Ghana’s flagship One District One Factory programme has come under scrutiny after an arrears audit uncovered what officials describe as a fictitious GH¢89.4 million debt linked to the initiative.

The findings were presented to the Parliament of Ghana on Monday, March 10, 2026, in a statement delivered by Deputy Finance Minister Thomas Nyarko Ampem on behalf of Cassiel Ato Forson.

According to the statement, the then Ministry of Trade and Industry in 2024 requested the release of GH¢89.4 million to five commercial banks as the government’s contribution toward interest payments under the 1D1F scheme.

The 1D1F initiative was a signature policy under former President Nana Akufo-Addo and the New Patriotic Party, aimed at promoting industrialisation by establishing at least one factory in each district across the country.

The Ministry of Finance processed the request and forwarded it to the Controller and Accountant-General's Department for payment.

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 also uncovered another questionable transaction involving a reported GH¢10.5 million payment into a so-called “Buffer Account” at a commercial bank.

When auditors attempted to verify the payment, the bank indicated it had never received such funds. Officials further discovered that the account number provided did not exist within the bank’s records and did not match its account numbering format.

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

The government has since announced plans to subject the entire One District One Factory programme to a full forensic audit.

Deputy Minister Ampem noted that the review is necessary given the scale of public funds involved, stating that the government had disbursed about GH¢391 million in interest subsidies for the programme as of the end of 2024.

“Mr Speaker, only God knows how much of taxpayers’ money has been lost to similar fictitious claims,” he said.