The Controller and Accountant-General’s Department (CAGD) of Ghana has unequivocally refuted allegations of overstating the nation’s public debt by a staggering GH¢138.91 billion in the 2023 Whole of Government Accounts. This clarification came during a public hearing held by the Public Accounts Committee (PAC) of Parliament, where Mr. Kwasi Agyei, the Controller and Accountant-General, addressed the concerns raised in the 2024 Auditor-General’s report. He asserted that the perceived discrepancy had been resolved through a meticulous reconciliation exercise conducted in collaboration with the Auditor-General’s Department, urging the public to disregard any suggestions of inflated debt figures. This confirmation was echoed by Mr. Paul Affram, Assistant Auditor-General, who validated the CAGD’s stance and affirmed the reconciliation of the figures following the report’s release. The CAGD’s appearance before the PAC was part of a broader engagement with the Ministry of Finance, the Ghana Revenue Authority, and other related agencies to address infractions highlighted in the Auditor-General’s report.
The initial discrepancy stemmed from the Auditor-General’s report, which indicated a significant difference between the public debt figure reported by the CAGD (GH¢861.4 billion) and the figure recorded by the Ministry of Finance (GH¢737.17 billion). This difference raised concerns about the accuracy and integrity of Ghana’s financial reporting, a matter of significant public interest given the country’s recent economic challenges and its ongoing efforts to restore macroeconomic stability. The CAGD’s clarification, backed by the Auditor-General’s Department, aims to allay these concerns and reinforce confidence in the government’s fiscal management. The PAC hearing serves as a crucial platform for transparency and accountability, ensuring that public funds are managed responsibly and that discrepancies are addressed promptly and effectively.
The controversy surrounding the public debt figures unfolded against the backdrop of Ghana’s recent economic performance, particularly its significant reduction in the debt-to-GDP ratio. From a high of over 90% in 2022, the ratio dropped to 43.8% by June 2025, a remarkable achievement that signaled progress in the country’s fiscal consolidation efforts. This improvement is expected to boost investor confidence and enhance Ghana’s credibility in the international financial markets. However, analysts caution that maintaining this positive trajectory requires sustained fiscal discipline and prudent management of public resources. The CAGD’s clarification on the debt figures is therefore crucial in maintaining this momentum and demonstrating the government’s commitment to transparent and accurate financial reporting.
The reconciliation process undertaken by the CAGD and the Auditor-General’s Department underscores the importance of robust internal controls and regular audits in ensuring the accuracy of financial data. By identifying and addressing discrepancies proactively, these institutions contribute to strengthening public financial management and promoting accountability. The public hearing conducted by the PAC further reinforces this commitment to transparency, providing a platform for open dialogue and scrutiny of government spending. The collaborative effort between the CAGD and the Auditor-General’s Department in resolving the debt figure discrepancy demonstrates a commitment to upholding the highest standards of financial reporting.
The accurate reporting of public debt is critical for several reasons. It provides a clear picture of the government’s financial health, enabling informed decision-making by policymakers, investors, and the public. It also allows for effective monitoring of the government’s fiscal performance and helps to ensure that debt levels are sustainable. Furthermore, accurate debt figures are essential for maintaining investor confidence and accessing international financial markets at favorable terms. In Ghana’s case, the significant reduction in the debt-to-GDP ratio is a positive development, but its impact hinges on the credibility and accuracy of the underlying data. The CAGD’s clarification on the debt figures is therefore essential in reinforcing this credibility and demonstrating the government’s commitment to sound fiscal management.
In conclusion, the CAGD’s clarification on the alleged overstatement of Ghana’s public debt is a significant step towards maintaining transparency and accountability in the country’s financial reporting. The reconciliation process, confirmed by the Auditor-General’s Department, underscores the importance of robust internal controls and regular audits in ensuring the accuracy of financial data. This incident also highlights the crucial role played by the PAC in scrutinizing government spending and holding public institutions accountable. While Ghana has made commendable progress in reducing its debt-to-GDP ratio, maintaining this positive trajectory requires continued fiscal discipline and a commitment to transparent and accurate financial reporting. The CAGD’s actions in this matter contribute to strengthening public trust and reinforce the government’s commitment to sound fiscal management.
