Gov't does not owe 400 billion cedis to GETFund

Accra, Aug. 5, GNA - Nana Akomea, Minister of Information, on Tuesday said the National Union of Ghana Students (NUGS) claim that government owed the Ghana Education Trust Fund (GETFUND) 400 billion cedis is not true.

He, therefore, asked the student body to recalculate the arrears, adding, "they must exercise restraint as the doors of the Finance Minister and indeed government are always open to them".


Briefing Journalists in Accra at the Weekly Press Briefing, Nana Akomea explained that records indicated that 30 billion cedis was transferred to SSNIT in November 2000 and another one billion cedis was applied to the chemistry building project at the University of Ghana, Legon.


The Minister asked the NUGS Leadership to resort to dialogue with government to arrive at a mutually beneficial understanding instead of the current antagonistic approach.


"From the period June 2000 to December 2000, the schedule of deductions from the VAT showed a total payment of 168 billion cedis," Nana Akomea said.


He said at the end of 2000, six months after the deductions started, the amount in the fund was 65 billion cedis.

"The total deductions or accruals of 168 billion cedis as per VAT records against the payments and the 65 billion cedis left in the GETFund account, indicate an outstanding balance of 103 billion cedis unaccounted for at the end of 2000.


"He explained that it was strange that until now nobody knows where the money is, and we call on all of us, especially the NUGS, to demand answer from those in government at that time where that money is." Giving a breakdown of GETFund payments over the years, Nana Akomea said government paid 260 billion cedis in 2001, leaving a balance of 108 billion cedis.


Last year, government paid 336 billion cedis into the fund leaving a balance of 65 billion, "therefore total arrears for 2001- 2002 is 173 billion cedis.


He said government was working not only to be up to date in payments, but also to fulfil this year's portion of the repayment schedule.


Nana Akomea said the government at the end of July was current in payment of this year's lodgements, having paid 386 billion cedis comprising 342 billion cedis due payment and 43 billion cedis arrears.