Auditor-General Uncovers Major Errors in Ghana’s 2024 Public Accounts

On August 15, 2025, the Auditor-General published an independent audit of Ghana’s 2024 Whole-of-Government Accounts (WGA), prepared by the Controller and Accountant-General’s Department (CAGD) under the Public Financial Management Act, 2016 (Act 921). The audit unearthed notable errors and shortcomings across several key areas .

1. Huge Overstatement of Public Debt
   The audit revealed an overstatement of Ghana’s public debt by GH¢138.91 billion, prompting a recommendation for a thorough reconciliation between the CAGD and the Ministry of Finance to correct both overstatements and omissions .

2. Incorrect Classification of Investment Provisions
   GH¢74.24 billion that had been logged as provisions for investments should actually have been recorded as impairment losses, in compliance with International Public Sector Accounting Standard (IPSAS) 41

3. Unrecognized Receivables
   The audit noted that assessed income tax and VAT receivables, which had not yet been collected as of December 31, 2024, were omitted from the accounts—contrary to IPSAS 23. It suggested enhanced alignment among the CAGD, the Ghana Revenue Authority, and the Ministry of Finance to accurately reflect revenues on an accrual basis .

4. Lack of Impairment Testing for Assets
   Non-financial assets were not subjected to impairment testing, as required under IPSAS 21 and IPSAS 26. The Auditor-General urged the establishment of a structured, periodic asset assessment process .

5. Unresolved Inter-Company Balances
   The audit identified persistent inter-company account balances—GH¢7.99 billion at the start of the year and GH¢8.55 billion at year-end—when these should have been eliminated during consolidation. The report called for investigation and prompt correction .                                                             

6. Incomplete GIFMIS Transactions
   Not all transactions from covered entities were processed through the Ghana Integrated Financial Management Information System (GIFMIS). The report advocated stricter enforcement of the PFM Act, along with capacity building, system enhancements, and sanctions for recurrent non-compliance .

7. Opaque Investment Disclosures
   Disinvestments totaling GH¢10.30 billion and new investments worth GH¢19.25 billion lacked sufficient narrative and note disclosures, leaving the public uninformed about their justification, implications, and expected returns .

While the audit was intended to provide an opinion on the government’s financial statements, the Auditor-General emphasized that the identified issues require urgent remediation. These improvements are essential for reinforcing accountability, transparency, and precision in Ghana’s public financial management.