The Chair of the Public Accounts Committee (PAC), Abena Osei Asare, has assured the Ghanaian public that the committee is taking the findings of the Auditor-General very seriously.
Speaking specifically regarding the overstatement uncovered by the Auditor-General, she noted that PAC plans to
Engage with the relevant institutions to understand the root causes of the misstatement.
She assured that the Committee will scrutinise the processes that allowed such a significant divergence in figures.
The 2024 Auditor-General’s report has uncovered an overstatement of GH¢138.91 billion in Ghana’s public debt figures in the 2024 Audit Report on the Public Accounts of Ghana (Whole of Government Accounts) for the year ended December 31, 2024.
The report cited a substantial divergence between the figures reported by the Controller and Accountant-General’s Department (CAGD) and the Ministry of Finance.
While the CAGD stated Ghana’s total public debt at GH¢876.01 billion, the Ministry of Finance, mandated to account for all public borrowing, recorded a considerably lower figure of GH¢737.17 billion.
Reacting to the concerns raised, Abena Osei Asare stressed that the PAC will ensure that the Audit Service’s recommendations are not only acknowledged but fully implemented.
”This is about protecting the integrity of our public financial systems and rebuilding public confidence in the institutions that manage our resources,” stated Ms Osei Asare.
She emphasised the need for “precision — not approximation — especially when it comes to the national accounts.”
The lawmaker added that PAC remains committed to its constitutional mandate of ensuring accountability, transparency, and value for money in the use of public funds.
Below is the full statement by the PAC Chair
Use this statementbin designing a precise and straightfoward article
OVERSTATMENT OF PUBLIC DEBT-GHC 138.91 BILLION-NO ORDINARY MISTAKE.
The 2024 Audit Report on the Public Accounts of Ghana (Whole of Government Accounts) for the Year 31st December , 2024 has brought to light a significant overstatement in the nation’s debt figures — to the tune of GH¢138.91 billion.
According to the report (paragraphs 13–18), while the Controller and Accountant-General’s Department (CAGD) reported Ghana’s total public debt as GH¢876.01 billion, the Ministry of Finance — which has the official mandate to account for all public borrowing — recorded a much lower figure of GH¢737.17 billion. This discrepancy includes:
• GH¢132.98 billion overstatement in domestic debt;
• GH¢1.77 billion overstatement in external debt;
• COCOBOD’s domestic debt overstated by GH¢4.15 billion, while its external debt was understated by GH¢2.1 million.
The responsibility for preparing Government of Ghana accounts lies solely with the Controller and Accountant-General. A misstatement of this magnitude therefore raises important questions about internal controls, data harmonisation, and institutional coordination within our public financial management framework.
The Audit Service, in paragraph 17 of the report, has rightly recommended enhanced collaboration between the CAGD, the Ministry of Finance, and other relevant agencies to ensure accurate and reliable Whole of Government reporting going forward.
As Chair of the Public Accounts Committee, I wish to assure the public that the Committee will take these matters seriously. The PAC will:
• Engage with the relevant institutions to understand the root causes of the misstatement;
• Scrutinise the processes that allowed such a divergence in figures;
• Ensure that the Audit Service’s recommendations are not only acknowledged but implemented.
This is about protecting the integrity of our public financial systems and rebuilding public confidence in the institutions that manage our resources.
As public servants, we must demand precision — not approximation — especially when it comes to the national accounts. The PAC remains fully committed to its constitutional mandate of ensuring accountability, transparency, and value for money in the use of public funds.
By: Rainbowradioonline.co/Ghana
