Ministry of Finance debunks claims of misusing contingency funds

In a statement, the Ministry categorically dismissed these allegations as inaccurate and unfounded. The report, attributed to MP Samuel Okudzeto Ablakwa, was said to insinuate that the Finance Minister created an illegal 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.

The statement further highlighted the distinction between the Contingency Vault and the Contingency Fund, pointing out that the latter requires parliamentary approval and is utilized for urgent and unforeseen expenditures, as exemplified during the Covid-19 Pandemic.

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."