Ghana Politics

Minority’s missing GHS207m 1D1F cash claim ‘misleading, inaccurate’ – MoTI

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Alan Kyerematen – Minister of Trade and Industry

The Ministry of Trade and Industry (MoTI) has dismissed claims that some GHS207million of GHS508 million earmarked for de-risking One District-One Factory loans cannot be accounted for.

The Minority made the allegation claiming that the Ministry of Trade and Industry, which is in charge of the programme, said GHS2.69 billion in loans has been given to the 1D1F programme.

Ellembelle MP Emmanuel Armah-Kofi Buah told journalists that “we are asking the ministry that we will need the names of the banks and the names of each of the companies as well as the amount each and every company has taken”.

“Initially, the ministry said it will take some time for them to get these documents”.

“They dragged it and finally they brought us the list of the banks with the names of the companies and the amounts”.

“We insisted that without that we will not approve their budget,” he explained.

He added: “We finally got that report this morning. Unfortunately, the ministry was unable to account out of the GHS269 million loans given to the banks”.

“The ministry was only able to account for GHS62,281,484.29 million; what it means is that a total amount of GHS207,407, 899 has not been accounted for. In other words, that amount, as far as we are concerned, is missing”.

“It is important that the press and the people of Ghana take interest in this matter, and the minister at the helm of affairs, the Hon. Alan Kyerematen, must come clean to the people of Ghana to explain where the amount of GHS207,407, 899 to basically de-risk these loans to One District-One Factory is.”

But responding to the claims, MoTI in a statement signed by the Chief Director Mr Patrick Yaw Nimo said the statement attributed to the Ranking Member is not only “misleading but totally inaccurate.”

He explained that the Ministry, upon request by the Ranking Member submitted full information on the application, the full amount of GHS269 million allocated for interest subsidy payments for loan facilities granted by selected participating Financial Institutions (PFIs) to de-risk loans and advanced to 1D1F companies.

The statement said PFIs have received a total of GHS269, 689, 383.76 as interest subsidies in support of 1D1F companies between 2017 and 2021.

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