The Auditor-General has revealed a major inconsistency in Ghana’s 2023 public debt records, citing an overstatement of GH¢138.91 billion in the Whole of Government Accounts (WGA) submitted by the Controller and Accountant-General (CAG).

According to the Auditor-General’s report, while the CAG reported a total public debt of GH¢876.08 billion, corresponding records from the Ministry of Finance placed the actual figure at GH¢737.17 billion — a substantial discrepancy that raises concerns over the accuracy of Ghana’s financial reporting.

This misreporting violates Section 54 of the Public Financial Management Act, 2016 (Act 921), which requires public debt to be fully and accurately disclosed in the government’s financial statements.

The report further noted that the discrepancy breaches International Public Sector Accounting Standards (IPSAS), particularly IPSAS 1 and IPSAS 35.

These standards call for comprehensive and faithful presentation of government accounts to ensure transparency and accountability.

The Auditor-General’s findings are expected to prompt scrutiny of the financial management systems and oversight responsibilities of key government institutions involved in public debt reporting.

Below is the statement: