Abena Osei Asare, former Minister of State at the Finance Ministry and current Chairperson of Parliament’s Public Accounts Committee (PAC), has described the GH¢138.91 billion overstatement in Ghana’s public debt—uncovered in the 2024 Auditor-General’s report—as a matter of grave concern.
She noted that the discrepancy is not a simple accounting error but rather a reflection of deep-rooted weaknesses within the country’s public financial management systems. According to her, urgent reforms are necessary to restore transparency and ensure fiscal credibility.
The Auditor-General’s report on the whole-of-government accounts for the year ending December 31, 2024, found that the Controller and Accountant-General’s Department (CAGD) recorded a total public debt of GH¢876.01 billion far exceeding the GH¢737.17 billion reported by the Ministry of Finance, the entity legally mandated to track public borrowing.
Breakdowns in the discrepancy include an overstatement of GH¢132.98 billion in domestic debt, GH¢1.77 billion in external debt, GH¢4.15 billion in COCOBOD’s domestic liabilities, and a GH¢2.1 million understatement in COCOBOD’s foreign debt.
Osei Asare underscored the importance of accountability, stressing that such massive inconsistencies in national accounts erode public trust. “We must safeguard the integrity of our financial systems and rebuild confidence in the institutions tasked with managing our resources,” she stated.
She assured that PAC will rigorously investigate the causes of the variance, engage all relevant institutions, and ensure that the Auditor-General’s recommendations are fully enforced.
“The scale of this error requires a serious and detailed explanation,” she added. “Public financial management demands precision not estimates especially when national accounts are at stake.”
The PAC, she reiterated, remains committed to upholding its constitutional mandate to promote transparency, accountability, and responsible use of public funds.
