Finance Minister to withdraw more money from the Consolidated Fund as Parliament...

Finance Minister to withdraw more money from the Consolidated Fund as Parliament passes the Supplementary Appropriation Bill

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Parliament has passed the Supplementary Appropriation Bill, 2017, into Law, to allow the Minister for Finance, Ken Ofori-Atta, withdraw the sum of GH¢1,888,203,387.00 from the Consolidated Fund and other Funds, to meet Government expenditure for the financial year ending on December 31, 2016.

Informing Parliament prior to the passage of the Bill, the Chairman of the Finance Committee, Mark Assibey-Yeboah (Dr.), said that after the approval of the 2016 Budget by Parliament, there arose significant domestic and global developments, which impacted the economy. He added that those developments mainly related to the decline in benchmark crude oil prices from 53.05 PBL US Dollars to a range of 45-48 PBL Dollars at the end of June, 2016.

Dr. Assibey-Yeboah also stated that the curret bearing of the EPSO Kwame Nkrumah developed a defect, which adversely affected crude oil and gas production for the first half of 2016.

He further informed the House that there was an increased rebel and pirate activities in the ECOWAS sub-region that also adversely affected the supply of gas to Ghana.

The Chairman explained that the aforementioned developments led to supplementary estimates being approved to support government operations for the year.

The Supplementary Estimates in the sum of GH¢1,888,203,387.00 was approved by Parliament in accordance with Clauses 8 and 9 of Article 179 of the 1992 Constitution.

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