Deputy Finance Minister Thomas Nyarko Ampem has revealed that auditors uncovered a fictitious debt of GHS 89.4 million linked to payments under the One District One Factory (1D1F) program.
Speaking during the 21st Sitting of the First Meeting of the Second Session of the Ninth Parliament of the Fourth Republic on March 10, 2026, Thomas Nyarko Ampem explained that the alleged fictitious debt could have led to the wrongful disbursement of millions of cedis in public funds if auditors had not intervened.
According to the Deputy Minister, the Ministry of Trade and Industry submitted a request in 2024 asking the Ministry of Finance to transfer GHS 89.4 million to five commercial banks.
The request, he said, was meant to cover the government’s contribution toward interest payments under the One District One Factory program. Although the Ministry of Finance processed the payment request and forwarded it to the Controller and Accountant-General’s Department, the payment instructions were still pending.
He explained that when auditors contacted the five commercial banks listed in the documents to confirm the government’s liability, all the banks denied owing the government any money under the arrangement.
The Deputy Minister said the responses from the banks confirmed that the GHS 89.4 million claim was a fictitious debt.
Without the audit intervention, Thomas Nyarko Ampem warned that the government could have mistakenly released the funds to settle what auditors described as a non-existent liability.
“Without the audit intervention, a whopping GHS 89.4 million of hard-earned public money could have been disbursed to settle this non-existent liability,” he stated.
Thomas Nyarko Ampem further expressed concern that similar fictitious debt claims may have cost the country significant amounts in the past.
“Only God knows how much of taxpayers’ money has been lost to similar fictitious claims,” he said.
Following the discovery of the fictitious debt, Thomas Nyarko Ampem disclosed that the government plans to conduct a forensic audit into the One District One Factory program.
According to the minister, the move is necessary, especially since the government had reportedly spent GHS 391 million as its contribution toward interest subsidies under the 1D1F program by the end of 2024.
He emphasized that the planned forensic audit will help uncover any financial discrepancies and ensure greater accountability in the program.
Background on 1D1F Programme
The One District One Factory initiative was introduced to promote industrialization across Ghana by supporting the establishment of at least one factory in each district.
The program aims to boost local manufacturing, create jobs, and stimulate economic growth in rural and urban communities.
