The Auditor-General has uncovered significant misreporting in the country’s national debt stock, amounting to GH¢138.91 billion, raising doubts about the transparency and credibility of official fiscal data.
The revelations, contained in the 2024 Auditor-General’s Report for the year ending December 31, triggered an independent audit of the Consolidated Fund by the Controller and Accountant-General’s Department (CAGD) in line with the Public Financial Management Act, 2016 (Act 921).
According to the report, the national debt stock had been grossly overstated. The Auditor-General has therefore directed the CAGD to liaise with the Ministry of Finance for appropriate fiscal reconciliation.
The audit further revealed that GH¢74.24 billion, recorded as instruments for investment, should instead have been classified as impairment losses in accordance with international best practices.
The Auditor-General also urged the CAGD to strengthen its quality assurance mechanisms to prevent such misreporting in the future.
In addition, the report flagged inconsistencies in revenue reporting, particularly tax receivables recorded by the Ghana Revenue Authority (GRA), which did not conform to established protocols.
On public investments, the audit showed that disinvestments amounting to over GH¢10 billion and new investments of nearly GH¢19 billion lacked adequate supporting documentation and proper accountability.
The report concluded that although the audit sought to provide an opinion on government expenditure across various sectors, the issues identified demanded urgent corrective measures by the government to strengthen transparency and accountability in the country’s fiscal management.
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Story by Sika Togoh|univers ug.edu.gh
