The Auditor-General has criticised the 2024 Whole-of-Government Accounts (WGA), uncovering a staggering GH¢138.91 billion overstatement of Ghana’s public debt and exposing serious weaknesses in state financial controls.
In his report on the Public Accounts of Ghana for the year ending December 31, 2024, the Auditor-General cited significant misstatements, lapses in accounting classifications, and poor asset management in the financial statements compiled by the Controller and Accountant-General’s Department (CAGD).
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The report urged the CAGD and the Ministry of Finance to immediately reconcile the public debt figures, while reinforcing quality assurance procedures to prevent such errors in future consolidations.
It also faulted the CAGD for recording GH¢74.24 billion as provisional investments instead of impairment losses, contrary to international accounting standards under IPSAS 41.
The audit also revealed that receivables for assessed but uncollected income taxes and VAT, as at 31 December 2024, were omitted from the accounts, breaching IPSAS 23, and called for stronger collaboration between the CAGD, Ghana Revenue Authority and the Finance Ministry to improve accrual-based revenue recognition.
The Auditor-General raised alarm over the absence of impairment testing for non-financial assets under IPSAS 21 and 26 and urged the roll-out of a formal asset assessment framework.
Worrying inconsistencies were also identified in Inter-Company Account balances, which closed the year at GH¢8.55 billion instead of zero, with an urgent probe recommended.
Incomplete processing of transactions through the Ghana Integrated Financial Management Information System (GIFMIS), non-compliance with the Public Financial Management (PFM) Act, and insufficient disclosures covering GH¢10.30 billion in disinvestments and GH¢19.25 billion in new public investments also came under criticism.
While confirming an opinion on the government’s consolidated financial statements, the Auditor-General stressed that the uncovered irregularities demand immediate corrective action to safeguard fiscal transparency, accuracy and accountability.