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Parliament gives Finance Minister green light to spend GH¢227.8 billion from Consolidated Fund in 2023

BY: Nana Konadu Agyeman
Parliament gives Finance Minister green light to spend GH¢227.8 billion from Consolidated Fund in 2023
Parliament gives Finance Minister green light to spend GH¢227.8 billion from Consolidated Fund in 2023

Parliament has approved the Appropriation Bill, 2022, to provide for the withdrawal of sums of money necessary to meet the government expenditure for the 2023 financial year.

The bill will allow the Minister of Finance to take a total of GH¢227.8 billion from the Consolidated Fund and other public fund and for related matters.

The bill was considered by the House under a certificate of urgency and was approved on Thursday dawn after members had spent all night debating.

Per a memorandum accompanying the Bill, the government is to expend GH¢45.5 billion to pay wages and salaries, GH¢39.26 billion for pensions, GH¢1.85 billion for gratuities, and GH¢3.95 billion for social security.

A total of GH¢8.57 billion will be spent on use of goods and services, GH¢3.70 billion on annual budget funding amount (use of goods and services), GH¢52 billion on interest payments, comprising GH¢31.29 billion to be expended on domestic debt and GH¢21.25 billion on external debt.

The government is to also spend GH¢350.54 million on subsidies on petroleum products.