A comprehensive review of GH¢68.7 billion in public claims has uncovered a “systemic plunder” of Ghana’s financial system, including GH¢8.1 billion in entirely fictitious debts, Deputy Finance Minister Thomas Nyarko Ampem revealed to Parliament on Tuesday. Delivering a statement on behalf of Finance Minister Dr. Cassiel Ato Forson, Ampem detailed the findings of a 2024 Ghana Audit Service report which examined billions of cedis in fraudulent claims, non-existent debts, and missing state resources.
Supported by international firms EY and PwC, the audit examined unpaid invoices and Bank Transfer Advices (BTAs), validating only GH¢45.4 billion of the total claims. Beyond the GH¢8.1 billion rejected for duplications and falsified documents, a further GH¢13.3 billion remains unvalidated due to missing contracts or third-party confirmations.
The audit flagged significant irregularities within the One District, One Factory (1D1F) initiative, where auditors labeled a GH¢89.4 million request for interest subsidies as “fictitious” after five commercial banks denied being owed the funds. Furthermore, a GH¢10.5 million payment was linked to a “Buffer Account” that verification proved did not exist and did not match the bank’s internal numbering format. In response, the government has announced a forthcoming forensic audit of the entire 1D1F scheme, which has reportedly cost taxpayers GH¢391 million in subsidies.
The report also highlighted severe discrepancies in agricultural relief intended for the 2024 dry spell. While the government paid for 34,000MT of rice, 10,000MT remains completely unaccounted for. Similarly, out of 100,000MT of maize worth GH¢771.2 million that was reportedly delivered, only 11,900MT was actually supplied. In the transport sector, a company was paid GH¢61.7 million—including GH¢11.7 million worth of rice in lieu of cash—despite performing work valued at only GH¢30.9 million.
Education and infrastructure were not spared from the findings. The Ministry of Education reported GH¢160 million in unpaid teacher trainee allowances, but the Ghana Tertiary Education Commission confirmed there were zero outstanding arrears. Additionally, the audit caught GH¢4.4 billion in “recycled” claims consisting of invoices that had already been paid between 2020 and 2024 but were fraudulently resubmitted for payment.
Mr. Nyarko Ampem emphasized that the administration refuses to normalize such waste and has formally referred the report to the Attorney-General to prosecute those responsible for the “rape of the public purse.” Moving forward, the Ministry of Finance has pledged that no government payments will be processed without full and exhaustive verification.