The Writer
The 2024 Audit Report on the Public Accounts of Ghana (Whole of Government Accounts) for the Year 31st December, 2024 has brought to light a significant overstatement in the nation’s debt figures, to the tune of GH¢138.91 billion.
According to the report (paragraphs 13–18), while the Controller and Accountant-General’s Department (CAGD) reported Ghana’s total public debt as GH¢876.01 billion, the Ministry of Finance — which has the official mandate to account for all public borrowing — recorded a much lower figure of GH¢737.17 billion.
This discrepancy includes:
- GH¢132.98 billion overstatement in domestic debt;
- GH¢1.77 billion overstatement in external debt;
- COCOBOD’s domestic debt was overstated by GH¢4.15 billion, while its external debt was understated by GH¢2.1 million.
The responsibility for preparing the Government of Ghana’s accounts lies solely with the Controller and Accountant-General. A misstatement of this magnitude, therefore, raises important questions about internal controls, data harmonisation, and institutional coordination within our public financial management framework.
The Audit Service, in paragraph 17 of the report, has rightly recommended enhanced collaboration between the CAGD, the Ministry of Finance, and other relevant agencies to ensure accurate and reliable Whole of Government reporting going forward.
As Chair of the Public Accounts Committee, I wish to assure the public that the Committee will take these matters seriously. The PAC will:
- Engage with the relevant institutions to understand the root causes of the misstatement;
- Scrutinise the processes that allowed such a divergence in figures.
- Ensure that the Audit Service’s recommendations are not only acknowledged but also implemented.
This is about protecting the integrity of our public financial systems and rebuilding public confidence in the institutions that manage our resources.
As public servants, we must demand precision — not approximation — especially when it comes to the national accounts. The PAC remains fully committed to its constitutional mandate of ensuring accountability, transparency, and value for money in the use of public funds.
By Abena Osei-Asare