Finance Minister, Seth Terkper
Seth Terkper the finance minister says, Government of Ghana is expected to pay about GHC1,889,870,741 to pay interest on loans in the first quarter of 2017 calendar year.
The Finance Minister revealed this in the Parliament on Thursday, 20 October, 2016 when the Parliament approved a enormous GHC10.9 billion for the country’s expenditure in advance appropriation to help finance “critical government expenditure” in the first quarter of the next year.
The members of the Finance Committee says, the request for the massive amount to be spent by a new government in office after this year’s general elections was in order to the Article 180 of the 1992 Constitution and Section 23 of the Public Financial Management Act, 2016 (Act 921).
The committee members added that the committee has cautiously considered request suggested to the House to approve the sum of GHC1,889,870,741 as expenditure in advance appropriation to finance government operations for the first quarter of 2017 financial years in accordance with Article 180 of the 1992 Constitutions.
The Finance Committee said that the request of the government was demanded by the “tight election calendar” which made it difficult to come out with an Appropriation Act (a comprehensive budget) before the end of this year.
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