The Annual Budget Funding Account (ABFA) is the account set up by government that receives allocation from oil and gas revenue in support of Government budgets.
Mr. Peter Aiddo, a representative from the Ministry of finance in a presentation at the Kumasi Institute of Energy and Environment (KITE) in Accra presented the modalities and criteria in the selection of priority areas for funding from the ABFA.
At the end of his presentation, Dr. Steve Manteaw. Campaign Coordinator of the Integrated Social Development Centre (ISODEC) lamented the mis-appropriation of funds from the Annual Budget Funding Account. He said “it was stated that, a school in Northern region which was supposed to be financed with funds from the ABFA was rather funded with GETFUND and the MPs common fund meanwhile it has been stated in the budgets
But Mr. Peter Aiddo in his presentation said, the ministry of Finance select projects and activities based on the Medium Term Development plan which focuses on:
a) Amortisation of the oil and gas
b) Roads and other infrastructure
c) Agricultural modernization
Mr. Peter Aiddo continued that, “we accept that, weaknesses and lapses exists in the funding and budgeting processes that needs to looked at in the next ABFA prioritisation area come 2017 and beyond.
KITE organized a day event under the theme “policy dialogue on the prioritisation of the Annual Budget Funding Amount (ABFA) for 2017 and beyond. Representatives from the media and the Civil society organizations such as the Natrual Resources Governance Institutes (NRGI), Africa Center for Energy Policy (ACEP), were all present to make suggestions on the use of fundings from the ABFA.
By: David Aduhene Tanoh www. reportingoilandgas.com