Chairperson of the Public Accounts Committee (PAC) and Member of Parliament for Atiwa East, Hon. Abena Osei-Asare, has sounded the alarm over a massive discrepancy in Ghana’s reported public debt, describing the GH¢138.91 billion overstatement flagged in the 2024 Audit Report as “no ordinary mistake.”
The irregularity, revealed in the Auditor-General’s review of the Whole of Government Accounts for the year ending December 31, 2024, exposes major flaws in public financial reporting and institutional coordination.
According to paragraphs 13–18 of the report, while the Controller and Accountant-General’s Department (CAGD) reported a total public debt of GH¢876.01 billion, the Ministry of Finance — the body legally mandated to record all public borrowing — reported a significantly lower figure of GH¢737.17 billion.
The breakdown of the overstatement includes GH¢132.98 billion in domestic debt, GH¢1.77 billion in external debt, GH¢4.15 billion in COCOBOD’s domestic debt, and a GH¢2.1 million understatement in its external debt.
Hon. Osei-Asare expressed deep concern, insisting the gravity of the error must not be underestimated. “This is about protecting the integrity of our public financial systems and rebuilding public confidence in the institutions that manage our resources,” she said. “As public servants, we must demand precision — not approximation — especially when it comes to our national accounts.”
She emphasized that the responsibility for preparing government accounts rests entirely with the Controller and Accountant-General and stressed that a misstatement of such magnitude raises critical questions about internal controls, data management, and institutional synergy.
In response, Hon. Osei-Asare pledged that the Public Accounts Committee will conduct a full probe into the discrepancy. She outlined key actions the committee will undertake, including engaging with the CAGD, Ministry of Finance, and other key agencies to determine the root cause of the error, examining the breakdowns in internal processes that allowed the misreporting to occur and ensuring full implementation of the Auditor-General’s recommendations on data harmonisation and institutional collaboration.
“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,” she stated.
The revelation has sparked national discourse over the credibility of Ghana’s financial records, and Hon. Osei-Asare’s swift response has signaled Parliament’s resolve to uphold transparency and accountability.
Sharing her concerns on social media, the PAC Chair titled her post: “Overstatement of Public Debt – GH¢138.91 Billion – No Ordinary Mistake.”
Reiterating her position, she wrote: “The 2024 Audit Report on the Public Accounts of Ghana (Whole of Government Accounts) has brought to light a significant overstatement in the nation’s debt figures — to the tune of GH¢138.91 billion.”
She reaffirmed PAC’s determination to fully investigate the matter and ensure that corrective measures are enforced. “The PAC remains fully committed to its constitutional mandate of ensuring accountability, transparency, and value for money in the use of public funds,” she concluded.
