Parliament on Friday passed the Appropriation Bill under certificate of urgency after debating and approving the budget estimates of Ministries, Agencies and Departments (MDA�s) for the 2010 fiscal year.
The House worked late into the evening to approve the sun sum of GH�12,131,313,668.00 to finance government operations during the fiscal year. The Minister of Finance and Economic Planning, Dr Kwabena Duffour, moved the motion for the approval of the amount and was seconded by James Klutse Avedzi, Chairman of the Parliamentary Committee on Finance. The House could not rise on Friday as expected and therefore scheduled to wind up its business today to close the First Session of the Fifth Parliament and adjourn to reconvene on January 27.
The House also approved the Customs and Excise Duties and other Taxes (Amendment) No.2 Bill, 2009, to among other things, impose 20 per cent ad-valorem rates of duty on cigarette and akpeteshie to cut down on abuse, but that was strongly opposed by a many of the society, would no more be affordable.
Out of the amount approved, GH�3,887,691,738,08 billion would be used for statutory payments and GH�8,243,621,930.00 for discretionary payments.
Statutory payment includes external debt service. Domestic interest, district Assemblies Common Fund, Petroleum-related fund and transfers to household involving pensions, gratuities and �8,243,621,930.00 for discretionary payments.
Statutory payment includes external debt service. Domestic interest, district Assemblies Common Fund, petroleum-related fund and transfers to household involving pensions, gratuities and social security.
Discretionary payments include personal emoluments, administration, services, domestic investments, net lending, foreign-financed investments, utility price subsidies, strategic oil stock, tax refund, repayment of domestic debt, and other transfers.
Presenting the Finance Committee�s report on the Appropriation Bill, Mr Avedzi said the committee observed that MDAs should be permitted to retain and use an amount of GH�595,700 million of internally generated funds during the fiscal year.
Again Mr Avedzi said the committee noted that the Bill includes a sum of money not exceeding GH�209,312 million of HIPC allocation to be utilized during the financial year.
He said GH�103,834 million of multilateral debt relief initiative was included to be utilized during the 2010 fiscal year.
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