Ghana’s flagship One District, One Factory (1D1F) programme has come under scrutiny following an arrears audit that revealed what officials describe as a fictitious GH¢89.4 million debt tied to the initiative. The findings were formally presented to Parliament on Monday, March 10, 2026, in a statement delivered by Deputy Finance Minister Thomas Nyarko Ampem on behalf of Finance Minister Cassiel Ato Forson.
According to the statement, the Ministry of Trade and Industry in 2024 requested the release of GH¢89.4 million to five commercial banks as part of the government’s contribution toward interest payments under the 1D1F scheme. The Ministry of Finance subsequently processed the request and forwarded it to the Controller and Accountant-General’s Department for payment. Launched under former President Nana Akufo-Addo and the New Patriotic Party, the 1D1F initiative was designed to drive industrialisation by establishing at least one factory in every district across the country.
However, when auditors from the Ghana Audit Service, working alongside international firms Ernst & Young and PwC, contacted the banks to verify the claims, all five institutions reportedly denied being owed any money by the government under the arrangement. “According to the auditors, the said GH¢89.4 million debt was fictitious,” the statement told Parliament. “Without the audit intervention, a whopping GH¢89.4 million of hard-earned public money could have been disbursed to settle this non-existent liability.”
The audit further revealed a questionable transaction involving a reported GH¢10.5 million payment into a so‑called “Buffer Account” at a commercial bank. However, when auditors sought verification, the bank confirmed that no such funds had ever been received. Investigations also showed that the account number provided did not exist in the bank’s records and failed to align with its numbering format. “The evidence from the audit pointed to a completely fictitious account,” the statement noted.
In response, the government has announced plans to subject the entire One District, One Factory (1D1F) programme to a comprehensive forensic audit. Deputy Finance Minister Thomas Nyarko Ampem emphasised the necessity of the review given the magnitude of public funds involved, disclosing that approximately GH¢391 million in interest subsidies had been disbursed under the programme by the end of 2024. “Mr Speaker, only God knows how much of taxpayers’ money has been lost to similar fictitious claims,” he remarked.
Source: Myjoyonline
