Business News of Thursday, 22 December 2022

Source: classfmonline.com

Minority gets government to slash GH¢1.4 billion Contingency Vote to GH¢533 million

Ken Ofori-Atta, Finance Minister Ken Ofori-Atta, Finance Minister

The Minority in Parliament on Wednesday, December 21, 2022, successfully cut the government's 2023 budget allocation of GH¢1.4 billion to the Contingency Vote to GH¢ 533 million.

This was disclosed by the MP for North Tongu, Samuel Okudzeto Ablakwa.

"We have also successfully cut the extravagant allocation to the notorious contingency vote from GH¢1.4 billion to GH¢533 million," he posted on Facebook.

The Contingency Vote, as explained by Finance Minister Ken Ofori-Atta when he appeared before an ad hoc committee of Parliament over a vote of censure motion filed against him, is a Vote under the "Other Govern­ment Obligations" in the budget, which is approved by the Finance Committee and passed as part of the annual Appropriation Acts passed by Parliament.

According to him, in preparing the budget, provisions are made for indicative expenditures that have not been fully costed at the time of the budget presentation, and provisions are made in the Con­tingency Vote to cater for such expenditures.

For example, he said there was no specific allocation in the 2014 budget for Ghana's participation in the FIFA World Cup in Brazil. However, the Cabinet of President John Mahama, in March 2014, approved some $9.622 million for that tournament, including that amount that was flown to Brazil in a private jet for the players.

He added that a more current example is Ghana's participation in Qatar as the Black Stars qualified for the 2022 FIFA World Cup, way after the 2022 budget, presented on November 16, 2021, was approved by Parliament.

Mr. Ofori-Atta noted that no specific amount was budgeted for it, but through the Contingency Vote, the government provided funds legitimately for the team to participate in the competition.