Full text: Ofori-Atta breaks down Covid expenditure

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The Finance Minister Ken Ofori-Atta has given a breakdown of the Covid spending in Parliament on Wednesday June 22.

During the presentation, he told the Speaker that “permit me to use this occasion to highlight the financial management
and accountability framework for receipt and use of public funds – especially as relates to COVID-19. All public expenditures are incurred from funds approved by Parliament.

“These expenditures may be drawn from the Consolidated Fund, Contingency Fund or other Statutory Funds earmarked for specific purposes.”

He added “At the onset of COVID-19, MoF applied for and obtained the approval of Parliament to lower the Cap on the Stabilization Fund. This enabled the transfer of approximately GHc1.20 billion to the Contingency Fund. Upon approval by Parliament, GH¢1.20 billion was drawn from the Contingency Fund to support Government efforts to mitigate the effect of the pandemic.

“In the 2020 Mid-Year Fiscal Policy Review, revisions were made to the 2020 Budget to reflect policy changes as well as Executive decisions made to mitigate the effect of the pandemic”

By Laud Nartey|3news.com|Ghana

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