Accra: The Controller and Accountant-General's Department (CAGD) on Monday refuted allegations that it overstated Ghana's public debt by GHS138.91 billion in the 2023 Whole of Government Accounts.
According to Ghana News Agency, Mr Kwasi Agyei, the Controller and Accountant-General, stated that the issue had been resolved through a reconciliation exercise. "Madam Chair, we have since reconciled the figures, and the public should disregard suggestions that we overstated the national debt," he said during an appearance before the Public Accounts Committee (PAC) of Parliament.
Mr. Thomas Ampem Nyarko, the Deputy Finance Minister, led the Ministry of Finance along with the Controller and Accountant-General, the Ghana Revenue Authority, and other agencies under the ministry to address some questions on infractions highlighted in the 2024 Auditor-General's report. The PAC public hearing, which commenced on Monday, August 19, is set to run until Wednesday, August 27, examining the Auditor-General's report on MDAs for the year ended December 31, 2024.
Mr. Agyei's claims were corroborated by Assistant Auditor-General, Mr. Paul Affram, who confirmed that the figures were reconciled after the report's release, supporting the CAGD's stance. Consequently, CAGD has encouraged the public to dismiss suggestions that it overstated the national debt.
The discrepancy originated from the Auditor-General's report, which noted a difference between the CAGD's reported public debt figure of GHS861.4 billion and the Ministry of Finance's records, which showed GHS737.17 billion. The CAGD's statement comes amid concerns over the accuracy and integrity of Ghana's financial reporting.
Ghana's public debt has garnered attention, with the country recently witnessing a notable reduction in its debt-to-GDP ratio to 43.8 percent as of June 2025, down from over 90 percent in 2022. This development is anticipated to enhance investor confidence and improve Ghana's macroeconomic credibility. However, analysts have advised that the government must maintain strict fiscal discipline to ensure sustainability.
