Summary of Funds

SUMMARY OF FUNDS Fund Type/Mandate Objective/purpose Inflows Outflows Authority Consolidated Fund General purpose approved by  All Revenues (TR & NTR)  Supply estimates approved in the Parliament ( Constitution) parliament.  Other receipts (Loans/grant) budget MOF/ CAG  Trust Monies  Payment of loans and other liabilities, unless otherwise  Statutory transfers  Nugatory payments Contingency Fund To meet unforeseen contingency  Transfer from the  Natural Disaster management Public Finance (Constitution) (expenditures) for which no other consolidated fund expenditures Committee of provision exist to meet the need  Resolution of social disorders Parliament, and  Make-up of sharp price increases president e.g. crude oil District Assembly Common For supporting the developmental  Transfer of at least 5% TR  Disbursement to MMDAs/ MPs DACF Fund (Constitution, Local activities of MMDAs. from the Consolidated  Disbursement to RCCs Administrator. Government Act 1993,and Fund  Expenditures on behalf of MMDAs DACF Act 1993, Act 455, )  Interest accruing from  Administrative expenses, e.g. audit investment of the DACF by fees, bank charges etc. administrator Road fund ( Road Fund Act To fund routine, periodic  Fuel levy  Cost of routine and periodic Road Fund 1997, (Act 536) maintenance and rehabilitation  Highway Tolls maintenance of Roads and related management (improvement) of road networks in  International transit fees facilities Board the country, and also assist MMDAs  DVLA fees (vehicle & driver  Cost rehabilitation road in exercising their functions road license and inspection)  Road safety activities related functions under any law.  As determined by MOFEP  Other matters approved by the Road fund Board Ghana education Trust To provide financial support for  Transfer of 2.5% of VAT  Infrastructure Board of Fund (Getfund Act 2000, the development and revenue from the  Scholarships Trustees. Act 581) maintenance of essential consolidated fund  Student Loan scheme academic facilities and  Income from investment  Faculty development and infrastructure in public  Grants and donations research educational institutions  Other facilities- vehicles  investment Venture Capital Trust Fund Provide financial resources to be  25% of national  Provision of credit and equity Board of (VCTF Act 2004, Act 680) invested in the SME sector reconstruction levy financing to eligible venture trustees  Such monies capital financing companies

1 determined by MOF by  Provision of monies to support Develop and promote a viable Parliamentary approval other activities and programs for venture capital industry in the  Fees and other charges the promotion of venture capital country. by the venture financing  Grants, donations gifts, etc Sinking Fund Special fund for redemption of  Annual payment from  Redemption of relevant loan or CAG (authorized by parliament loan, acquisition of an asset or the consolidated acquisition of the asset under Loan Act, 1970 (Act others.  Compound interest 335) accruing on the fund Special Fund For meeting special purpose  To be determined by the  For that special purpose only Head of the enactment department concern. Contingency reserve fund To meet the unexpected spending  Portion of appropriation  To bail out deficit spending MDAs Executive/MOF (Administrative needs within the MDAs of MDAs are set aside. arrangement) Revolving fund Fund whose income remains  Budgetary allocation for  As may be determined MOF or as may (as specified) available to finance its continuing the purpose be determined operations without any fiscal year  Receipt of pay backs limitation Internal service fund To settle the inter –department  Budget allocation  Inter-department transactions Not specified (Not specified) provision of goods and services Counterpart Fund To fund counterpart projects  Donors/sponsors  Counterpart project expenditures Unspecified (unspecified) contribution  National government contribution Capital project fund For capital project  As determined  Capital project expenditures Unspecified (Unspecified) HIPC Fund To bail out highly indebt poor  From consolidated fund  Expenditures prescribe by MOF (Donor regulation) countries agreement