Finance Minister, Dr. Mohammed Amin Adam, has appealed to Parliament’s Finance Committee for approval to withdraw GH₵500 million from the Contingency Fund.
This request is part of the government’s urgent response to the ongoing drought affecting eight regions in Ghana, which threatens to trigger severe food insecurity. The plea follows President Akufo-Addo’s directive for an overall GH₵8 billion relief package aimed at aiding farmers devastated by the harsh dry spell.
In his letter to Parliament, Dr. Amin Adam highlighted the unanticipated nature of the expenditure, noting that the government cannot solely rely on the reallocation of funds from the existing 2024 Budget to meet the GH₵8.36 billion needed.
He emphasized that the requested GH₵500 million would complement funds being mobilized from Development Partners and internal budget adjustments.
“Considering that we are eight (8) months into the implementation of the 2024 Budget…Government cannot fund the request of GH¢8.36 billion solely from a reallocation of existing budget lines,” he stated.
The government has already introduced immediate measures, including a ban on the export of essential grains like maize, rice, and soybeans, in a bid to safeguard domestic food supplies.
Agriculture Minister Bryan Acheampong, addressing the press, explained that the ban is crucial to counteract the losses suffered by 435,872 farmers, whose investments have already shrunk by an estimated GH₵3.5 billion due to the prolonged drought.
