Ghana’s Public Debt Saga: CAGD Dismisses Overstatement Claims

The Controller and Accountant General’s Department (CAGD) has dismissed claims that it overstated Ghana’s public debt by GH¢138.91 billion. According to the CAGD, the claims are false and misleading. The department stated that the public debt figures are compiled and published in accordance with the standards and guidelines set by the International Monetary Fund (IMF) and the Ministry of Finance. The CAGD also noted that the figures are subject to audit and verification by the Auditor-General. The department emphasized that it is committed to transparency and accountability in the management of public finances. The CAGD’s response comes after some media outlets reported that the department had overstated the public debt. The reports claimed that the overstatement was due to errors in the compilation of the debt figures. However, the CAGD has denied these claims, stating that the figures are accurate and reliable. The department also noted that the public debt figures are published on a regular basis, and any changes to the figures are clearly explained. The CAGD emphasized that it is important to ensure the accuracy and reliability of public debt figures, as they are used to inform policy decisions and budget planning. The department also noted that any attempts to misrepresent the public debt figures can have serious consequences for the economy and the country’s reputation. The CAGD has therefore urged the public to be cautious when consuming information about the public debt, and to verify the accuracy of any reports before accepting them as true. The department also emphasized the importance of transparency and accountability in the management of public finances, and noted that it is committed to providing accurate and reliable information to the public. In recent years, Ghana’s public debt has been a subject of concern, with some experts warning that the country’s debt levels are unsustainable. However, the government has implemented various measures to manage the debt, including the establishment of a debt management office. The CAGD’s dismissal of the overstatement claims is likely to provide some relief to the government, which has been working to restore confidence in the economy. The department’s emphasis on transparency and accountability is also likely to be welcomed by the public, who have been calling for greater openness and honesty in the management of public finances. The CAGD’s response is also likely to have implications for the country’s economic policy, as the accurate management of public debt is critical to ensuring the stability and growth of the economy. In conclusion, the CAGD’s dismissal of the overstatement claims is an important development in the ongoing debate about Ghana’s public debt. The department’s commitment to transparency and accountability is likely to be welcomed by the public, and its emphasis on the importance of accurate and reliable information is critical to ensuring the stability and growth of the economy. The CAGD’s response is also likely to have implications for the country’s economic policy, and is an important step towards restoring confidence in the economy. The department’s actions are also likely to be seen as a positive step towards promoting good governance and transparency in the management of public finances. Overall, the CAGD’s dismissal of the overstatement claims is an important development that is likely to have significant implications for Ghana’s economy and public finances.

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