Common fund not reliable; innovate- Expert

The Eastern Regional Budget Analyst, John Donkor has revealed that, currently, the Common Fund is not reliable for government agencies expenditure and therefore entreated MMDAs to intensify their Internal Revenue Mobilization to enable them to fund their projects and improve expenditure.

Mr Donkor made the revelation at this year’s Regional Composite Budget Hearing on the 2023-2026 Composite Budget in Koforidua in the Eastern Region.

Mr Donkor further stated that six million cedis was captured in the 2022 Budget of the ten previously existing Regional Coordinating Councils, RCCs for the renovation of facilities in the residencies but added that only four hundred and seventeen thousand five hundred and 41 cedis has been released but has not hit the accounts of the RCCs.

He further stated that contracts have been awarded and some projects have been completed by the Contractors, but, they have not been paid.

Mr Donkor disclosed that three Assemblies out of the 33 MMDAs namely |Atiwa East, Atiwa West and Ayensuano were able to mobilize about ninety percent of their intended targeted revenue mobilization for the period under review.

The Eastern Regional Minister, Seth Acheampong who read the Finance Minister’s speech on his behalf said the country is not in normal times and this year is very peculiar in view of the challenges of global and domestic developments on the economy.

He added that the development coupled with rising inflation and cost of living, credit rating downgrades, increasing debt servicing, high cost of borrowing and depreciating of the cedi are making budget implementation challenging.

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