Why does a country like Ghana, where there are teeming trained accountants, economists, and lawyers, still grapple to clearly account for its own debt?
This is the worry and something that, maybe, just maybe, continues to trouble the Chief Executive Officer (CEO) of the Ghana Association of Banks (GAB), John Awuah.
John Awuah is concerned over what he describes as a long-standing pattern of confusion, delays, and contradictions in determining the true size of public sector debts.
Drawing from decades of experience, he cannot fathom why major national debt figures often become subjects of prolonged debate rather than clear, verifiable facts, despite the abundance of expertise to account for the situation.
“A Senior friend of mine once told me “if you come across two intelligent adults arguing about the solution to 2+2, then you should know that the answer is not 4. That brings me to what I want to touch on in my brief writeup. For decades, our politicians, from both sides, have struggled to get us answers to basic stuff such as the debt stock of state enterprises,” he recounted in a reflective post.
A History of “Unclear Numbers”
To give flesh to his observation, he narrated the long-running saga of the Tema Oil Refinery (TOR) debt, to questions around obligations owed by institutions like GNPC, BOST, VRA, ECG, and others.
He indicated that Ghana’s public discourse has repeatedly been dominated by uncertainty over “who owes what, and to whom.” Even the national debt itself was, at one point, he noted, the subject of intense disagreement until external validation brought clarity.
For the banking executive, it shouldn’t take years to determine basic financial figures. In any well-functioning system, such data should be readily available, consistent, and transparent.
“I recall the long winding debate about the TOR debt. The discussion about the size of TOR debt took Ghana over a decade to unravel. Then there was cost of GNPC exploration project; Then there was debt of BOST; Then there was our inability to determine how much VRA, ECG, GPHA, Metro Mass, STC owed and to who etc etc etc,” he noted.
“We even spent precious years debating the actual size of the National Debt until IMF stepped in. Do you recall the days of Ɔpepepeepeeeee?!?!?!” he quizzed.
What triggered John Awuah is the latest discussion on the debt of the Ghana Cocoa Board (COCOBOD). He cannot understand why a simple matter about numbers has become a matter of political chess game, diluting the most important and true information Ghanaians should know.
“Now we are debating COCOBOD debt or how much debt was handed over/taken in from one government to the other at NHIA. Are we crazy? Don’t we understand basic Accounting anymore?” he questioned.
When Simple Numbers Become Complicated
At the heart of the issue, he believes, is a paradox. John Awuah believes that Ghana can boast of a large pool of highly trained professionals, yet struggles with something as fundamental as reconciling debt figures.
The problem is not technical capacity; it is systems, transparency, and accountability. When debt figures become fluid or disputed, it raises deeper concerns of whether proper records are kept.
It raises the question of whether institutions are reporting accurately. Or are numbers being shaped by narratives rather than facts?
“Or is it done to deceive the little men on the street like me? When I hear these debates on our airwaves, it really gets to me. This is a country with Chartered Accountants, Lawyers, and Economists in abundance. So why can’t we count the beans? Is there something I’m missing?” he further questioned.
Time for a Reset
John Awuah’s reflections is a call that Ghana must move beyond prolonged debates and establish robust, transparent, and consistent financial reporting systems.
For instance, in an era where data drives decisions, the ability to “count the beans” accurately is no longer optional; it is essential.
Until that happens, the paradox will continue to remain that a nation rich in financial expertise cannot do something as basic as reconciling its own books.
