Contingency Fund – Adomonline.com https://www.adomonline.com Your comprehensive news portal Thu, 29 Aug 2024 21:05:09 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.3 https://www.adomonline.com/wp-content/uploads/2019/03/cropped-Adomonline140-32x32.png Contingency Fund – Adomonline.com https://www.adomonline.com 32 32 Minority questions Minister’s request for GH₵500m from Contingency Fund to combat dry spell https://www.adomonline.com/minority-questions-ministers-request-for-gh%e2%82%b5500m-from-contingency-fund-to-combat-dry-spell/ Thu, 29 Aug 2024 21:05:09 +0000 https://www.adomonline.com/?p=2441138 Members of the Minority on Parliament’s Finance Committee have raised concerns over the Finance Minister’s request for GH₵500 million from the Contingency Fund to combat the ongoing dry spell affecting eight regions.

The Agriculture Ministry, in response to the crisis, has already implemented emergency measures, including a ban on grain exports, to protect the livelihoods of over 900,000 farmers and ensure national food security.

However, the Minority questions the timing and justification of the fund request, as well as the decision to cut the budgets of the Agriculture and Road Ministries to generate over GH₵8 billion to address the issue.

Deputy Ranking Member and MP for Bia East, Richard Acheampong, pointed out that the 2023 budget had allocated funds to the Agriculture Ministry specifically for tackling issues like the dry spell.

He questioned the status of the drought-resistant seeds the Ministry claimed to have procured.

The Bia MP also expressed concerns over the lack of clarity on these issues and highlighted the losses suffered by communities due to the spillage of the Bagre dam, noting that little has been done to address their plight.

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Source: Adomonline

Meanwhile, Agriculture Minister, Bryan Acheampong has said a list should be presented to Parliament to verify the eligibility of those seeking support.

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Dry spell: Finance Committee demands breakdown for GH₵500m from Contingency Fund https://www.adomonline.com/dry-spell-finance-committee-demands-breakdown-for-gh%e2%82%b5500m-from-contingency-fund/ Thu, 29 Aug 2024 10:46:13 +0000 https://www.adomonline.com/?p=2440730 The Finance Committee of Parliament is demanding a thorough breakdown of the Ministry of Finance’s request for GH₵500 million from the Contingency Fund to tackle drought being experienced in parts of the country.

The Finance Minister, Dr Mohammed Amin Adam, made the request following President Akufo-Addo’s directive to raise GH₵8 billion relief package to assist farmers.

This amount is expected to “complement this withdrawal, as government is mobilizing support from Development Partners as well as realigning approved fiscal operations in the 2024 Budget.”

But the Ranking Member who doubles as Bolgatanga Central MP, Isaac Adongo, has said the committee cannot just approve the request without knowing what the allocation entails.

Mr Adongo is therefore seeking information on the status of previous advances, a detailed breakdown of beneficiaries, and the specific budget allocation for the requested funds.

“We want to see the budget related specifically to how the funds of the GH¢500 million would be applied in dealing with the matter. So those are the concerns that we raised.

“The committee did not take a decision whether or not to approve it but we will take a decision subject to the provision of that data and the message that data communicate to the committee,” he said in an interview on Accra-based Citi FM.

The lawmaker emphasised the need for a comprehensive breakdown of beneficiaries at the regional, district, and community levels for the GH₵500 million support.

The breakdown he noted must identify specific individuals who would benefit from the funds.

Recounting similar events during the COVID-19 pandemic in 2024, the lawmaker said the committee approved a $200 million advance from the Stabilisation Fund to the Contingency Fund.

This he said amounted to $1.2 billion at the time due to exchange rates and the committee has requested an update on the status of this advance and its replenishment.

He explained that a budget before the committee outlines a total fiscal implication of GH₵8.36 billion but their focus currently is on the GH₵500 million request.

“The committee unanimously agreed that certain compliance issues must be met with. In 2020 during the COVID era, the committee was called upon at the time to advance an amount of $200million from the stabilisation fund into the contingency fund which at the time with exchange rate amounted to $1.2 billion. We requested that they furnish us with the status of that advance…We are four years into the disbursement of that $1.2billion. We requested the ministry to give us an update as to the status of the replenishment of those funds.

“We noticed that the budget that they submitted to us was the budget for the entire fiscal implication of the action which is the GH¢8.36 billion but we are not funding the GH¢8.36 billion. We are funding GH¢500million,” he stated.

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Finance Minister requests GH₵500m from Contingency Fund to tackle drought https://www.adomonline.com/finance-minister-requests-gh%e2%82%b5500m-from-contingency-fund-to-tackle-drought/ Wed, 28 Aug 2024 14:26:02 +0000 https://www.adomonline.com/?p=2440398 Finance Minister, Dr Mohammed Amin Adam, has requested the approval of GH₵500 million from the Contingency Fund.

The amount is for implementing the Emergency Response Programme to address the impending food security crisis amidst the dry spell experienced in eight regions of Ghana.

This was contained in statement signed by Dr Amin and addressed to the Finance Committee of Parliament.

“Considering that we are eight (8) months into the implementation of the 2024 Budget and the proposed interventions are unplanned expenditure occasioned by a “force majeure”, Government cannot fund the request of GH¢8.36 billion solely from a reallocation of existing budget lines in the 2024 Budget,” the statement read in parts.

The request follows President Akufo-Addo’s directive for the Ministry to raise GH₵8 billion relief package to assist farmers.

“In light of the foregoing, we write to request approval from the Finance Committee for the withdrawal of GH¢500 million from the Contingency Fund, in accordance with Article 177 subsection 1 of the 1992 Constitution, Section 36 subsection 1 of the Public Financial Management Act, 2016 (Act 921) as well as Section 227 subsection 1 of the Standing Orders of Parliament of Ghana,” it added.

This amount is expected to “complement this withdrawal, as government is mobilizing support from Development Partners as well as realigning approved fiscal operations in the 2024 Budget.”

Meanwhile, the Minister for Food and Agriculture, Bryan Acheampong has announced an immediate ban on the export of key grains, including maize, rice, and soybean.

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