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Business & Finance

Finance Minister clears confusion over proposal to use Heritage Fund in wake of COVID-19

By : Kofi Kafui Sampson on 06 Apr 2020, 01:57

Ken Ofori Atta

The Minister of Finance, Mr Ken Ofori-Atta, has said his proposal for Parliament to amend the Petroleum Revenue Management Act (PRMA) to allow the government tap into the Ghana Heritage Fund is to trigger a national debate on the use of the fund.

He said his request was meant to allow lawmakers and Ghanaians to discuss whether or not the country should spend a portion of the fund to close the fiscal gap due to the impact of COVID-19 on businesses, households and the economy.

“Mr Speaker, there are issues of jobs losses that we need to consider and we pray that as we debate and go through the Stabilisation and Contingency funds that you (Parliament) truly relook at the Heritage Fund to reassess how best to trigger it without wasting it, knowing that the most important thing is to save lives because our best resource are our people,” he said.

Apocalypse experience

Addressing Parliament on Friday, April 3, Mr Ofori-Atta said that what he proposed, while preparing the 2019 budget, did not include the Heritage Fund to solve the current problem facing the country.

Source: Graphic.com.gh