4.6 billion cedis surplus accrued

The Minister of Finance, Yaw Osafo Maafo on Tuesday said 4.6 billion cedis had so far accrued as surplus income after the increment in petroleum prices in January.

He, therefore, proposed that the said amount now lodged in an escrow account be transferred into the road fund. The Finance Minister had answered queries raised by the Minority last Thursday on the legality of the deduction of the money and how government intended to use it.

The queries came about during a debate on the Custom and Excise (Petroleum Taxes and Petroleum related Levies) amendment bill started on last Thursday but frozen until Tuesday.

Osafo Maafo said he had not breached any law since he did not raise the road fund levy, but rather labelled the excess money under "margins" component of the petroleum price built up.

On Thursday, Seidu Pakuna Adamu, NDC Bibiani/Anhwiaso/Bekwai, had questioned the legality of the bill since he claimed the authority it sought to claim had already been exercised.

He said the Presidency had already levied Ghanaians without prior approval of Parliament, which was unconstitutional. "Perhaps, the Minister was in dilemma, to come to Parliament and meet the disapproval of the hike in petroleum prices as it is tied to the levy or stay away and come later."

He said the integrity of the House was being undermined by the Minister's request. Abraham Osei-Aidoo, the Deputy Majority Leader, said the bill did not contain any piece of information to suggest that it possessed a retroactive proposition.

He said Tema Oil Refinery (TOR) was a limited Liability Company that had the right to adjust prices of its products and set aside part of its money for any purpose that it deemed fit.

The member said money lodged in the escrow account could be transferred into the road fund without breaching any legality. Now that the bill had been passed, the road levy jumps from 230 cedis per litre of premium petrol to 400 cedis.