Government to borrow $1.5bn against GETFUND revenue – Dep. Education Minister
Deputy Minister of Education, Dr. Yaw Osei Adutwum has hinted of government’s intention to borrow against their own promise during the 2016 campaign to complete all educational sector infrastructure projects at 70% of completion.
He made this revelation in an engagement with youth as a speaker on what government's efforts are towards achieving the Sustainable Development Goals 4 that touched on quality education last week.
“As I speak with you, GETFUND has estimated that within the next 10 years or so they will be able to get revenue about 3 billion dollars. Now cabinet has approved and we would bring to parliament that we want to take 1.5billion dollars that is 50% of the projected revenue and dedicate 500million dollars to completing all GETFUND projects at 70% of completion”.
He continued, “complete all the E-Blocks that are at advanced stages, complete university facilities with another 500million dollars”.
Dr. Yaw Osei Adutwum is optimistic the amount borrowed will alleviate the infrastructure deficit in the education sector.
In his firm conviction, the deputy minister said “another 500million dollars will be dedicated to basic school infrastructure” to make sure that school children are put the right place to study now.
What is mind-boggling is the fact that, this revenue he is seeking to take a loan against is a “projected revenue” by GETFUND and one will ask what happens if the revenue target is not met, how will the loan be paid?
The Deputy Education Minister who has been on top of issues in the past few months is anticipating a bright future if all the loans are secured and plans implemented to the later, the education system in Ghana should surpass that of the United States of America.
“I believe by this strategy we would take the SHS from the double track. There is a new strategy, there is a new game in town and we want to do things differently and get the outcome that we’ve not been given. Borrowing for infrastructure is not bad” He concluded.