The Auditor-General’s report has revealed that Ghana’s public debt was overstated by GH¢138.90 billion in 2024.
According to the report, the countrys total public debt was recorded as GH¢876 billion; however, an audit by the Auditor-General (A-G) found that the actual figure stood at GH¢737 billion.
This finding was contained in the Report of the Auditor-General on the Public Accounts of Ghana (Whole of Government Accounts) for the year ended December 31, 2024.
It stated, Section 54 of the Public Financial Management Act, 2016 (Act 921) mandates that public debt be fully and accurately reported. Also, IPSAS 1 Presentation of Financial Statements requires that financial statements present a complete and faithful representation of an entitys financial position. Furthermore, IPSAS 35 Consolidated Financial Statements requires the inclusion of controlled entities in the government’s consolidated financial statements.”
The report added, We noted from our review of public debt that the Whole of Government Accounts (WGA), CAG (Controller and Accountant-General), reported GH¢876,081,091,819 as total public debt, while our review of public debt records from the Ministry of Finance indicated total public debt of GH¢737,172,532,902, leading to an overstatement of GH¢138,908,558,917.”
According to the A-G, the overstatement may have resulted from data aggregation errors or the inclusion of unverified obligations during the consolidation process.
The report also attributed the discrepancies to poor coordination and communication between the Ministry of Finance, the Controller and Accountant-Generals Department (CAGD), and COCOBOD in disclosing and consolidating debt balances.
This undermines the accuracy and credibility of the financial statements, potentially misleading stakeholders, including policymakers, investors, and development partners,” the report stated.
As a recommendation, the Auditor-General urged the Controller and Accountant-General to collaborate with the Ministry of Finance to undertake a comprehensive reconciliation and review of public debt records to correct any overstatements or omissions.
“We also urged CAG to strengthen inter-agency coordination to ensure the timely and complete inclusion of all relevant data in the WGA, it added.
In response, the Controller and Accountant-General acknowledged the audit recommendation and explained that, Following the submission of the Whole of Government Account to the Auditor-General, new events were discovered by the CAGD that impacted the figures reported in the account for public debt and COCOBOD.
The CAGD further noted that it would engage relevant stakeholders to investigate and update the public debt records appropriately.
Meanwhile, the latest data from the Bank of Ghana indicates that Ghana’s total public debt currently stands at GH¢736.9 billion.
SSD/MA
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