Finance Minister Dr. Mohammed Amin Adam is searching for approval from Parliament’s Finance Committee for GH₵500 million from the Contingency Fund.
This request is a part of emergency measures to fight the looming meals insecurity brought on by the dry spell affecting eight areas of Ghana.
It follows President Akufo-Addo’s directive for the Finance Ministry to safe an GH₵8 billion reduction package deal to help farmers combating the extreme impacts of the drought.
In a letter to Parliament’s Finance Committee, the minister indicated that “contemplating that we’re eight (8) months into the implementation of the 2024 Funds and the proposed interventions are unplanned expenditure occasioned by a “power majeure”, Authorities can’t fund the request of GH¢8.36 billion solely from a reallocation of present funds traces within the 2024 Funds.”
“In mild of the foregoing, we write to request approval from the Finance Committee for the withdrawal of GH¢500 million from the Contingency Fund, in accordance with Article 177 subsection 1 of the 1992 Structure, Part 36 subsection 1 of the Public Monetary Administration Act, 2016 (Act 921) in addition to Part 227 subsection 1 of the Standing Orders of Parliament of Ghana.”
This funding is predicted to “complement this withdrawal,” as the federal government can be searching for help from improvement companions and adjusting fiscal plans within the 2024 Funds.
The ministry said that the Nationwide Emergency Response Programme will implement crucial measures to deal with the disaster.
In response, the federal government has imposed a right away ban on exporting key grains resembling maize, rice, and soyabeans.
Throughout a press briefing on August 26, the Minister of Meals and Agriculture Bryan Acheampong emphasised that this measure is essential to make sure these important crops stay out there within the home market.
This determination follows alarming experiences that 435,872 farmers have already misplaced roughly GH₵3.5 billion in investments because of the ongoing dry situations.