October 15, 2015

The Minority in parliament has strongly opposed to government’s plan of expending part of the inflow paid by the Bank of Ghana to clear arrears owed the Bulk Oil Distribution Companies (BDCs).

The minority says the spending has not been sanctioned by parliament, and therefore illegal, attempts to pass it off as a proper state transaction.

It has emerged that government has already arranged to dole out monies from the Bank of Ghana dividend it had paid to the state to cater for some national issues.

But the minority insists “since this transfer was unanticipated, it has led to a larger than programmed total revenue for 2015- The spending of this unanticipated inflow has not been approved by parliament.”

Minority leader, Mr Osei kyei Mensah Bonsu, addressing journalists at a news conference in Accra, Wednesday said this constituted serious breaches.

The act he says was subsequently uncovered as part of the IMF’s country report that reviewed the Extended Credit Facility(ECF) arrangement.

The said IMF review had indicated that the Central Bank paid dividends to the government representing 0.4% of Ghana’s GDP.