Approved sum of money for the 2019 fiscal year has increased by GHc 11.492 billion, above the 2018 appropriation of about GHc 67.280 billion.
According to statement from the Finance Ministry the Appropriation was passed by Parliament and assented to by the President on December 28, 2018.
This amount shall be issued from the Consolidated Fund and other funds during the fiscal year commencing January 1, 2019 and ending December 31, 2019, and appropriations are to be made in accordance with the specifications in the Schedules of Payment.
Compensation of employees has been increased by 16.55 percent, from GHc 19.595 billion in 2018 to GHc 22.838 billion in 2019. All the components under this include wages and salaries, pensions, gratuities and social security contributions.
Goods and services expenditure for 2019 has also been increased by 78.50 percent to GHc 6.333 billion, from GHc 3.548 billion in 2018.
Government projects to make more interest payments for the period, as payments for the period are to increase by 25 percent to GHc 18.646 billion this year from GHc 14.910 billion. Of this amount, domestic interest payments will constitute about 77.8 percent and amount to GHc 14.505 billion, as compared to GHc 4.141 billion in foreign debt servicing.
Capital expenditure approved is GHc 8.531 billion, up from GHc 6.896 billion in 2018, representing an increase of 23.70 percent.
Internally Generate Funds (IGF)
The Ministries, Departments and Agencies have been permitted to retain and use their IGF to the tune of about GHc 4.427 billion during the period.
By Joshua W. Amlanu