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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

    IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t

    Fuel prices to go up as NPA announces restoration of UPPF margin

    GHASALC laments drop on number of digital transactions following e-levy

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Support health sector with more oil revenue – PIAC to Government

August 28, 2020
in Local Economy, Top Stories
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The Public Interest and Accountability Committee (PIAC) is calling on government and the Ministry of Finance to ensure efficiency in the use of petroleum revenue meant to fund projects under the health sector.

According to PIAC, government has from the year 2011 to 2019 allocated an amount of GHS68 million to health care delivery in the country.

The amount, which is highly inadequate for the sector, has been spread across several projects, leaving many of them incomplete.

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Speaking to Citi Business News on the sidelines of a technical roundtable on Annual Budget Funding Amount (ABFA) expenditure as well as the management and use of petroleum revenue allocated to the health sector, Technical Manager for PIAC, Mark Agyeman, said healthcare projects should receive sustainable funding until completion.

“The way forward is that, as long as the health sector has been chosen as a priority area for government, then, the sustained focus of government should be given to that sector. Because, if you check figures from 2011 to 2019, about 4% of total ABFA has gone into health financing and from 2017 to 2019 about 3% has gone to the sector. So, we are calling for increased disbursement to that area and spread the disbursement across both capital expenditure and service delivery,” he said.

He also expressed concern over the delays in the completion of projects funded with Ghana’s petroleum revenue explaining that should ABFA-funded projects continue to suffer the fate of delayed completion, Ghana will excessively spend its ABFA but will have no projects to show for it.

“All over the country, we have thousands of ABFA-funded projects. If we continue to stretch our petroleum funds [like this], we will produce oil for 200 years but we can’t pinpoint a single project that petroleum revenue has funded. This is because there is no continuous flow of funds to projects. They get stalled for years and this affects project completion cost. It gets to a certain stage before you can continue and this increases project completion cost,” he said.

The Annual Budget Funding Amount (ABFA) is the share of petroleum revenue that goes into Ghana’s annual budget.

For the first time, the health sector was selected as one of the four key priority areas to receive funding from the ABFA for the period 2017 to 2019.

The investment of the ABFA in the health sector was targeted at bridging the equity gaps in geographical access to health services, improving the quality of health services delivery and intensifying prevention and control of non-communicable and other communicable diseases.

For this reason, 100% of the ABFA disbursements to the sector for the three-year period was expended on capital projects such as CHPS compound facilities, e-health projects among others.

 

Source: citibusinessnews.com
Tags: ABFApetroleum revenuePIAC
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