News:
July 18, 2012
Government has submitted an amount of GHs2,613,407,346.00 for approval by Parliament as supplementary budget for 2012.
The amount is to enable government to execute its developmental projects for the rest of the year and also pay wages on the single spine salary arrears.
Delivering a statement on the Floor of the House, the Minister of Finance Dr. Kwabena Duffour parted the back of government for achieving high economic gains despite the harsh economic conditions that confronted the country.
Touching on the Public Sector Wage Bill, he noted the remaining amount of GHs991 million which is the payment of deferred wages resulting from the migration of employees to the Single Spine Salary Structure (SSSS) will be paid at the end of July 2012.
This he said its in addition to the 18% increase base pay granted to public sector workers this year for which the deferred payment covering January 2012 will be paid in August.
Dr. Duffour said the additional cost of the pay increase is estimated at GHs1,100 million which will be met partially by savings of about GHs512 million expected from the ongoing tension and pay roll orders.
Touching on non packed revenues, the Minister stated that fees and other charges related to the granting of stability agreement are expected to generate some GHs525 million as revenue to government.
He added that an amount of GHs55.3 million is also expected to be realized as gains from petroleum hedging activities that commenced in 2010.
Kwadwo Anim/GhanaMps.gov.gh