Disagreement with BOG over missing $100 mil will be resolved- Monah Quartey

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August 17, 2015 11:00 AM

" The disagreement with the Bank of Ghana over the whereabouts of the money will be resolved quickly. It will not lead to any complications. "

The ministry of Finance is set to resolve their disagreement with the Bank of Ghana involving the whereabouts of some $100 million ostensibly missing from the country's Sinking Funds.

The minister of finance, Seth Tekper sparked the disagreement when he mentioned in his mid- year budget review address in parliament that the Bank of Ghana had custody of the 100 million dollars which was supposed to be the total amount of money in the Sinking Fund.

This sparked an immediate response from the central bank, who insisted, they had custody of no such amount of money in the fund.

The Sinking Fund was set up as a fall back plan for the country's debt servicing efforts.

Deputy minister of Finance, Mona Quartey, in an interview with Accra -based radio station, Citi FM, said,

" The disagreement with the Bank of Ghana over the whereabouts of the money will be resolved quickly. It will not lead to any complications. "

The deputy finance minister also spoke on the importance of the Sinking Fund, saying

" We are glad we are able to set up something like that. The sinking fund. We are speaking above balances here, and the Sinking Fund will help our debt management reserve."

Meanwhile, the minister of finance Seth Tekper has assured Ghanaians that dwindling international oil prices will not be a threat to the Sinking Funds. He revealed that a part of the stabilization Fund has been earmarked for the Sinking Funds.

" The Stabilisation Fund will be used for the Sinking Funds. 50% of the stabilisation fund will redirected into the Sinking Funds".

The stabilisation fund, also known as sovereign wealth fund is meant to cushion the impact or cushion public expenditure capacity in times of revenue shortfall like when oil prices decrease.

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