23.1 C
Ghana
Tuesday, September 29, 2020

Gov’t excluded Agyapa Royalties from 2020 and Mid-Year budgets Review – Seth Terkper

Popular Stories

Video Of A Man Beating The Hell Out Of A Female Lawyer In Her Office Breaks The Internet

A viral video which has been spotted by browngh.com captures the shocking moment a Cameroonian man was recorded on camera assaulting a...

Ozo Receives 10 Million Naira Surprise Gift (VIDEO)

Ozo has been shown the ultimate gesture of love as his fans have blessed him with an expensive gift.The former Big Brother...

SEVEN Footballers Who Don’t Drink Alcohol

Alcohol taking as an exercise is common in almost every society as it is a major mode of “socialization”. The situation is...

If A Dog Attacks You Don’t Run, Do Any Of These To Save Yourself

But sometimes, dogs also attack innocent people when a person is not familiar with them.
Christopher Sam
Christopher Sam is a web designer, developer and has advanced knowledge in Search Engine Optimization, Responsive Website Design, Emails Marketing, BULK SMS Messaging, Schema Markup and a certified Google Trainer. He is a creator and editor at Hypercitigh.com, an online digital platform focusing on Credible and Timely news and in Ghana.
- Advertisement -


Seth Terkper, Former Finance Minister

Finance Minister under the erstwhile John Mahama administration, Seth Terkper, has questioned the reason behind the exclusion of a major policy such as the Agyapa Royalties from the 2020 budget as well as the 2020 Mid-Year Budget Review.

According to him, Finance Minister Ken Ofori-Att, despite making mention of MIIF in presenting both budgets to Parliament, failed to provide sufficient information on Agyapa Royalties which affects the fiscal framework of government.

- Advertisement -

Among the information Mr Terkper says the government failed to give to the House included; the mortgaging of the current $200 million dollars accrued to the State from its mineral royalties as well as it being the substantive replacement of the Minerals Development Fund (MDF).

In reviewing the 2020 Substantive and Supplementary Budgets, the Government did not give any of the following fiscal measures to Parliament;

  • That the MIIF will substantively replace the Minerals Development Fund [MDF] from 2020 – as the Government noted;
  • No policy on how current MDF beneficiaries, including traditional authorities, will continue to get their money;
  • The present value computations for about $200 million that accrues from the royalties that is to be “mortgaged” for $500 million to $1 billion loan facilty; and
  • No explicit provisions in Financing (or borrowing) and Public Debt in the Budgets from 2020 onwards—besides the International Monetary Fund (IMF) COVID Loan, he wrote.

ALSO READ:

- Advertisement -

Mr Terkper further in the statement stated that the government in applying for the IMF Covid-19 loan in March 2020, engaged in its habitual parallel data reporting by excluding the monetisation of the country’s mineral royalties while including it in the 2019 budget.

Table below shows inclusion of monetization of mineral royalties in 2019 budget but its exclusion from the 2020 budget.

- Advertisement -



Source link

- Advertisement -
- Advertisement -

More articles

Latest article

I took a second wife and you did not object- FFK showers praises on his wife, Regina

Former Minister of Aviation, Femi Fani-Kayode, today took to his Instagram page to shower praises on his wife, Regina.In the post, FFK praised...

Liverpool midfielder, Thiago Alcantara tests positive for Coronavirus

Liverpool midfielder, Thiago Alcantara has tested positive for coronavirus and is self-isolating, the club confirmed on Tuesday.   The 29-year-old Spaniard...

Eyewitness News: Tuesday, 29th September 2020

The big news stories in this edition of Eyewitness News are; We’ll deal with persons plotting to cause chaos during December polls – Nana...

Joe Biden releases his tax returns hours before presidential debate

US presidential candidate, Joe Biden released his tax returns on Tuesday September 29, hours before he is set to square...

Ekiti Court sentences notorious cultist to death by hanging for murder

An Ekiti State High court sitting in Ado-Ekiti on Tuesday, September 29, sentenced 29-year-old Gbenga Aluko, to death by hanging for involving...