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21.07.2005 General News

Ministry releases more money to Assemblies


Accra, July 21, GNA - The Ministry of Finance and Economic Planning has released a total of 462.697 billion cedis to the District Assemblies' Common Fund this year.

This follows the release of 204.862 billion cedis to the Fund, the second payment for the year, according to a statement on Thursday signed by Ms Cecilia Akwetey of the Public Relations Unit of the Ministry. The first payment of 257.835 billion cedis was released during the first quarter of the year.

The statement said the release of the money was in line with the Constitutional requirement, which enjoined the Ministry to transfer five per cent of the net total tax revenue into the Fund for disbursement by the Administrator of the Fund according to a formula approved by Parliament.