The Minister of Finance, Ken Ofori-Atta, has revealed that the Bank of Ghana spent US$8.97million to print the GH¢100 and GH¢200 notes.

Out of this amount, US$4.45million was spent on printing the GH¢100 while an amount of US$4.53million was spent on printing the GH¢200 notes.

According to the Mr. Ofori-Atta, an amount of US$5.39million of the total contract sum has been paid, with the remaining amount of US$3.58million yet to be paid.

The Finance Minister made these disclosures when he appeared on the floor of Parliament on Tuesday, March 17, 2020, to answer to questions relating to the cost in printing the GH¢100 and GH¢200 currency notes.

The National Democratic Congress (NDC) Member of Parliament for Lambussie, Edward Kaale-Ewola Derry, had asked the Finance Minister how much it cost the state to print the new GH¢100 and GH¢200 notes.

Transfer of excess funds

Mr. Ofori-Atta commenting further, gave an overview of how transfer of excess funds were made to the Sinking Fund for debt repayment in 2018.

“In 2017, the Ghana Stabilization Fund (GSF) was not capped. There was therefore no excess amount transferred to the Contingency Fund or Sinking Fund for debt repayment. Mr. Speaker, Paragraph 199 of the 2018 Budget Statement and Economic Policy of Government, capped the GSF at US$300million, in line with Section 23(3) of the Petroleum Revenue Management Act (PRMA). Pursuant to the PRMA, a total amount of US$283,972,853 which was the excess over the capped amount of US$300million was for the year 2018 and was transferred to the Sinking Fund for debt repayment”, he noted.

The comments of the Minister of Finance was spurred by a question from the NDC MP for Bolgatanga Central, Isaac Adongo, “over how much excess funds after capping the Stabilization Fund has been transferred into the Sinking Fund for 2017 and 2018”.