Home » Articles » Parliament gives gov't green light to spend over ¢78bn for 2019
General News Politics

Parliament gives gov't green light to spend over ¢78bn for 2019

Parliament gives gov\'t green light to spend over ¢78bn for 2019

Parliament gives gov’t green light to spend over ¢78bn for 2019

Parliament just passed the Appropriation Act 2018, giving government the green light to spend up to ¢78,771,883,602 to spend for the Financial year commencing January 1, 2019.

Parliament on Saturday evening approved and authorised an amount of ¢78.771 billion to be withdrawn from the Consolidated Fund, as well as withdrawal from other funds to finance government operations during the 2019 financial year. 

The financial year commences on 1st January 2019 and ends on 31st December 2019. 

The amount was announced in the Appropriation Bill, 2018, which was taken through a certificate of urgency, before the House rose for the Christmas break, moments after midnight. 

READ ALSO:   Amend Constitution for parliament to vet EC Chair nominees - Mensah Bonsu

It was presented and read for the first time on the same day by Deputy Finance Minister Abena Osei –Asare on behalf of the Finance Minister, Ken Ofori-Atta. 

Pursuant to Article 179 of the 1992 Constitution, the Finance Minister, acting on the authority of the President requested the House to approve and authorise the withdrawal of monies from the Consolidated Fund and other funds for the running of the State during the Financial Year commencing 1st January 2019 and ending 31st December 2019.

Upon Parliament’s approval of various sums as Budget Estimates for Ministries, Departments and Agencies (MDAs) of Government for the 2019 financial year, it became imperative that the Minister of Finance be given authority to withdraw such approved for the purposes thereof. 

READ ALSO:   NPP EXECUTIVE RACE: Vetting ended at Party’s headquarters in Accra.

According to the Report of the Finance Committee of Parliament, the specific purposes for which the sums shall be appropriated have been specified in the Schedules to the Bill, all of them geared towards efficiently carry out the services of the Government for the 2019 Financial Year. 

The Finance Committee noted that the MDAs shall be permitted to retain and use an amount of ¢4.426 billion of Internally Generated Funds during the 2019 Financial Year. 

Out of the total amount of ¢78,771 billion, ¢40.617 billion would constitute payments of other Government obligations. 

The Bill, which repeals the Appropriation (No. 2) Act 2017, authorised the withdrawal of sums of money from the Consolidated Fund and other funds for the implementation of the Budget of the 2018 Financial Year.

READ ALSO:   John Mahama Spotted in Town on a Motorbike

Read Full Story

Advertise Here contact ads[@]ghheadlines.com