A reconciliation exercise by the Controller and Accountant-General’s Department (CAGD) and the Auditor-General’s office has settled a reported GH¢138.91 billion variance in Ghana’s public debt figures for 2023. However, the episode has reignited debate about the reliability of the country’s financial reporting systems.
The discrepancy emerged after the 2024 Auditor-General’s report flagged a mismatch between the CAGD’s Whole of Government Accounts, which placed Ghana’s 2023 public debt at GH¢861.4 billion, and the Ministry of Finance’s records of GH¢737.17 billion.
Appearing before the Public Accounts Committee (PAC) on Monday, Controller and Accountant-General Mr. Kwasi Agyei clarified that the figures have since been reconciled, urging the public to disregard claims that Ghana’s debt was overstated.
“Madam Chair, we have since reconciled the figures, and the public should disregard suggestions that we overstated the national debt,” Mr. Agyei stated, with Assistant Auditor-General Mr. Paul Affram confirming that the matter had been resolved after the release of the report.
Despite the resolution, the controversy has triggered renewed concerns about fiscal transparency, especially at a time when Ghana’s economic recovery depends heavily on investor confidence. Analysts warn that frequent discrepancies in official data risk undermining public trust and raising questions among international partners.
The PAC hearing, chaired by Madam Abena Osei Asare, is probing infractions in the 2024 Auditor-General’s report covering ministries, departments, and agencies for the year ending December 31, 2024. Deputy Finance Minister Mr. Thomas Ampem Nyarko led the Ministry of Finance, Ghana Revenue Authority, and CAGD to respond to queries.
Ghana’s public debt has seen significant restructuring gains, with the debt-to-GDP ratio dropping to 43.8 per cent as of June 2025, from over 90 per cent in 2022. While this development has been welcomed by markets, experts stress that strict fiscal discipline and transparent reporting are essential to sustain the progress.
The reconciliation may have calmed immediate fears, but financial governance watchers say the episode should serve as a wake-up call for stronger institutional coordination and real-time data validation between the Ministry of Finance, CAGD, and the Auditor-General’s office.
