for the project's implementation and governance.
Key points
- The corporate structure of Accra-Kumasi Expressway Limited, managing Ghana's US$1.7 billion Accra-Kumasi Expressway project, remains unclear.
- Questions have been raised about whether AKEL was incorporated under Ghana's Companies Act, created by an Act of Parliament, or established through another corporate structure.
- Clarity on AKEL's corporate status is essential for ensuring transparency, accountability, and effective management of public funds in the project.
