Sinking Fund Account<\/strong> <\/a><\/span>to enable it defray accumulated debts.<\/p>\n[contextly_sidebar id=”vHKfzQkVnsCDufWNZlSo1XsHA3CpRlXm”]The Finance Minister while presenting the \u00a0mid-year budget review reiterated that Government created the sinking fund account “to help manage the orderly redemption of our maturing Eurobond and other bonds.\u201d<\/p>\n
\u201cIn march 2015, Bank of Ghana swept all positive balances on government accounts, starts reducing unfortunately the balance on the sinking fund to zero.\u201d<\/p>\n
He said the sinking fund is \u201cpart of measures to streamline account balances in a rather conventional manner for the IMF programme.\u201d<\/p>\n
But Director of the Petroleum secretariat at the Bank of Ghana, Nana Aba insisted that no amount of money was transferred into the account as captured in paragraph 111 of the minister\u2019s speech.<\/p>\n
Speaking at a forum in Accra on accountability in the oil and Gas sector, the Bank of Ghana official, stated that there are no funds in the account because there was no excess amount from the cap on the Ghana Stabilization Fund, which the source of funds for the Sinking Fund account.<\/p>\n
\u201cThe sinking fund was established under the 2015 budget and it is to be funded from the excess over the cap established under the stabilization fund. The cap level has not been achieved yet so the bank really has not received any allocation because under the 2015 budget it is to be funded from the stabilization fund,\u201d added Nana Aba.<\/p>\n
–<\/p>\n
By: Godwin A. Allotey\/citifmonline.com\/Ghana<\/p>\n