Ghana’s 1D1F Programme Rocked by Fictitious Debt Scandal

A major scandal has erupted surrounding Ghana’s flagship One District One Factory (1D1F) programme, with an arrears audit uncovering a fictitious GH¢89.4 million debt linked to the initiative. The findings were presented to Parliament on Monday, March 10, 2026, 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 towards interest payments under the 1D1F scheme.

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.

“The auditors found that 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.

The scandal has raised concerns about the management and oversight of the 1D1F programme, which was a signature policy under former President Nana Akufo-Addo and the New Patriotic Party.

The government has assured the public that it is committed to getting to the bottom of the matter and recovering any lost funds. The case is likely to be referred to the Special Prosecutor’s Office for further investigation and possible prosecution.

Key Findings:

– Fictitious GH¢89.4 million debt linked to 1D1F programme uncovered
– Five commercial banks deny being owed money by government
– Questionable transaction involving GH¢10.5 million payment into fictitious account
– Government announces plans for full forensic audit of 1D1F programme
– GH¢391 million disbursed in interest subsidies for programme as of end-2024