Earmarked Funds Capping and Realignment (Amendment) Act, 2022 Act 1088

EARMARKED FUNDS CAPPING AND Act 1088
REALIGNMENT (AMENDMENT) ACT, 2022
ARRANGEMENT OF SECTIONS
Section
1. Section 2 of Act 947 amended
2. Section 3 of Act 947 amended
3. Section 8 of Act 947 amended
4. Schedule to Act 947 amended

Act 1088
REPUBLIC OF GHANA
The One Thousand and eighty-eighth
ACT
OF THE PARLIAMENT OF THE REPUBLIC OF GHANA
ENTITLED
EARMARKED FUNDS CAPPING AND REALIGNMENT
(AMENDMENT) ACT, 2022
AN ACT to revise the cap for Earmarked Funds and to provide for
related matters.
DATE OF ASSENT: 29th December, 2022.
Passed by Parliament and assented to by the President.
Section 2 of Act 947 amended
1. The Earmarked Funds Capping and Realignment Act, 2017
(Act 947), referred to in this Act as the “principal enactment ”, is amended
in section 2 by the substitution for paragraph (a), of
11 (a) provide a cap on the Earmarked Funds specified in
the Schedule to ensure that tax revenue encumbered
by the Earmarked Funds as a result of allocations is
seventeen and a half percent of total tax revenue;”.
2

dule to ensure that tax revenue encumbered
by the Earmarked Funds as a result of allocations is
seventeen and a half percent of total tax revenue;”.
2

Earmarked Funds Capping and Realignment Act 1088
(Amendment) Act, 2022
Section 3 of Act 947 amended
2. The principal enactment is amended in section 3 by
(a) the substitution for subsection (1), of
“(1) The Minister shall ensure that the budgetary
allocation
(a) made in each year to the Earmarked Funds,
and
(b) encumbered in each year by the Earmarked
Funds
specified in the Schedule is seventeen and a half percent of
total tax revenue.”; and
(b) the substitution for subsection (2), of
“(2) The Minister shall, in furtherance of the obligation
under subsection (1), ensure that the capped Earmarked
Funds amount of seventeen and a half percent of total tax
revenue is allocated to the Earmarked Funds specified in
the Schedule, each according to a weight which shall be
approved by Parliament as part of the Annual Budget for
each fiscal year and each Earmarked Fund shall be adjusted
accordingly.”. Section 8 of Act 947 amended
3.

Parliament as part of the Annual Budget for
each fiscal year and each Earmarked Fund shall be adjusted
accordingly.”. Section 8 of Act 947 amended
3.

The principal enactment is amended in section 8 by the substitution
for the definition of “capped Earmarked Funds” of
“capped Earmarked Funds” means the total amount of all the
Earmarked Funds remaining after a cap of seventeen and
a half percent of total tax revenue has been applied to the
aggregate of all the Earmarked Funds;”. 3

Act 1088 Earmarked Funds Capping and Realignment
(Amendment) Act, 2022
Schedule to Act 947 amended
4. The principal enactment is amended in the Schedule by the
insertion after the thirteenth row of the following additional rows:
14 Mineral Income Investment Fund
15 Ghana Infrustructure Investment Fund
Date of Gazette notification: 29th December, 2022.
) FOMENT OF GHANA.!JBRAWY-------
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