The Minister for Finance, Ken Ofori-Atta on October 28, 2020 presented to Parliament the Expenditure in Advance of Appropriation Budget for the first quarter of the 2021 fiscal year.
After his presentation to Parliament, the Finance Minister aside requesting for Parliamentary approval for the issuance a 3 billion dollar denominated Sovereign Bond – which will be increased to $5 billion if market conditions are good – also requested for the approval of some Ghs 27.4 billion to finance Government’s expenditure for the first 3 months of 2021.
The amount which include arrears clearance and amortisation when approved, according to the Finance Minister will cover Government’s operations such as; compensation of employees, ex-gratia awards, interest and amortization, transfers to statutory funds, critical programmes, goods and services and Capex allocations to Ministries, Departments and Agencies among others.
With the over Ghs 27.4 billion being requested by Government to finance its expenditure for Q1 2021, norvanreports investigated to identify exactly how much Government is going to spend in each of the aforementioned areas in covering its operations for the first 3 months of 2021.
Below are the details of the Ghs 27.4 billion expenditure request by Government;
- Compensation of Employees – 7,708,960,148 (Ghs)
- Use of Goods and Services – 1,595,571,683 (Ghs)
- Interest Payments – 7,002,221,941 (Ghs)
- Subsidies – 259,087,194 (Ghs)
- Grants to Other Government Units – 4,340,216,517 (Ghs)
- Social Benefits – 41,271,000 (Ghs)
- Other Expenditure – 813,610,025 (Ghs)
- Capital Expenditure – 1,903,658,408 (Ghs)
TOTAL EXPENDITURE – 23,664,596,915 (Ghs)
- Arrears Clearance – 350,000,000 (Ghs)
- Amortisation – 3,419,583,605 (Ghs)
APPROPRIATION – 27,434,180,520 (Ghs)
