The Controller and Accountant-General’s Department (CAGD) on Monday refuted allegations that it overstated Ghana’s public debt by GH¢138.91 billion in the 2023 Whole of Government Accounts.

According to Mr Kwasi Agyei, the Controller and Accountant-General, the matter had been resolved through a reconciliation exercise.

“Madam Chair, we have since reconciled the figures, and the public should disregard suggestions that we overstated the national debt,” he said.

Mr Agyei explained during an appearance before the Public Accounts Committee (PAC) of Parliament.

Mr Thomas Ampem Nyarko, the Deputy Finance Minister, led the Ministry of Finance and the Controller and Accountant-General, the Ghana Revenue Authority, and other agencies under the ministry to answer some questions on infractions highlighted in the 2024 Auditor-General’s report.

The PAC public hearing, which began on Monday, August 19, and will run until Wednesday, August 27, is examining the Auditor-General’s report on MDAs for the year ended December 31, 2024.

Mr Agyei’s claims were supported by Assistant Auditor-General, Mr Paul Affram, who confirmed that the figures were reconciled after the report’s release, validating the CAGD’s position.

As a result, CAGD has urged the public to disregard suggestions that it overstated the national debt.

The discrepancy arose from the Auditor-General’s report, which flagged a difference between the CAGD’s reported public debt figure of GH¢861.4 billion and the Ministry of Finance’s records, which reflected GH¢737.17 billion.

The CAGD’s assertion comes amid concerns over the accuracy and integrity of Ghana’s financial reporting.

Ghana’s public debt has been a subject of interest, with the country recently recording a significant drop in its debt-to-GDP ratio to 43.8 per cent as of June 2025, down from over 90 per cent in 2022.

The development is expected to boost investor confidence and improve Ghana’s macroeconomic credibility.

However, analysts have cautioned that the government must maintain strict fiscal discipline to ensure sustainability.