The Ghanaian government's US$1.7 billion road project has sparked concerns over the legal status of Accra-Kumasi Expressway Limited (AKEL), the company responsible for the project's implementation. Parliament approved the concession agreement between the government and AKEL on December 17, 2025, as part of the government's Big Push programme. The project is a significant infrastructure undertaking, with the Controller and Accountant-General's Department allocating funds from the Annual Budget Funding Amount and mineral royalties.
According to the Finance Minister, US$1.7 billion had been deposited into a dedicated Accra-Kumasi Expressway account at the Bank of Ghana and ring-fenced for the project as of July 22, 2026. However, a fundamental corporate question remains unanswered: what, in law, is Accra-Kumasi Expressway Limited? The company's incorporation status is unclear, with the government describing it as a Special Purpose Vehicle (SPV) and a subsidiary under the Ghana Infrastructure Investment Fund (GIIF).
Under Ghana's Companies Act, 2019 (Act 992), incorporation is not a mere administrative formality. Section 14 provides that where the Registrar is satisfied that an application for incorporation complies with the Act, the Registrar certifies that the company is incorporated. The certificate of incorporation constitutes conclusive evidence that the company has been duly incorporated under the Act. If AKEL is a company incorporated under Act 992, there should be an identifiable corporate record and a certificate of incorporation issued by the Registrar.
The government has stated that AKEL was established as an SPV for the implementation of the project and is classified as a State-Owned Enterprise for funding and accounting purposes. However, this description raises more questions than it answers. If AKEL is a subsidiary of GIIF, what is its precise corporate instrument? If it is a company incorporated under Act 992, where is its incorporation record? If it is a statutory body, what Act of Parliament established it?
Parliament's approval of the concession agreement does not necessarily imply that AKEL was validly incorporated. The parliamentary approval of a concession agreement is materially different from saying that Parliament passed an Act establishing AKEL as a corporate body. The two legal questions should not be conflated: first, was the concession agreement properly approved, and second, was the concessionaire itself validly constituted as a legal person?
The financial dimension of the project makes the corporate question even more important. The Public Financial Management Act, 2016 (Act 921) establishes a framework for the management and control of public funds, assets, liabilities, and resources. The Act requires the national budget to contain information concerning major investment projects and multiple-year commitments. The public is entitled to know who the legal recipient of the funds is, who owns it, who controls it, and under what law it was created.
The Daily Searchlight's investigation highlights the need for transparency and accountability in the management of public funds. The Controller and Accountant-General's Department and the Finance Minister must provide clarity on AKEL's incorporation status and its corporate structure. The public must be assured that the entity responsible for the US$1.7 billion road project is legally constituted and accountable for the public funds entrusted to it.
Key points
- The Ghanaian government's US$1.7 billion road project raises questions over the legal incorporation of Accra-Kumasi Expressway Limited.
- The company's incorporation status is unclear, with the government describing it as a Special Purpose Vehicle and a subsidiary under the Ghana Infrastructure Investment Fund.
- The public financial commitment to the project has become substantial, with US$1.7 billion deposited into a dedicated account at the Bank of Ghana.
