By: Godfred Amoaful
Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa says the NDC will fund its free tertiary for new entrants’ initiative by uncapping the Ghana Education Trust Fund, GETFund, while stopping the collateralization of the fund to raise enough money for human resource development.
He disclosed that, as a result of the capping law introduced by the government, GETFund lost four billion cedis this year despite making seven billion cedis.
The money he noted, goes to the capitalization fund which he says, will be redirected into the education sector to fund the free tertiary for first-years.
Mr. Ablakwa said these and other measures including the downsizing of government, the minimization of presidential travels, and state ceremonies will all contribute to revenue generation to sustain the initiative.
He again disclosed that the NDC plans to increase students’ loans to serve as a source of funding for them after their first year.
Mr. Ablakwa was responding to concerns raised on how the NDC intends to fund their free tertiary for new entrants initiative and its sustainability.
“We have said that two things must happen to the GETFund, we must uncap it, and stop the collateralization of the GETFund. The government introduced this capping law and what then the law has done is that all the statutory funds, it has created a ceiling so not all the funds go to the agencies. So whether the District Assembly Common fund, NHIA, so the capping has affected all”.
“This year when we met as a house, to approve the GETFund formula which we do every year, the formula is how much has be accrued to the GETFund, how much is going to the GETFund, and what will it be used for?
“We were shocked to discover that because of capping, and the Daakye bond obligations, even though seven billion cedis had accrued to the GETFund, GETFund got only three billion. So four billion lost”- he said.
