Parliament has approved the new formula for the distribution of monies expected to accrue to the Ghana Education Trust Fund (GETFund) for year 2021.
The distribution formula takes into account, the promotion of the study of mathematics, science and technology, promotion of female education, promotion of computer, vocational and technical education and training, as well as equitable allocation of funds to the districts at the pre-tertiary level of education.
Pursuant to section 8 (2) of the Ghana Education Trust Fund Act, 2000, (Act 581), the proposed formula was presented to Parliament on Tuesday, June 22, 2021 by the Deputy Majority Leader, Alexander Kwamena Afenyo-Markin on behalf of the Majority Leader and Minister for Parliamentary Affairs, Osei Kyei-Mensah-Bonsu.
The proposed formula was subsequently referred to the Committee of the Whole for consideration and report.
Section 8(2) of Act 581 mandates the Board of Trustees of the GETFund to submit annually to Parliament for approval, a formula for the distribution of funds in respect of the tertiary education, second cycle education, basic education, investment, and other related aspects of education such as distance education, school and public libraries, and special education.
The Board of Trustees, in arriving at the formula for the distribution of the fund, considered the 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.
The committee noted that actual accrual to the fund in year 2020 was GH¢1,082,975,000.00 and this represents a shortfall of GH¢145,063,448.00.
It came to the attention of the committee that as at December 2020, only GH¢695,470,000 representing 64.22% of GH¢1,082,975,000.00 that accrued to the fund had been released to the fund.
It, however, expressed concern about delays and non-releases of monies to GETFund by the Ministry of Finance.
Taking cognisance of the important role the fund plays, particularly in the area of infrastructural development in the educational sector of the country, the committee was of the view that delays and non-releases of funds to GETFund affect the timely settlement of claims by contractors and ultimately throw project completion schedules and project cost out of gear, sometimes occasioning huge variations.
By Ernest Kofi Adu, Parliament House