The Africa Centre for Energy Policy (ACEP) has raised concerns why an amount of ¢281.41 million is redundant in the Annual Budget Funding Amount (ABFA) of government.
It says the amount has no business sitting in the account when there are programmes to spend on.
The Minister indicated in the 2018 budget that as of September 2017, ¢546.31 million had been disbursed to the ABFA from total proceeds, but only ¢264.9 million was utilized.
ACEP recommends that “it is important that the Ministry of Finance follows its quarterly disbursement plans to ensure that Ministries, Departments, and Agencies receive funds in time to execute planned programmes for the year.
This and much more are contained in ACEP’s analyses which focuses on interrogating government’s programme and general governance policies for the oil and gas, and power subsectors of the energy sector.
It also recommended for the Ministry of Finance to quickly publish the annual report on the petroleum fund for 2017 in compliance with the PRMA’s requirements.
“Although the full budget for 2018 is published on the Ministry’s website, the public has no access to the Annual report on the Petroleum Funds,” ACEP says the development limits any critical analysis of ABFA spending over the period at this point.
Have your say
More Business Headlines
- ECG invests "more than GH¢14m" to improve Accra West systems
- Israel explores economic opportunities in Ashanti Region
- Ecobank Ghana celebrates Day with $150,000 CSR project
- What Africa's central banks will discuss in the next 10 days
- Gold Fields West Africa pays $16m dividend to gov't
- Daniel McKorley wins Chamber Business Man of the Year award
- Central Bank not taking over Ideal Finance - Management clarifies
- Terkper refutes Ofori-Atta’s ‘hand-to-mouth’ description of economy
- Fuel prices at pumps projected to drop – IES
- We are ready for our factory -- La Mantse tells gov’t
- Review of 35% income tax was “great sacrifice” – Ofori-Atta
- TUC happy with review of 35% personal income tax
- Barclays partners Invest In Africa to increase credit facilities for SMEs
- GOIL reduces petrol, diesel prices beginning Friday
- Vodafone excites Broadband Customers with Christmas promo