The Ministry of Finance has revealed that a GH¢89.4 million payment recorded under the One District One Factory (1D1F) initiative was fraudulent, exposing serious financial irregularities from the previous government.
Deputy Minister for Finance, Thomas Nyarko Ampem, speaking on behalf of Finance Minister Dr. Cassiel Ato Forson in Parliament said, an audit of the 1D1F programme uncovered that a request for GH¢89.4 million to be paid to five commercial banks as government interest contributions was entirely fictitious.
“Mr. Speaker, a fictitious debt of GH¢89.4 million has been uncovered. In 2024, the then Ministry of Trade and Industry submitted a request for GH¢89.4 million to the Ministry of Finance to be transferred to five commercial banks… When auditors contacted the five commercial banks to confirm the liability, each of them denied being owed any amount by the government under the arrangement. According to the auditors, the GH¢89.4 million debt was fictitious,” he said.
The Ministry explained that without the auditors’ intervention, public funds could have been disbursed to settle a non-existent liability, and similar fraudulent claims may have gone unnoticed, potentially leading to further financial losses.
Officials say the 1D1F programme will now undergo a comprehensive forensic audit to prevent future irregularities and ensure accountability in the management of public funds.
Source: Starrfm.com.gh/Benjamin Sackey
