Former Minister of State at the Finance Ministry and current Chair of Parliament’s Public Accounts Committee (PAC), Abena Osei Asare, has described the GH¢138.91 billion overstatement in Ghana’s public debt as exposed by the 2024 Audit report as “no ordinary mistake.”

According to her, the revelation highlights significant institutional weaknesses in Ghana’s public financial management systems, which must be urgently addressed to ensure transparency and fiscal credibility.

The audit report on the public accounts of Ghana (Whole of government accounts) for the year ending 31st December 2024, revealed that the Controller and Accountant-General’s Department (CAGD) reported a total public debt of GH¢876.01 billion, significantly higher than the GH¢737.17 billion recorded by the Ministry of Finance, the agency officially responsible for accounting for public borrowing.

The discrepancy includes GH¢132.98 billion in domestic debt overstatement, GH¢1.77 billion in external debt, GH¢4.15 billion overstatement in COCOBOD’s domestic debt, and a GH¢2.1 million understatement in its external obligations.

Abena Osei Asare emphasised the need for rigorous accountability.

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

She assured the public that the PAC will thoroughly engage with the relevant institutions, scrutinise the processes that led to the massive variance, and ensure that the Audit Service’s recommendations are properly implemented.

She further stressed that the magnitude of the error demands more than a casual explanation. “As public servants, we must demand precision, not approximation, especially when it comes to the national accounts,” she said.

The PAC, she affirmed, remains fully committed to its constitutional duty of promoting accountability, transparency, and value for money in the use of public funds.