The Ghana Infrastructure Investment Fund is to begin effective operations in 2015 after the announcement of Board and Advisory Council Members.
The Fund is to mobilise, manage, coordinate and provide financial resources for investment in the diversified portfolio of infrastructure projects for national development.
Mr Seth Terkper, Minister of Finance who announced this during the presentation of the 2015 budget in Parliament, said an executive search is underway for the Chief Executive of the GIIF.
He said the World Bank and the Africa Development Bank have pledged their support in setting up the GIIF.
The Minister said in the interim government would transfer key projects on government balance sheet that meets the GIIF primary commercial loans criteria to the Fund to manage.
These complimentary escrow and on-lending project loans including Bui Dam, Gas processing Plant and Pipelines.
The funding requirements for self-financing projects being undertaken with government guaranteed loans would be passed to GIIF.
In addition, counterpart funding for some selected commercial projects would be provided from the Fund. Projects and loans associated with Special Purpose Vehicle , Joint Ventures and PPP projects would also qualify for funding under GIIF.
As the list shows, most of the projects to be covered by GIIF would be in the energy, road and transport sectors.
The Minister said to facilitate better engagement with the Legislature and improve participation of the Citizenry in fiscal policy management, Government would enhance the use of Budget guidelines for Ministries, Departments and Agencies by piloting a Pre-Budget Statement in 2015.
The pre-budget statement would provide the broad framework as well as parameters, which would be the basis of the budget to be presented to Parliament. It would also signal government policy.
The Ministry of Finance would engage Parliament to work out modalities to introduce the Pre-Budget Statement as part of the budget process.