GETFund bags GHC790m

The Parliament of Ghana has approved an amount of GHC790,224,149.00 to the Ghana Education Trust Fund (GETFund) Secretariat for distribution to some specific areas of the Education Sector.

Out of this amount, GHC255,500,000.00 is expected to be spent on tertiary education while GHC242,019,149.10 goes into financing some projects in the secondary education of the country.

Additionally, GHC222,755,000.00 would be spent on basic education while an amount of GHC50,400,000.00 would be spent on GETFund Secretariat and the Ministry of Education.

That notwithstanding, an amount of GHC15,125,000, representing 1.91% would be spent on MPs Emergency Projects while the remaining amount of GHC4,425,000.00, representing 0.56% goes to financing monitoring of these projects.

The Fund, Kasapafmonline.com understands, would be used in financing new areas of focus such as; fencing of schools with high risk of encroachment; provision of white boards in schools; construction of kindergarten facilities; and regulatory and policy reforms.

Moving the motion for the adoption of the Proposed Formula for the distribution of the GETFund for the year 2017 on the floor of Parliament, Tuesday, the Majority Leader, Osier Kyei-Mensah-Bonsu, said the Board was guided by some factors in arriving at the formula for the distribution of the Fund key amongst which include; Promotion of the study of Mathematics, Science and Technology; Advancement of female education; Reduction in the high level of illiteracy in historically disadvantaged areas; Promotion of computer, vocational and technical education and training; and Equitable allocation of funds to the District at the Pre-Tertiary level of education.

He further told the House that the structure and spending for the year 2017 Formula is aligned to the Education Sector’s priority projects and programs, notably amongst them are; academic facilities and infrastructure, scholarships; allocation of funds to the Students Loan Trust Fund; procurement of teaching and learning materials; and demystifying and popularizing Science, Technology, Engineering and Mathematics (SMET)/ Information Communication Technology (ICT).

Hon. Kyei-Mensah-Bonsu however, expressed concern about the delays in the payment of accruals to GETFund, noting that such delays adversely affect the implementation of planned projects and programs.

He therefore, urged the Ministry of Finance to ensure the timely release of the Funds to avoid delays of planned projects and programs.

He also told the House about the urgent need to amend the GETFund Act, 2000 (Act 851) to enable the Fund perform more efficiently.

A key issue which he raised in connection to his proposed amendment of the GETFund Act is the Membership of the Board of Trustees of the Fund comprising seventeen (17) persons as provided in Section 6 of Act 581.

“In the opinion of the Committee, the present composition is too large and must be reviewed,” he noted.