March 14, 2013

The New Patriotic Party Member of Parliament for Obuasi West, Kwaku Kwarteng is demanding full disclosure from government on the whereabouts of funds from Ghana’s hedging programme.

Mr. Kwarteng also wants the government to account in full for funds from the Tema Oil Refinery debt recovery levy collected in 2012 in a transparent manner.
The MP was contributing to the debate on the 2013 budget statement which did not declare any proceeds from the TOR debt recovery levy and the hedging programme.
According to the MP, on paragraph 139 and 140 of the 2012 budget statement, the government stated that the hedging programme had been successful, which meant that some funds were realised. He therefore questioned the veracity of the reported figure of GHC 0.00 quoted elsewhere in the budget statement.
“The Budget Statement that reported the success of the hedging programme, also stated that our hedge profit was zero Ghana cedis (GH¢0.00). This is unacceptable,” he stated.
Speaking on the Super Morning Show on Joy FM, Thursday, Mr. Kwarteng said the purpose of the hedging programme had been defeated by government’s decision to stop paying subsidies.
He said there was no basis for the government to continue collecting taxes towards the hedge fund in 2013 as contained in the budget statement since it had removed subsidies from petroleum subsidies.
He asked the Finance Minister, Mr. Seth Terkper in parliament to explain the discrepancy where one part of the budget states that the hedging programme was successful whilst another part indicates zero amount from the programme.
Mr. Terkper asked to be given time to look into the matter properly and offer answers.
The Obuasi MP urged Parliament to demand accountability from the executive as far as the management of the country’s financial resources were concerned.