The Tema Metropolitan Assembly (TMA) in the year 2021 collected a total of GHC24,450,112.87 revenue under its Internally Generated Fund (IGF), which represents a 103 percent increment over the projected GHC23,528,214.25 for the year 2021.
Mr. Yohane Amarh Ashitey, Tema Metropolitan Chief Executive, disclosing this at the Assembly’s General Meeting said “as of December 31st, 2021, out of a projected internally generated revenue of GHC23,528,214.25 for the year, GHC24,450,112.87 was collected representing 103.0 percent of our projected IGF for the year.”
Mr. Ashitey added that the Assembly recorded a growth rate of 24 percent of its IGF in 2021, and even though it was the highest since the carving of the Tema West Municipal Assembly out of the TMA, the figures did not reflect the potential of the Assembly since the figures were revised down due to the COVID pandemic.
He added that the IGF generated were from rates, lands and royalties, rent of lands, buildings and houses, licenses, fines, penalties, and forfeits among others.
He noted that rates raked in a total of GHC11,461,780.61, while lands and royalties also contributed GHC184,652.14 to the IGF for 2021.
The MCE said a total amount of GHC6,516,234.14 and GHC4,428,649.22 were respectively collected under licenses and fees.
Fines brought the TMA a total of GHC45,284.00, while rent of lands, buildings, and houses generated GHC149,893.02, and Miscellaneous and Unidentified sources raked in GHC7,617.44.
Mr. Ashitey noted that other sources of revenue apart from the IGF were recurrent grants and capital grants which amounted to GHC13,723,983.04.
Expenditure wise, he said a total of GHC22,408,299.59 were spent on compensation of employees, goods, and services, and IGF capital expenditure.
The MCE announced to the General Meeting that even though he described the financial situation of the Assembly as a nightmare due to the legal challenges with one of its contractors, management has been able to negotiate with the contractor.
“I have to report that through negotiations and technical advice sought on the issue, the bank accounts of the Assembly are currently no longer under any garnishee order,” he said.