The Controller and Accountant-General’s Department (CAGD) has dismissed claims that Ghana’s public debt was overstated by GH¢138.91 billion in the 2023 Whole of Government Accounts, assuring stakeholders that the figures have since been reconciled.
Appearing before the Public Accounts Committee (PAC) of Parliament, Controller and Accountant-General, Mr. Kwasi Agyei, clarified that discrepancies between CAGD’s reported GH¢861.4 billion and the Ministry of Finance’s GH¢737.17 billion records had been resolved.
“Madam Chair, we have since reconciled the figures, and the public should disregard suggestions that we overstated the national debt,” Mr. Agyei said, addressing what had become a growing concern for businesses, policymakers, and investors.
His statement was backed by Assistant Auditor-General, Mr. Paul Affram, who confirmed that the reconciliation exercise validated CAGD’s position and removed doubts over the accuracy of the government’s financial reporting.
The clarification comes amid heightened scrutiny of Ghana’s debt management, following years of economic turbulence and debt restructuring.
Concerns over data inconsistencies had raised fears of weakened transparency, threatening Ghana’s fiscal credibility at a time when investor confidence is critical.
Ghana’s public debt, while still substantial, has seen marked improvement in recent years. The country’s debt-to-GDP ratio has dropped to 43.8% as of June 2025, down from over 90% in 2022.
Economists argue that such progress could bolster Ghana’s creditworthiness, attract new investments, and ease borrowing costs on the international market.
However, fiscal analysts have cautioned that data inconsistencies, no matter how quickly reconciled undermine trust and raise questions about the government’s ability to enforce strict fiscal discipline.
The Ministry of Finance, Ghana Revenue Authority, and other agencies also appeared before PAC to address issues flagged in the 2024 Auditor-General’s report on MDAs, which is under review from August 19 to 27.
Deputy Finance Minister Thomas Ampem Nyarko, who led the delegation, reaffirmed government’s commitment to improving fiscal reporting systems and ensuring greater accountability across public institutions.
The dismissal of the debt overstatement claim will be crucial in calming markets, reassuring development partners, and preventing further reputational damage to Ghana’s financial management systems.
