Bleoo Legacy Fund targets GH¢1m investment fund to support Accra Academy

The Bleoo Legacy Fundraising Initiative (BLFI) has set a target of building a GH¢1 million investment fund to provide sustainable financial support for Accra Academy.

The initiative announced the target at its 2nd Annual General Meeting held on Thursday, September 10, 2026, at the University of Ghana Alumni Conference Hall.

The meeting brought together members, trustees, management and other stakeholders to review the organisation’s activities and financial performance and set priorities for the coming year.

Chairman of the Board of Trustees, Richard Okrah, said the BLFI’s approach was to build an investment capital base that could generate income to support the school over the long term, rather than raising funds and spending them immediately.

He said the initiative had already exceeded its initial fundraising target of GH¢100,000.

Okrah said projects would be assessed based on the needs they address, their potential impact and whether supporting them would significantly reduce the capital being built by the BLFI.

Management has also been directed to prepare a strategic plan outlining the initiative’s objectives, fundraising milestones, targets, timelines and implementation strategies.

Financial performance

The BLFI’s audited financial statements for the year ended December 31, 2025, showed an improvement in its financial performance.

Total revenue increased from GH¢11,105 in 2024 to GH¢17,509 in 2025, representing an increase of about 58%.

Investment income rose from GH¢8,328 to GH¢11,483, while donations and contributions increased from GH¢2,777 to GH¢6,000.

Administrative expenses, however, fell from GH¢5,171 to GH¢4,452 during the same period.

The excess of income over expenditure increased from GH¢5,934 in 2024 to GH¢13,057 in 2025, while the accumulated fund rose from GH¢78,185 to GH¢91,242.

Support for Accra Academy

Despite its focus on building its investment capital, the BLFI has continued to support selected projects at Accra Academy.

As part of preparations for the school’s 2026 Homecoming and 95th Anniversary celebrations, the initiative contributed GH¢5,000 towards the repainting and facelift of Ellen House and Claremont House in James Town.

Ellen House is linked to the founding of Accra Academy in 1931, while Claremont House served as the school’s first boarding house in 1935. The total budget for the project was GH¢9,954.

The BLFI has also identified staff accommodation as an area for further support. The project is one of Accra Academy’s centenary projects and is expected to be completed over five years.

The initiative previously contributed GH¢10,000 towards the project in 2023 and intends to explore opportunities to provide further support.

Its total contributions to Accra Academy from investment revenue currently stand at GH¢17,000.

New Patrons, governance changes

The AGM also paid tribute to two members of the BLFI’s Council of Patrons who died during the year: Nana Akuoko Sarpong, Paramount Chief of the Agogo Traditional Area, and Vincent Birch Freeman, a former Headmaster of Accra Academy.

Four new Patrons have subsequently joined the Council. They are Neenyi Ghartey VII, Paramount Chief of the Effutu Traditional Area of Winneba; Dr Edward Botchway, Managing Director of Absa Bank; Kojo Addae-Mensah, Group Chief Executive Officer of Databank; and Bernard Appiah Gyebi, Managing Director of United Bank for Africa (UBA).

Members also unanimously adopted amendments to the BLFI Constitution aimed at strengthening its governance and meeting statutory and regulatory requirements.

Under the amended Constitution, the BLFI is formally established as a charitable, non-profit organisation of a public nature. It also reinforces the organisation’s political neutrality and bars its resources from being used to support or oppose political parties or candidates.

The AGM was further informed that the BLFI had obtained its licence as a Non-Profit Organisation and filed its statutory annual returns and financial statements with the Office of the Registrar of Companies.

Fundraising expansion

The initiative has introduced a contribution-recognition system comprising five categories: Bronze, Silver, Gold, Platinum and Diamond.

Each category has a corresponding lapel pin and symbol, allowing the BLFI to recognise contributors without publicly disclosing individual contribution amounts.

The BLFI also plans to strengthen its engagement with alumni chapters in North America, the United Kingdom and other parts of the diaspora to expand its fundraising base.

It intends to work more closely with other fundraising initiatives associated with Accra Academy to improve coordination, reduce donor fatigue and ensure that the various campaigns complement rather than compete with one another.

The AGM acknowledged that the initiative’s current financial resources remain modest compared with its GH¢1 million investment fund target but said sustained fundraising would be required to achieve the objective.