The Member of Parliament for Atiwa East and Chairperson of the Public Accounts Committee (PAC), Hon. Abena Osei-Asare, has expressed deep concern over a startling revelation in the 2024 Audit Report on the Public Accounts of Ghana, an overstatement of the country’s public debt by a staggering GH¢138.91 billion.

The discrepancy, uncovered in the Audit Service’s latest review of the Whole of Government Accounts for the year ending 31st December 2024, points to serious lapses in financial reporting and institutional coordination. According to paragraphs 13–18 of the report, while the Controller and Accountant-General’s Department (CAGD) reported Ghana’s total public debt at GH¢876.01 billion, the Ministry of Finance, the constitutionally mandated body for recording all public borrowing, reported GH¢737.17 billion.

Hon. Abena Osei-Asare

The breakdown of the overstatement includes:

GH¢132.98 billion in domestic debt,

GH¢1.77 billion in external debt,

GH¢4.15 billion overstatement in COCOBOD’s domestic debt,

GH¢2.1 million understatement in COCOBOD’s external debt.

Hon. Osei-Asare described the situation as “no ordinary mistake” and emphasised the gravity of such a miscalculation in the nation’s fiscal records. “This is about protecting the integrity of our public financial systems and rebuilding public confidence in the institutions that manage our resources,” she stated.

In her capacity as Chair of PAC, Hon. Osei-Asare has pledged a thorough investigation into the anomaly. She outlined the committee’s planned actions, which include:

Engaging the CAGD, Ministry of Finance, and other relevant institutions to determine the root causes of the misstatement;

Scrutinising the internal controls and reporting systems that led to the error;

Ensuring that the Audit Service’s recommendations for improved institutional collaboration and data harmonisation are fully implemented.

“The responsibility of preparing the accounts of Government lies squarely with the Controller and Accountant-General. A misstatement of this scale cannot be taken lightly,” Hon. Osei-Asare said.

“As public servants, we must demand precision not approximation especially when it comes to our national accounts.” she said

She reaffirmed the PAC’s commitment to constitutional mandate of promoting transparency, accountability, and value for money in the use of public funds.

The 2024 Audit Report has already triggered nationwide conversations about the accuracy of Ghana’s financial reporting, and Hon. Osei-Asare’s leadership in this matter signals Parliament’s readiness to act decisively in the public interest.

Below is the full write up by Hon Abena Osei-Asare On her Facebook page

𝐇𝐨𝐧 𝐀𝐛𝐞𝐧𝐚 𝐎𝐬𝐞𝐢-𝐀𝐬𝐚𝐫𝐞 ( 𝐌𝐏, 𝐀𝐭𝐢𝐰𝐚 𝐄𝐚𝐬𝐭 𝐂𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐞𝐧𝐜𝐲) ✍️✍️✍️✍️✍️

OVERSTATMENT OF PUBLIC DEBT-GHC 138.91 BILLION-NO ORDINARY MISTAKE.

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 overstated by GH¢4.15 billion, while its external debt was understated by GH¢2.1 million.

The responsibility for preparing Government of Ghana 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 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.