• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

PIAC calls on Finance Minister to use appropriate formula in capping Stabilization Fund

3 years ago
in Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
72
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

PIAC calls on Finance Minister to use appropriate formula in capping Stabilization Fund

The decision by the Finance Minister, Ken Ofori-Atta to cap the Ghana Stabilisation Fund at $100 million and the use of excess money from the Fund for other emergency purposes is taking a heavy toll on the fund, an assessment by the Public Interest and Accountability Committee (PIAC) has revealed.

At the end of the first half of 2022, the fund generated only $373 million, a situation PIAC is blaming on the capping.

According to PIAC, the Fund is expected to be capped at more than $460 million for the year 2022 to accrue more liquidity for emergency purposes.

The committee is therefore calling on parliament to review the Petroleum Revenue Management Act which gives power to the Minister of Finance to use discretional powers to set the cap.

In an interview with media persons  on the 2022 Semi-Annual Report on Petroleum Funds, Chairman of Public Affairs and Communications Sub-Committee at PIAC, Eric Defor, said the development is a threat to the economy.

“The retention of the current cap of $100 million in the GSF for the year 2022 is not in accordance with the formula stipulated in L.I2381. A proper application of the formula would have returned a figure of US$460,633,074.02”, PIAC Stated disclosed.

RelatedPosts

GFA President.Set to Visit Gold Stars, Asante Kotoko, and Police Ladies to Strengthen CAF Campaigns

CHAN 2024: Tanzania and Burkina Faso Secure Important Wins

US Open Announce Record $90 Million Prize Money for 2025 Tournament

“The Minister of Finance, in determining the cap on the GSF, should comply with the relevant provisions of L.I 2381”, it explained.

PIAC said it is the expectation that the formula in the law which replenishes the stabilization fund will be applied and the fund rebuilt so that in case of an emergency, there will be resources available.

However, it said “it appears that for the past three years the $100 million cap has remained and should there be another emergency, there will be no resources available in the fund to support the budget and this we find a challenge”.

Meanwhile, with the capping, the nation will be having enough funds available for other emergencies in the midst of the economic challenges.

Tags: PIAC calls on Finance Minister to use appropriate formula in capping Stabilization Fund
No Result
View All Result

Highlights

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash

Defence Minister and Environment Minister Among 8 Confirmed Dead in Military Helicopter Crash

Serie A Players Face 25% Pay Cut if Relegated Under New Agreement

Osaka and Keys Advance to Quarter-Finals at Canadian Open

Ghana Armed Forces Helicopter Crashes in Adansi Akrofuom, 8 Feared Dead 

Cedi Appreciation Triggers 50% Drop in Remittance Inflows

Trending

Features

GFA President.Set to Visit Gold Stars, Asante Kotoko, and Police Ladies to Strengthen CAF Campaigns

August 7, 2025

GFA President.Set to Visit Gold Stars, Asante Kotoko, and Police Ladies to Strengthen CAF Campaigns The President...

CHAN 2024: Tanzania and Burkina Faso Secure Important Wins

August 7, 2025

US Open Announce Record $90 Million Prize Money for 2025 Tournament

August 7, 2025

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash

August 6, 2025

Defence Minister and Environment Minister Among 8 Confirmed Dead in Military Helicopter Crash

August 6, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.