The Minister for Finance, Kenneth Nana Yaw Ofori- Atta known in short as Ken Ofori- Atta, has cleared the air regarding the amount of money in the contingency fund now.
According to him, the contingency fund now stands at GH¢200 million.
What you need to know about the contingency fund
In accordance with article 177 of the Constitution, there shall be paid into the Contingency Fund, moneys voted for the purpose by Parliament; and advances may be made from that Fund by the Committee responsible for financial matters in Parliament whenever the Committee is satisfied that there is an urgent or unforeseen need for expenditure for which no other provision exists to meet the need.
The Minister disclosed this amount as a way to defend himself on claims that money was used from the fund without going through the laid down procedures.
The Minister for Justice and Attorney- General Godfred Yeboah Dame has refused to let go a a mining dispute brought against Ghana sometime. Earlier, the Permanent Court of Arbitration, in a letter to the parties dated 30th March 2023, refused to constitute an arbitration panel for the hearing of an international arbitration instituted by Cassius Mining Limited against the Government of Ghana, following an objection in that regard raised by the Attorney- General of Ghana, Mr. Godfred Yeboah Dame.
On February 3, 2023, Cassius Mining Limited, a fully- owned subsidiary of an Australian mining firm, Cassius Mining Limited, filed a UNCITRAL arbitration against Ghana, accusing the state of unfair treatment and breaches of Ghana' s mining laws and due process in failing to extend the term of the company' s Prospecting Licence Agreement, after Cassius Mining exercised its contractual right of extension. The company claimed compensation in excess of US$300 Million.
But, making the news on Tuesday, the Attorney General is poised to fight the claim with all that he gets.
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