Ghana’s financial reporting integrity is under fresh scrutiny after the Auditor-General uncovered a staggering overstatement of GH¢138.91 billion in the country’s reported public debt for the year ending December 2024.
The revelation, contained in the Auditor-General’s latest report on the Whole-of-Government Accounts (WGA), highlights discrepancies between data submitted by the Controller and Accountant-General’s Department (CAGD) and figures maintained by the Ministry of Finance.
While the CAGD reported a total public debt of GH¢876.08 billion, the Ministry’s own records showed a markedly lower figure of GH¢737.17 billion—a difference that financial experts say could undermine confidence in the nation’s fiscal governance.
The Auditor-General warned that such a substantial reporting gap violates Section 54 of the Public Financial Management Act, 2016 (Act 921), which obliges public officials to ensure the full and accurate reporting of public debt. It also breaches key international financial standards under IPSAS 1 and IPSAS 35, which demand clarity and consistency in public sector financial disclosures.
“Discrepancies of this nature weaken the credibility of financial reports and raise red flags about the systems and controls in place to monitor Ghana’s debt obligations,” the report noted.
Breakdowns in the report show that domestic debt was overstated by GH¢132.9 billion, while external debt was overstated by GH¢1.7 billion. Notably, COCOBOD’s domestic debt was exaggerated by GH¢4.1 billion, and its external debt understated by GH¢2.1 million.
The findings have sparked growing calls from civil society and financial governance advocates for enhanced transparency, stricter oversight, and improved inter-agency coordination in public financial reporting.
Analysts say the misreporting could have ripple effects on debt sustainability assessments, investor confidence, and Ghana’s relationships with international lenders.
“This isn’t just a technical error—it has far-reaching consequences for policymaking, borrowing decisions, and the credibility of our public institutions,” one governance expert observed.
As questions mount, many are now looking to the Ministry of Finance and the CAGD for an urgent explanation and corrective measures to prevent a recurrence and restore public trust in Ghana’s fiscal management systems.
