The Public Accounts Committee (PAC) of Parliament has absolved the Controller and Accountant-General’s Department (CAGD) of allegations that it inflated Ghana’s public debt by GH¢138 million in the 2024 financial statements.
The committee explained that the supposed discrepancy was the result of debts owed by state-owned enterprises (SOEs) that were not guaranteed by central government being included in the overall figure.
Appearing before PAC in Accra on Monday, August 25, the Controller and Accountant-General, Akwasi Agyei, clarified that while the financial statement recorded GH¢861.4 billion as the total public debt — covering the whole of government including SOEs — the actual debt stock attributable to central government and guaranteed SOEs was GH¢711.4 billion. This, he said, was the same figure submitted to Parliament and the Bank of Ghana.
“The figures haven’t changed. What is in the financial statement is the same as what was confirmed after reconciliation. It has not impacted the state’s accounts. There was no second statement, only a few reconciliations with the auditors,” Mr. Agyei told the committee.
PAC Chairperson, Abena Osei Asare, explained that the confusion came from the handling of unguaranteed SOE debts, which do not add to the government’s official debt unless the enterprises default. She urged the CAGD to strengthen collaboration with the Audit Service to avoid similar confusion in the future.
Committee members further cautioned that early reports of discrepancies could damage Ghana’s international credit ratings, stressing the need for stronger coordination between the Audit Service and the CAGD to maintain public confidence.
Officials from the Auditor-General’s office admitted that their initial report had been prepared under time constraints but confirmed that later reconciliations aligned with the Controller’s figures.
Fiscal credibility concerns
Deputy Finance Minister, Thomas Nyarko Ampem, welcomed PAC’s ruling, describing it as critical for the country’s financial reputation.
“This conclusion is extremely important and must be made clear to every Ghanaian and all who monitor Ghana’s fiscal position. The impression that the Controller had overstated the country’s public debt was worrying,” he said.
He stressed that PAC’s clarification had reaffirmed that Ghana’s debt figures remain unchanged and credible.
Beyond the debt issue, PAC raised concerns about weak adherence to the Ghana Integrated Financial Management Information System (GIFMIS) by some state institutions.
In response, Mr. Agyei explained that although all government-funded bodies were connected to GIFMIS, agencies relying on Internally Generated Funds (IGF), donor support and statutory allocations often bypassed the system.
To address this, he revealed that the Ministry of Finance and CAGD are working to eliminate manual cheques and expand the use of the Ghana Interbank Payment and Settlement System (GhIPSS), a move expected to enforce full compliance. A pilot phase, he noted, has already shown positive results.
Committee members also raised concerns about persistent overpayments, wrongful allowances and delays in removing ghost names from the payroll despite repeated alerts, urging the Controller to step up enforcement measures.
