US based Economist describes Akufo-Addo’s 1D1F as a Sham for Corrupt Money Laundering Racket

In a statement, Mr. Sa-ad describes the policy as “a sham” or at worst, a shell company project with which corrupt officials are stashing money away.

“The 1D1F, based on available data, is a sham perpetuated by this government on the Ghanaian taxpayer. The program is dominated by nonexistent factories. These factories can only be found on paper but cannot be traced to any physical office and employees. In short, the government 1D1F program is dominated by shell/suitcase companies,” the Sa-ad wrote.

Using data from the ministry of trade website, 1D1F official website, ministry of finance website, Ghana EXIM Bank website, and several other external sources, he concluded that “More than 90% are only existing on paper without any physical factor building nor employees.”

Available data, he added, seems to suggest that only 8 factories are physically in existence with factory buildings and few workers – a $15 million Ekumfi Fruits and Juice Factory in Ekumfi Abor District in the Central Region; GHC 12 million Central Oil Mills factory in Denkyira District; GHC 10 million CH Global Food processing factory in Krachi East District in Oti region and $16 million Weddi Africa Tomato Processing factory in Domefete in Berekum West District of the Bono Region.

The rest he added are, a GHC 45 million Bodukwan Multi-Fruit Processing factory in Ashanti region; $34 million Starch processing factory in Amantin in Bono East Region; GHC 14 million Casa De Ropa Potato in Central Region and $30 million Atlantic Life Sciences (Pharmaceutical factory) in Ningo-Prampam.

“Therefore, the claim by the Finance Minister in the Mid-year budget statement of 2022 alluding to the fact that 125 factories have been completed, is false and a deliberate misrepresentation of reality.

A shell/suitcase company is a company/factory that only exists on paper but has no office or employees. Suitcase companies are mostly set up by people in power with the sole aim of transferring stolen and ill-gotten wealth so as not to get caught.

The 1D1F was one of many grandiloquent promises by Nana Akufo-Addo while in opposition. It proposed to build a factory in every single district of Ghana.

Source: whatsupnewsghana