Deputy Minister of Trade and Industry denies allegations of 200 million GH unrecorded

Deputy trade minister denied minority claims

He called the allegations malicious

The ministry is accused of some unrecorded GH ¢ 200m

Michael Okyere Baafi, Deputy Minister of Trade and Industry, rejected claims by the minority in parliament that more than GH ¢ 200 million cannot be counted by the ministry.

This amount corresponds to interest subsidies for beneficiaries of the “One District One Factory” policy.

Speaking to Joy News, the minister said the minority was malicious and peddled lies.

“When we attended the Committee meeting, they asked us to provide them with a section-by-section list of the grants that we have made as a government to these recipient companies.

“We told them we had the documentation, and we even presented it to them when we met them on Wednesday and they asked us to officially submit it, which we did. I don’t know where they got those numbers from. Their interest is just to do evil, ”he explained.

The Minister added: “There is no shortage of money and these are facts that can be verified and verified. These 1D1F companies that are operational are about 106 companies, and anyone can go out there and check it out, we have nothing to hide.


The minority accused the ministry that of the GH ¢ 269 million disbursed, only GH ¢ 62 million were recorded, leaving a deficit of over GH ¢ 200 million.

A senior member of the trade commission, Emmanuel Armah Kofi Buah said that despite the ministry’s questions, the minister could not provide answers to their nagging questions.

He noted that the administration led by Akufo-Addo has agreed to absorb 10% of the 20% interest charged on IDIF business loans as grants.

Page 11, of the 2022-2025 Medium Term Expenditure Framework (MTEF) for the Ministry of Trade and Industry indicates that in 2021, the number of participating financial institutions (PFIS) increased from 13 to 15 and a total of GH ¢ 2.69 billion has been provided in the form of loans to finance IDIF projects / enterprises.

Of this amount, GH ¢ 269 million was disbursed by the government to support the payment of interest subsidies to reduce the risk of PFI loans to IDIF companies.

Further explaining, the MP said, “During the 2022 budget committee meeting with the ministry, the minister confirmed that GH ¢ 269 million had been paid as interest subsidy to recipient IDIF companies. The Committee asked for details on the beneficiary companies but the ministry submitted a list of the beneficiary companies and the subsidies paid for a total of 62,281,484 GH ¢ 29 instead of 269,689,383.75 GH ¢ showing a deficit of 207,407 899.46 GHS.

“The question for Mr. Alan Kyeremanten is where is the huge difference of GHS 207,407,899.467. Obviously the minister has questions to answer.

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