Minister of Finance, Ken Ofori-Atta, has today, October 28, 2020, requested that Parliament approve an amount of GHS27. 4 billion as expenditure for the first quarter of 2021.
The exact amount of twenty-seven billion, four hundred and thirty-four million, one hundred and eighty thousand, five hundred and twenty Ghana Cedis (GHS27,434,180,520.00) requested as Expenditure in Advance of Appropriation, will be withdrawn from the Consolidated Fund of Ghana if it is approved by Parliament.
He explained that the amount is “for the purpose of meeting expenditure necessary to carry on the services of the Government in respect of the period expiring three months from the beginning of the financial year or on the coming into operation of the Appropriation Act in respect of the 2021 financial year.”
As the country heads to the polls, the money requested is to forestall financial challenges in the coming year and ensure that government expenditure within the transitional period would not be hampered in any way.
The Expenditure in Advance of Appropriation has become part and parcel of the financing regime of Government whereby in election years, it is used to ensure government business goes on smoothly within the period of transition.
The GHC 27.4 billion is significantly higher than that which was approved in 2016. In 2016, GHC 10.9 was approved for the first three months of 2017.
