“No Ordinary Mistake”: Atiwa East MP Abena Osei-Asare Slams Shocking Overstatement in Ghana’s Public Accounts

The Member of Parliament for Atiwa East and Chairperson of the Public Accounts Committee (PAC), Hon. Abena Osei-Asare, has expressed deep concern over a startling revelation in the 2024 Audit Report on the Public Accounts of Ghana—an overstatement of the country’s public debt by a staggering GH¢138.91 billion.

The discrepancy, uncovered in the Audit Service’s latest review of the Whole of Government Accounts for the year ending 31st December 2024, highlights serious lapses in financial reporting and institutional coordination.

According to paragraphs 13–18 of the report, while the Controller and Accountant-General’s Department (CAGD) reported Ghana’s total public debt at GH¢876.01 billion, the Ministry of Finance—the constitutionally mandated body for recording all public borrowing—reported GH¢737.17 billion.

The breakdown of the overstatement includes:

• GH¢132.98 billion in domestic debt

  

• GH¢1.77 billion in external debt

• GH¢4.15 billion overstatement in COCOBOD’s domestic debt

• GH¢2.1 million understatement in COCOBOD’s external debt

Hon. Osei-Asare described the situation as “no ordinary mistake”, emphasizing the seriousness of such a miscalculation in the nation’s fiscal records.

“This is about protecting the integrity of our public financial systems and rebuilding public confidence in the institutions that manage our resources,” she stated.

In her role as PAC Chair, Hon. Osei-Asare pledged a full investigation into the anomaly. She outlined the committee’s planned actions, including:

• Engaging the CAGD, Ministry of Finance, and other relevant institutions to determine the root causes of the misstatement

• Scrutinizing the internal controls and reporting systems that enabled the error

• Ensuring that the Audit Service’s recommendations for improved institutional collaboration and data harmonisation are fully implemented

“The responsibility of preparing the accounts of government lies squarely with the Controller and Accountant-General. A misstatement of this scale cannot be taken lightly,” Hon. Osei-Asare added.

“As public servants, we must demand precision, not approximation—especially when it comes to our national accounts.”

She reaffirmed PAC’s commitment to its constitutional mandate: promoting transparency, accountability, and value for money in the use of public funds.

The 2024 Audit Report has already sparked national concern about the accuracy of Ghana’s financial reporting. Hon. Osei-Asare’s response underscores Parliament’s readiness to act decisively in the public interest.

𝐇𝐨𝐧. 𝐀𝐛𝐞𝐧𝐚 𝐎𝐬𝐞𝐢-𝐀𝐬𝐚𝐫𝐞 (𝐌𝐏, 𝐀𝐭𝐢𝐰𝐚 𝐄𝐚𝐬𝐭 𝐂𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐞𝐧𝐜𝐲) ✍️

OVERSTATEMENT OF PUBLIC DEBT — GH¢138.91 BILLION: NO ORDINARY MISTAKE.

The 2024 Audit Report on the Public Accounts of Ghana (Whole of Government Accounts) for the year ending 31st December 2024 has revealed a significant overstatement in Ghana’s debt figures — totaling GH¢138.91 billion.

Per the report (paragraphs 13–18), while the Controller and Accountant-General’s Department (CAGD) recorded GH¢876.01 billion, the Ministry of Finance — which is officially responsible for accounting for public borrowing — reported a lower figure of GH¢737.17 billion.

Breakdown of the discrepancy:

• GH¢132.98 billion overstatement in domestic debt

• GH¢1.77 billion overstatement in external debt

• GH¢4.15 billion overstatement in COCOBOD’s domestic debt

• GH¢2.1 million understatement in COCOBOD’s external debt

This enormous misstatement raises critical questions about internal controls, data harmonisation, and institutional coordination within our public financial system.

The Audit Service has recommended stronger collaboration between the CAGD, the Ministry of Finance, and other stakeholders to ensure accurate reporting in the future.

As Chair of the Public Accounts Committee, I assure the public that we will:

• Engage all relevant institutions to uncover the root cause

• Investigate the processes behind the conflicting figures

• Ensure that the Audit Service’s recommendations are implemented effectively

This is not just about numbers — it’s about trust, accountability, and the integrity of our public systems.

We must demand precision, not approximation, especially in our national accounts. The PAC remains committed to its mandate: ensuring accountability, transparency, and value for money in how public funds are used.