Deputy Finance Minister Thomas Nyarko Ampem has revealed serious irregularities in the erstwhile government’s One District, One Factory (1D1F) initiative.
Delivering a statement to Parliament on the report of the Auditor-General on arrears and payables as at end-2024 on behalf of Finance Minister Dr. Cassiel Ato Forson, the deputy Finance Minister noted that the Ministry of Trade and Industry in 2024 submitted a request for GH¢89.4 million to the Ministry of Finance to be transferred to five commercial banks as government contributions toward interest payments under the 1D1F programme.
The Ministry of Finance subsequently processed the request to the Controller and Accountant General’s Department for payment.
However, auditors’ verification revealed that none of the five banks had any record of being owed the stated amounts. The GH¢89.4 million was therefore classified as a fictitious debt. The audit indicated that, without intervention, this large sum of public funds could have been disbursed to settle a non-existent liability.
Mr. Nyarko also highlighted a separate irregularity involving GH¢10.5 million allegedly paid into a “Buffer Account” at a commercial bank. Upon verification, the bank confirmed it had never received such a payment, and the account number cited did not exist.
The Deputy Finance Minister warned that these fictitious accounts and false claims pose a serious risk to public finances.
He confirmed that the entire 1D1F scheme would undergo a forensic audit to ensure accountability, particularly given that the government had reportedly spent GH¢391 million as contributions toward 1D1F interest subsidies as of the end of 2024.
Mr. Nyarko stressed that the findings underscore the urgent need for strengthened oversight and robust verification mechanisms to safeguard taxpayer money and prevent similar occurrences in the future.
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