Ghana’s actual public debt for the 2024 financial year stood at GH¢737.17 billion, significantly lower than the GH¢876.08 billion reported in the government’s consolidated financial statements.
The GH¢138.91 billion variance was uncovered in the latest report by the Auditor-General, which attributes the overstatement to inconsistencies between figures reported by the Ministry of Finance and those captured in the Whole of Government Accounts (WGA).
According to the report, the misstatement reflects discrepancies across domestic and external debt portfolios, including obligations linked to the Ghana Cocoa Board (Cocobod).
“The Ministry of Finance did not reconcile its debt figures with the WGA records, leading to material misstatements,” the report noted, referencing Section 54 of the Public Financial Management Act, 2016 (Act 921), which mandates accurate and complete disclosure of public debt.
A breakdown of the discrepancies shows that domestic debt was overstated by GH¢132.98 billion, while external debt figures were inflated by GH¢1.77 billion.
Cocobod’s domestic debt was similarly overstated by GH¢4.15 billion, though its external debt was slightly understated by GH¢2.1 million.
The Auditor-General has warned that such significant overstatements could distort public perception and policymaking regarding the country’s debt sustainability and fiscal credibility.
It has therefore recommended the strengthening of debt reconciliation mechanisms between the Ministry of Finance and relevant government entities to enhance transparency and integrity in public financial reporting.
The findings raise fresh concerns about data reliability within Ghana’s public finance architecture, particularly as the country navigates a debt restructuring programme under the IMF’s Extended Credit Facility (ECF) arrangement.
