Mr. Ken Ofori Atta has disclosed that a total amount of US$283.98 million for the year 2018 has been transferred into the Sinking Fund.
The amount, he said, was the excess amount capped from the Ghana Stabilization Fund (GSF).
The Minister disclosed this in Parliament when he responded to a question that stood in the name of Isaac Adongo, MP for Bolgatanga Central.
The member wanted to know how much of the excess funds after capping the Stabilization Fund has been transferred to the Sinking Fund for 2017 and 2018.
He explained that in 2017, the Ghana Stabilization Fund was not capped.
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“There was, therefore, no excess amount transferred to the Contingency Fund or Sinking Fund for debt repayment,” he said.
He indicated that in 2018 an amount of US$300 million was capped from the GSF in line with Section 23(3) of the PRMA.
According to him, this has been captured in paragraph 199 of the 2018 Budget Statement and Economic Policy of the Government.
The Minister explained that pursuant to the provision of the PRMA a total amount of US$283,972,853.23 was transferred to the Sinking Fund for debt repayment.
This, he said, was the excess over the capped amount for the year 2018.
Section 23 (3, 4 &5) of the Petroleum Revenue Management Act (PRMA) 2011 (Act 815) as amended states that accumulated resources of the Ghana Stabilization Fund shall not exceed an amount recommended by the Minister and approved by Parliament.
And the amount shall be reviewed from time to time as necessitated by macroeconomic conditions.
Subsequent transfers are made into the Ghana Stabilization Fund when this is attained and allocated as transfers into the Contingency Fund or for debt repayment approved by Parliament.
Subsequent transfers are made not later than the end of the month after the quarter in respect of which the excess revenue was calculated.
By Osumanu Al-HassanlFrongpageghana.comlGhana
