Ken Ofori-Atta, Finance Minister
GOVERNMENT has stated that it cost the nation US$8.97 million to print the new GH?100 and GH?200 notes introduced by the central bank in November last year.
The Minister of Finance, Ken Ofori-Atta, who revealed the figures, said US$4.45 million was spent on the GH?100 note, whereas US$4.53 million was expended on the GH?200 note.
Mr. Ofori-Atta was responding to a question asked on the cost of printing each of the new notes by the Member of Parliament (MP) for Lambussie, Edward Kaale-Ewola Dery, in the House yesterday during which he indicated that an amount of US$5.39 million of the total contract sum had been paid.
“Mr Speaker, the Bank of Ghana is in the process of finalizing their financial statements for 2019. Further details of the cost of currency management will be provided in the bank’s financial statements,” he disclosed in his response to MP for Ajumako-Enyan-Esiam, Cassiel Ato Forson.
On a question of transfer of excess funds, the Finance Minister said in 2017, the Ghana Stabilization Fund (GSF) was not capped and that there was no excess amount transferred to the Contingency Fund or Sinking Fund debt repayment.
He disclosed that paragraph 199 of the 2018 Budget Statement and Economic Policy of Government capped the GSF at US$300 million, in line with section 23(3) of the Petroleum Revenue Management Act (PRMA) 2011, Act 815 as amended.
“Pursuant to the above provision of the PRMA, a total amount of US$283,972,853.23 which was the excess over the capped amount of US$300 million was for the year 2018 and was transferred to the Sinking Fund for debt repayment,” he stated.
By Ernest Kofi Adu, Parliament House