Almost 50% of Ghana’s GH¢67b payables for 2024 potentially invalid – Report

A comprehensive audit launched by the Government of Ghana to investigate the nature and legitimacy of fiscal payables from 2024 has uncovered potentially significant irregularities, according to the latest International Monetary Fund (IMF) country report on Ghana.

The audit, spearheaded by the country’s Auditor-General in collaboration with two unnamed renowned international firms, was initiated to determine whether the GH¢67 billion (equivalent to 5.7% of GDP) in gross payables accumulated during 2024 were valid and in line with Ghana’s Public Financial Management (PFM) regulations.

Preliminary findings suggest that a substantial portion of these payables may be invalid. According to the IMF, a large number of the claims lack supporting documentation, raising concerns about the legitimacy of the obligations recorded. If confirmed, this could result in as much as 50 percent of the GH¢67 billion being disqualified, a scenario consistent with the outcomes of similar past audits.

Should these preliminary results be validated in the final audit report, the fiscal burden from the 2024 slippages would be significantly smaller than initially estimated, said the IMF. This would, in turn, reduce the fiscal consolidation effort required in 2025, offering the government slightly more breathing room as it pursues macroeconomic stability under its ongoing IMF-supported programme.

The audit findings also raise broader concerns about accountability and fiscal discipline within public institutions. Analysts say the results reinforce the need for tighter expenditure controls, improved transparency in public procurement, and rigorous enforcement of PFM rules to prevent the recurrence of such large-scale irregularities.

It is expected that the government will take decisive steps to address any governance failures revealed and strengthen fiscal oversight across all ministries, departments, and agencies.

By Ekow Quandzie