Auditor-General Uncovers GH¢138.9 Billion Public Debt Overstatement in Government Accounts

Ghana’s public debt figures have come under serious scrutiny after the auditor-general uncovered an overstatement of GH¢138.91 billion in the Whole-of-Government Accounts (WGA) submitted by the Controller and Accountant-General (CAG) for the 2024 fiscal year.

According to the Auditor-General’s report on the Public Accounts of Ghana, the CAG’s records put the total public debt at GH¢876.08 billion, sharply contradicting data from the Ministry of Finance, which reported GH¢737.17 billion—a staggering difference that violates key financial regulations and international accounting standards.

The revelation has sparked renewed concerns over the credibility and accuracy of Ghana’s fiscal reporting, especially at a time when the country is under intense domestic and international financial scrutiny.

Breakdown of the Discrepancy:

• External debt was overstated by GH¢1.7 billion.
• Domestic debt was overstated by GH¢132.9 billion.
• COCOBOD’s domestic debt was overstated by GH¢4.1 billion.
• COCOBOD’s external debt was also understated by GH¢2.1 million.

The findings amount to a breach of Section 54 of the Public Financial Management Act, 2016 (Act 921), which mandates full, accurate, and reliable reporting of public debt. It also violates provisions of the International Public Sector Accounting Standards (IPSAS), notably IPSAS 1 and IPSAS 35, which require public sector financial statements to present a faithful and complete representation of government finances.

Financial analysts say the error, if not a result of deliberate misreporting, reflects a troubling lapse in Ghana’s public financial management systems.

“This is not a rounding error—GH¢138.91 billion is nearly 18% of GDP,” one analyst noted. “Such inconsistencies threaten investor confidence, weaken fiscal discipline, and could affect our credibility in the eyes of creditors and development partners.”

The Auditor-General has recommended that the Controller and Accountant-General’s Department (CAGD) reconcile its data with the Ministry of Finance and improve inter-agency coordination to ensure accurate debt reporting.

Civil society organisations and transparency advocates are also calling for a thorough investigation into how such a major error occurred and whether there were any attempts to mislead the public or external partners.

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