The Minister of Local Government, Rural Development and Environment, Mr Stephen Asamoah Boateng, has announced that district, municipal and metropolitan assemblies would be assisted to access long-term credits.
He said this could be done only if the Local Government Finance Act and the special financing intermediary were restructured through the Municipal Finance and Management Initiative (MFMI).
This was contained in a speech read on his behalf at the opening of a two-day workshop for district chief executives, coordinating directors, budget and planning officers from the Western and Central regions.
He said the revised Local Government Act of 1993 would develop a sustainable, vibrant and reliable local credit market for the various assemblies, to enable them meet the unfulfilled infrastructure projects.
The Minister said the new bill would also introduce the establishment of a Municipal Finance Authority with a mandate to mobilise resources from both internal and external sources and channel them into productive development and also manage the resources.
He said the MFMI would improve revenue and financing strategies of the assemblies and link them up with financial institutions.
Mr Philip K Nkrumah, Shama Ahanta East Metropolitan Chief Executive, said the new bill would assist the assemblies to borrow and invest in income generating projects that would create wealth and employment for their people.
He said the assemblies would minimise their reliance on central government for financial support to meet their recurrent and other expenditures.
Source: GNA
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
3Music Awards makes a triumphant return with 2024 edition
26 mins -
We’ll teach you how to do Galamsey without destroying water bodies – Prof Opoku-Agyemang
26 mins -
Doing songs about galamsey isn’t enough – Amerado
39 mins -
The WordPress vs. WP Engine drama, explained
44 mins -
Over hundred kids participate in third edition of Super Hero Karate Championship
56 mins -
Turning Trash Into Treasure In Ghana: A public-private sector collaboration in an AI-enhanced recycling environment for a sustainable future
57 mins -
Thirty killed in one county after hurricane swamps North Carolina
1 hour -
Develop yourselves for opportunities under Bawumia’s government – NPP ‘Girls Girls’ told
1 hour -
Key takeaways from the 2024 Women’s Premier Super Cup
1 hour -
World Rabies Day: Veterinary Service wants dog owners arrested over failure to vaccinate pets
1 hour -
George Jahraa blasts music industry over ‘Adaadamu’ tag for veterans
1 hour -
I may stop music if I get a collaboration with Daddy Lumba – Kweku Darlington
2 hours -
A Cry for Knowledge – Adeɛmbra’s Quest for Education
2 hours -
NASPA elects new national executives for 2024-2025 service year
2 hours -
Amerado explains why he declined Barima Sidney’s feature request
2 hours