Chair of Parliament’s Public Accounts Committee (PAC), Abena Osei Asare, has strongly criticized the GH¢138.91 billion public debt overstatement, calling it far beyond a simple error. She emphasized that such a massive discrepancy undermines confidence in Ghana’s public financial systems and demands urgent institutional reform.
Her remarks come in response to findings from the 2024 audit report on Ghana’s whole-of-government accounts, which showed a troubling mismatch between figures reported by the Controller and Accountant-General’s Department (CAGD) and the Ministry of Finance. The CAGD reported a public debt of GH¢876.01 billion, while the Finance Ministry recorded GH¢737.17 billion, creating a gap of over GH¢138 billion.
The breakdown of the discrepancy includes:
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GH¢132.98 billion in domestic debt overstatement
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GH¢1.77 billion in external debt
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GH¢4.15 billion overstated under COCOBOD’s domestic debt
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GH¢2.1 million understatement in COCOBOD’s external liabilities
“This is about protecting the integrity of our public financial systems and rebuilding public confidence in the institutions that manage our resources,” she stated, reinforcing the need for stringent oversight.
Abena Osei Asare reassured citizens that PAC will fully investigate the matter, thoroughly question all involved institutions, and ensure that the Auditor-General’s recommendations are implemented in full.
She underscored that such a colossal misreporting cannot be brushed aside with a routine explanation. “As public servants, we must demand precision, not approximation, especially when it comes to the national accounts,” she added.
The PAC Chair reaffirmed the committee’s dedication to upholding its constitutional mandate of ensuring accountability, transparency, and value for money in the management of public finances.
