Assembly generates 2.908 billion cedis revenue from traditional sources

Obuasi, May 26, GNA - The Obuasi Municipal Assembly (OMA) generated a revenue of 2.908 billion cedis from its traditional sources last year.

The amount represents 105.6 per cent of the estimated revenue of 2.753 billion cedis.

Mr Joe Boampong, the Municipal Chief Executive, who announced this at the assembly's ordinary meeting at Obuasi, said in all the assembly projected a revenue budget of 19.257 billion cedis, including grants from the Central Government but as at December, a total revenue of 12.273 billion cedis had been realized, representing 63.7 per cent. He said the assembly estimated 6.483 billion cedis under the District Assemblies Common Fund (DACF), 2.7 billion cedis under mineral royalties and five billion cedis under HIPC Relief Fund, but not all the grants were received.

"In the case of the DACF, a gross amount of 5.805 billion cedis, representing 89.6 per cent had so far been released to the assembly, leaving a shortfall of 677.176 million cedis", he said. The Municipal Chief Executive said 970 million cedis was received under the mineral royalties. Mr Boampong said in the case of HIPC Relief Fund, out of the five billion cedis allocated to the assembly, only 600 million cedis had so far been received, thereby, delaying projects that, were meant to be financed from the fund.

He said the assembly had since 2002 recorded improvements in its internally generated revenue and commended the revenue staff for a good job done. Mr Boampong, however, noted that the assembly could have achieved better results, if "we had tightened our supervisory roles". 26 May 06