DON’T TOUCH THE HERITAGE FUND!

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Theo Acheampong writes and ThinkGhana agrees;

This is a complete nonstarter from the NPP. The Heritage Fund must not be touched! You have over 70% of oil revenues being allocated to the Annual Budget Funding Amount (ABFA) and another 21% going into the Stabilisation Fund. Find a way to use the ABFA to support the free SHS policy instead of the Heritage Fund which only recieves 9% of petroleum revenues. The Heritage Fund is meant to provide for permanent income —- it had a closing book value of US$277 million as at 30 Dec 2016. By contrast, we’ve allocated over $1.43 billion to the ABFA, $0.60 billion to the stabilisation fund and another $0.93 billion to GNPC between 2011 and 2015. Now think about that.

Section 10 of the Petroleum Revenue Management Act (Act 815 as amended by Act 893) states “The object of the Ghana Heritage Fund is to provide an endowment to support development for future generations when petroleum reserves have been DEPLETED and that Parliament can only in 15 year intervals from the date of commencement of this Act [2011] revise the restriction on transfers from the Ghana Heritage Fund and authorise a transfer of a portion of THE ACCRUED INTEREST on the Ghana Heritage Fund into any other fund established by or under this Act”

There is good reason why the Fund was set up!

NB : This article was culled from Theo Acheampong PhD Facebook wall.

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