The Government has served notice of its desire to access the Heritage Fund to support the ailing economy.
The Fund, initiated by the ruling party in 2011, is meant to provide an endowment to support development for future generations when petroleum reserves have been depleted.
The law stipulates that the Ghana Heritage Fund which is in its fourth year can only be accessed, 15 years after its establishment.
Proposal’s to use the accrued money have been met with mixed reactions as some believe it is unwise to utilize money set aside for the benefit of the country’s future generations.
Making a strong case for the government to use the fund now, similar to the proposition by Johnson Asiedu Nketsiah, the General Secretary of the NDC, the Minister of State at the Presidency in charge of Financial and Allied Institutions, Fifi Fiavi Kwetey questioned the rationale behind the creation of the Fund and wondered why such money could be kept while the country embarked on a borrowing spree.
The Minority has however sharply disagreed with this assertion and described the calls for the use of the fund as irresponsible.
Ranking Member of the Parliamentary Select Committee on Finance, Dr Anthony Akoto Osei called on government to desist from using the fund since the source of income for the fund which is the oil, wouldn’t be a perpetual gift.
