Audit Reveals Fictitious GH¢89.4m Debt in One District One Factory Programme

Ghana’s flagship One District One Factory (1D1F) initiative is under scrutiny after an audit uncovered a GH¢89.4 million debt that appears to be entirely fictitious.

The findings were presented to Parliament of Ghana on Monday, 10 March 2026, by Thomas Nyarko Ampem on behalf of Cassiel Ato Forson.

According to the statement, in 2024, the then Ministry of Trade and Industry requested the release of GH¢89.4 million to five commercial banks as the government’s contribution toward interest payments for the 1D1F scheme. The Ministry of Finance processed the request and sent it to the Controller and Accountant-General’s Department for payment.

However, auditors from the Ghana Audit Service, working with international firms Ernst & Young and PwC, contacted the banks and found that none of the five institutions were owed any money.

“According to the auditors, the said GH¢89.4 million debt was fictitious,” the statement said. “Without the audit intervention, a whopping GH¢89.4 million of public funds could have been disbursed to settle a non-existent liability.”

The review also uncovered another suspicious transaction: a GH¢10.5 million payment reportedly made into a “Buffer Account” at a commercial bank. When auditors investigated, the bank stated it had never received such funds, and the account number provided did not exist in the bank’s records.

“The evidence from the audit pointed to a completely fictitious account,” the statement added.

In response, the government announced plans to conduct a full forensic audit of the 1D1F programme, highlighting the need to safeguard public funds. Deputy Minister Ampem noted that about GH¢391 million had been disbursed in interest subsidies for 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 stated.