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BusinessAllegations of misusing contingency funds inaccurate, unfounded - Ministry of Finance

Date:

Allegations of misusing contingency funds inaccurate, unfounded – Ministry of Finance

Recent media reports alleging that Finance Minister Ken Ofori-Atta misused GH¢77 million from the Contingency Vault for football, with ₵27.9 million allocated to the Black Stars, have been refuted by the Ministry of Finance.

In a statement issued by the Ministry, these claims were firmly rejected as inaccurate and baseless.

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The report, which was attributed to MP Samuel Okudzeto Ablakwa, purportedly suggested that the Finance Minister established an unauthorized Contingency Vault in 2023 and accessed funds without parliamentary approval.

The Ministry clarified, stating, “These allegations are inaccurate and unfounded. It is incorrect to state that the Contingency Vault was illegally created by Ken Ofori-Atta in 2023.” It explained that the Contingency Vault is a routine part of the Appropriation Bill passed by Parliament annually, allowing the government to address unforeseen expenditure challenges during budget implementation.

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The statement also emphasized the differences between the Contingency Fund and the Contingency Vault, emphasizing that the latter is used for unforeseen and urgent expenses, as demonstrated by the Covid-19 Pandemic, and requires parliamentary approval.

The Ministry emphasized, “For the avoidance of doubt and the education of the public, the Contingency Vote, unlike the Contingency Fund, does not require going back to Parliament for approval whenever there is a need to access it.” The clarification aimed to dispel any confusion and emphasized that the public finance architecture does not use the term “Contingency Vault.”

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