Former Minister for Trade and Industry Kobina Tahir Hammond is demanding that the Auditor-General withdraw a report submitted to Parliament.
The report allegedly links Hammond to fictitious debts estimated at GH¢89.4 million under the One District One Factory program.
Hammond described the allegations as "preposterous" and a deliberate effort to damage his reputation.
He stated that he will take legal action if the Auditor-General does not retract the findings.
The controversy stems from findings in a Bank Transfer Advice document.