New findings from an audit into government arrears for 2024 have uncovered what officials describe as shocking financial irregularities linked to the One District One Factory (1D1F)programme.
In an official Facebook post by Felix Kwakye Ofosu, on 10 March, 2026, he disclosed details from the audit which revealed the existence of a fictitious debt amounting to GH¢89.4 million.
According to the findings, the then Ministry of Trade and Industry in 2024 submitted a request to the Ministry of Finance seeking the transfer of GH¢89.4 million to five commercial banks. The funds were intended to serve as the government’s contribution toward interest payments under the 1D1F initiative.
Following the request, the Ministry of Finance reportedly processed the payment instruction and forwarded it to the Controller and Accountant General’s Department for settlement. The payment request was part of budget transfer authorisations awaiting cash release for disbursement.
However, when auditors initiated verification procedures and contacted the five banks involved to confirm the liability, each of the institutions reportedly denied that the government owed them any funds under the arrangement.
According to the auditors, this discovery indicated that the GH¢89.4 million debt claim did not exist. The report suggests that without the audit intervention, the full amount of public funds could have been disbursed to settle what has now been described as a non-existent liability.
The audit also uncovered another questionable transaction involving a GH¢10.5 million payment that was reportedly transferred into an account described as a “Buffer Account” at a commercial bank.
Upon further verification, the bank indicated that it had never received such a payment. Investigators also discovered that the account number referenced in the transaction did not exist within the bank’s records and did not even match the bank’s official account numbering format.
The audit evidence therefore pointed to the existence of what officials believe to be a completely fictitious bank accountlinked to the payment record.
Due to these findings, authorities have indicated that the entire One District One Factory financing structure may require a comprehensive forensic audit. The move is considered necessary to verify the integrity of all transactions associated with the programme.
This call for further investigation comes amid reports that government had spent approximately GH¢391 million as its contribution toward interest subsidies under the 1D1F programme as of the end of 2024.
The revelations are expected to intensify scrutiny around public financial management and accountability within government programmes aimed at promoting industrial development.
Source: Felix Kwakye Ofosu, (Official Facebook Post), 10 March, 2026.
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