Ghana’s parliamentary oversight body will investigate a GH¢138.91 billion overstatement in reported public debt uncovered by the 2024 national audit.
Abena Osei-Asare, Member of Parliament for Atiwa East and Chairperson of Parliament’s Public Accounts Committee (PAC), labelled the discrepancy a “no ordinary mistake,” demanding urgent scrutiny of financial controls. The variance emerged from conflicting reports between the Controller and Accountant-General’s Department (CAGD) and the Ministry of Finance.
According to the 2024 Audit Report on the Public Accounts of Ghana, the CAGD recorded total public debt at GH¢876.01 billion. This figure sharply contrasts with the Ministry of Finance’s official report of GH¢737.17 billion – a difference of GH¢138.91 billion. The audit identified specific overstatements: GH¢132.98 billion in domestic debt, GH¢1.77 billion in external debt, and GH¢4.15 billion in COCOBOD’s domestic debt. Additionally, COCOBOD’s 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,” Osei-Asare stated publicly. “A misstatement of this scale raises serious questions about internal controls, data harmonisation, and institutional coordination.” She confirmed the PAC will conduct a full investigation into the causes of the discrepancy, engaging all relevant institutions involved in the debt reporting process.
Osei-Asare emphasized the probe aims to ensure strict implementation of the Auditor-General’s recommendations. She framed the investigation as critical for safeguarding public financial integrity and rebuilding citizen trust in national resource management. The Audit Service has separately called for enhanced collaboration between the CAGD, the Ministry of Finance, and other key agencies to prevent future reporting errors of this magnitude.
