The Public Interest and Accountability Committee (PIAC) has flagged the transfer of US$434.55 million from the Annual Budget Funding Amount (ABFA) to a Special Purpose Vehicle (SPV) established by the Ghana Infrastructure Investment Fund (GIIF) for infrastructure development under the government’s Big Push policy.
The disclosure is contained in PIAC’s 2025 Annual Report, published on 8th April 2026, covering the management and utilisation of Ghana’s petroleum revenues from January to December 2025.
According to the report, GIIF has confirmed that the transferred funds are currently being held in a suspense account at the Bank of Ghana (BoG), pending the completion of feasibility studies for the Accra–Kumasi Expressway project.
While PIAC noted that the amendment to the Petroleum Revenue Management Act (PRMA) restricting ABFA use to infrastructure development aligns with its long-standing recommendation to commit funds to legacy projects, the Committee expressed concern over the lack of transparency surrounding the initiative.
“Government is yet to provide project details on the project, including the project scope, details of contractor, the contract sum and payments made towards the project,” the report stated.
PIAC also observed that a separate ABFA investment of US$30 million by GIIF in the Accra International Airport has yielded US$17.9 million in interest and fee receipts between 2017 and 2025 representing almost 60 percent of the original capital deployed.
The Committee is further urging the Minister for Finance to comply with parliamentary appropriations in the allocation of ABFA to the District Assembly Common Fund (DACF), after PIAC noted that only US$1.87 million representing 0.43 percent was disbursed instead of the required US$21.67 million (5%).
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