Details of an audit report on arrears owed by the previous government led by former President Nana Addo Dankwa Akufo-Addo have revealed shocking financial misappropriation and what looked like an attempt to steal millions of state funds.

For instance, the audit report, which was produced by the Ghana Audit Service in partnership with EY and PwC, showed that millions of state funds were nearly stolen through the creation of fake debts under the One-District One-Factory (1D1F) initiative.

Details of the report, which was shared by the Minister of Finance, Dr Cassiel Ato Forson, in Parliament on March 10, 2026, showed that over GH¢89 million was scheduled to be paid as interest on loans to five banks in 2024. However, the banks that the monies were supposed to have been paid to all said that the government did not owe any money.

“The then Ministry of Trade and Industry in 2024 submitted a request of GH¢89.4 million to the Ministry of Finance to be transferred to five commercial banks as government contribution to interest payments under the One District, One Factory (1D1F) initiative. The Ministry of Finance subsequently processed the same to the Controller and Accountant General’s Department for payment.

“This particular request was part of BTAs sitting at the Controller and Accountant General’s Department awaiting cash for payment. When auditors contacted these five banks to confirm the liability, every single one of them denied being owed any amount by government under the said arrangement. According to the auditors, the said GH¢89.4 million debt was fictitious. 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,” he said.

The minister also disclosed a payment of GH¢10.5 million recorded in the books of the initiative to have been made to a commercial bank, but checks at the bank showed that no such payment was made.

“Rt. Hon. Speaker, payment of GH¢10.5 million was recorded as having been made into an account named the ‘Buffer Account’ at a commercial bank. Upon verification, the bank confirmed that it had never received such payment. The account number cited did not exist within the bank’s records and did not even conform to its account numbering format,” he said.

The minister went on to say that fake bank accounts linked to the 1DIF initiative require a forensic audit of the over GH¢391 million the previous government spent on the initiative.



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