|House Approves Release Of Consolidated Fund|
|Thursday, 23 December 2010 09:20|
Parliament has given the nod for an amount of GH¢12,670,704,088, from the Consolidated Fund to be released to the government during the 2011 financial year to meet its expenditure.
The approval, granted yesterday by the legislators is in accordance with article 179(2) of the 1992 constitution which requires that estimates of expenditure of all public offices and corporation other than those set up as commercial ventures, shall be classified under programmes and activities to be introduced to Parliament to provide for the issue of funds from the Consolidated Fund to meet necessary expenditure.
By the approval Ministries, Department and Agencies are permitted to retain and use an amount of GH¢818,117,082 during the 2011 financial year.
It also gives way for about GH¢354,206,000 of the District Assemblies Common Fund, Ghana Education Trust and National Health Insurance Funds to be utilised during the year for social intervention programmes.
Meanwhile, the House also adopted the request for a tax waiver of Stamp Duty of US$15,000,000.00 in respect of receivables 96 backed offshore Syndicated Trade Facility for the 2010/2011 Cocoa Purchase by the Ghana Cocoa Board.
Also a loan agreement between the Government of Ghana and Commerzbank AG of Belgium for an amount of Euros 8, 071,916.00 for the supply of 50 VDL Jonckheere busses and spare parts under Belgium Government Concessionary Finance for the Metro Mass Transit Limited was also approved by the House.
Source: ISD (Gilbert Ankrah/Richie Osei)