Abena Osei-Asare raises alarm over GH¢138bn overstatement in public debt

Chairperson of the Public Accounts Committee (PAC) of Parliament, Abena Osei-Asare, has described the recent GH¢138.91 billion overstatement in Ghana’s public debt as revealed in the 2024 Audit Report as “no ordinary mistake” that warrants urgent scrutiny.

According to the report, while the Controller and Accountant-General reported Ghana’s total public debt as GH¢876.01 billion, the Ministry of Finance recorded a significantly lower figure of GH¢737.17 billion.

This reveals an overstatement of GH¢138.91 billion in the Whole of Government Accounts (WGA) submitted by the Controller and Accountant-General (CAG).

In a Facebook Post, the Public Accounts Committee Chairperson and Atiwa East MP noted that the glaring discrepancy raises serious concerns about internal controls, data consistency, and the overall coordination among institutions tasked with managing the country’s finances.

According to her, the issue is a serious misstatement that calls for reform within the country’s public financial management systems.

“The responsibility for preparing the 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,” she wrote.

Quoting directly from the Auditor-General’s recommendation in the report, Ms. Osei-Asare noted the urgent need for stronger collaboration between the Controller and Accountant General Department, the Ministry of Finance, and other relevant agencies to ensure the accuracy and reliability of national financial reporting.

She pledged the Public Accounts Committee’s full commitment to investigating the issue thoroughly.

She assured that the Committee will engage the institutions involved to understand the root cause of the discrepancy and push for the full implementation of the Auditor-General’s recommendations.

“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,” she added.