DACF And GETF Receive Funds

The Ministry of Finance has made the first quarter releases to the District Assembly Common Fund (DACF) and Ghana Education Trust Fund (GETF) in accordance with the 2002 budget statement. In addition, releases have been made by Ministry of Finance to clear substantial portions of the existing roads and non-road arrears.

In the statement to the press last Wednesday, the Chief Director of the Ministry of Finance said an amount of ?91.9 billion representing 25 per cent of the budget provision of ?367.9 million was released to the DACF on 6th May 2002. Similarly an amount of ?82.3 billion also representing 25 per cent of the budget provision of ?329.5 billion was released to the GETF on 5th May, 2002. The remaining allocations would be released on quarterly basis as programmed in 2002 budget implementation measures.

These releases, according to the statement, will enable the District Assemblies and Ghana Education Trust Fund maintain and expand the social services and educational infrastructure.

ROAD AND NON-ROAD ARREARS

Road and non-road arrears settled by Ministry of Finance in the current year up to May, 2002, totalled ?143.4 billion and ?217.4 billion respectively.

The payment of part of the existing road and non-road arrears is to keep projects going and maintain reasonable liquidity in the system.

The statement said the Ministry of Finance will continue to match in-flow of revenues with expenditure to maintain the necessary financial equilibrium.