Audit reveals GH¢89.4m fictitious debt under 1D1F programme

An audit of Ghana’s flagship One District One Factory initiative has uncovered a GH¢89.4 million debt that auditors have deemed fictitious, raising concerns over potential misuse of public funds.

Deputy Finance Minister Thomas Nyarko Ampem, presenting the findings to Parliament on March 10, 2026, said the 2024 request for the funds came from the then Ministry of Trade and Industry. The money was meant to cover the government’s contribution toward interest payments to five commercial banks under the 1D1F scheme.

The 1D1F programme, a key policy under former President Nana Akufo-Addo and the New Patriotic Party, aims to promote industrialisation by establishing at least one factory in each district.

According to the audit conducted by the Ghana Audit Service in collaboration with Ernst & Young and PwC, all five banks denied being owed any money, indicating that the GH¢89.4 million claim was entirely fabricated. Deputy Minister Ampem highlighted that without the audit, this amount could have been disbursed unnecessarily.

The review also uncovered a suspicious GH¢10.5 million payment reportedly made to a “Buffer Account” at a commercial bank. Verification revealed that the bank never received the funds and that the account number provided was invalid.

In response to these findings, the government announced plans to conduct a comprehensive forensic audit of the entire 1D1F programme, noting that as of the end of 2024, approximately GH¢391 million had already been disbursed in interest subsidies.

Deputy Minister Ampem warned that other fictitious claims may exist, emphasising the need for rigorous oversight to prevent further misuse of taxpayers’ money.