?103 Billion GETFund Missing

A total of ?103 billion out of the ?168 billion that accrued from the GETFund for the 2000 is missing. Government has still not found where the money is, almost three years after coming into power.

The Minister of Information, Nana Akomea announced this in Accra yesterday.

He was reacting to a call on government by the NUGS to immediately effect payment of the arrears of over ?400 billion into the fund or face court action.

He called on all, especially the NUGS, to demand answers from “those in government at that time or where that money is.”
According to him, the 12.5 per cent VAT rate became effective in June 2000, and deductions into the GETFund began accordingly during the same period.
He maintained that from June 2000 to December 2000, the schedule of deductions from the VAT showed a total payment of ?168 billion.
“At the end of 2000, six months after the deductions started, the amount in the fund was ?65 billion.
The records indicate that ?30 billion was transfered to SSNIT in November 2000, while ?1 billion was applied to the Chemistry building in Legon.
“If you set out the total deduction or accruals of ?168 billion, as per VAT records against payment and the actual amount of ?65 billion left in the GETFund account, there is an outstanding balance of ?103 billion that is un-accounted for at the end of year 2000,” he emphasized.

"He explained that it was strange that until now nobody knows where the money is, and we call on all of us, especially the NUGS, to demand answer from those in government at that time where that money is."