Ghana Education Trust Fund
 | This article contains close paraphrasing of a non-free copyrighted source, https://www.ghanabusinessnews.com/2023/10/31/getfund-asked-to-review-practice-of-using-limited-funds-to-sponsor-students-abroad/ (Copyvios report). (July 2024) |
Ghana Education Trust Fund (GETFund) is a public trust set up by the Government of Ghana to fund education in the country. It was established in Ghana by Ghana Education Trust Fund Act, 2000, Act 581. The GETFund is financed with 2.5% of the value-added tax or VAT and has to provide special financial support to public educational institutions under the Ministry of Education for development and maintenance of academic facilities.[1][2][3]
History
[edit]Ghana, following its independence had kept in place many educational policies to improve the education system. And over the years various governments had played significant roles in making education affordable and accessible to all. Ghana Education Trust Fund Policy was one of the educational policies to generate and increase funding for education at the Primary, Secondary and Tertiary levels.[4]
GETFund was setup under the GETFund Act 581, 2000 by the Parliament of the Republic of Ghana. It was officially on August 25, 2001 as a source of revenue to finance the educational sector, particularly the tertiary level.[5] The fund was established under the Rawlings Government with Dr. Ekow Spio-Garbrah as the then Minister of Education.[6]
Source of Funding
[edit]Ghana Education Trust Fund (GETFund) mainly generates income for accomplishing it mandate through Value-Added Tax (VAT) . The GETFund Act assigned a rate of 2.5% of the value-added tax to the fund. The fund also receives money through donations, grants, gifts and other voluntary contributions. It is equally funded through money accrued from investment made by the Board of trustees of the Fund.
Purpose of the Fund
[edit]The Fund was created basically for the following reasons;[7]
- To provide financial support to the agencies and institutions under the Ministry of Education.
- To provide supplementary funding to the Scholarship Secretariat for the grant of scholarship to gifted but needy students for studies in second cycle and accredited tertiary institutions in Ghana.
- To finance the operation of the students loan scheme.
- To provide through the national council on/ tertiary Education, grants for tertiary institutions: to train brilliant students as members of faculty and also to undertake research and other academic works of national relevance.[8]
- To provide monies to support such other educational activities and programmes for the promotion of Education.
Operations
[edit]The Head Office of Ghana Education Trust Fund is located in Digya Lane, Airport Residential Area in Greater Accra. The activities of this agency is overseen by a Board of Trustees of the Fund led by the Administrator.[9] The current Administrator for GETFund is known in the person of Dr. Richard Ampofo Boadu.[10][11]
Annual Forum
[edit]GETFund holds an open forum every November to deepen stakeholder engagement. During this forum, the public is educated and allowed to ask questions and the Management can explain the procedures and systems put in place to ensure that taxpayers’ funds are prudently utilized.
References
[edit]- ^ "GETFund Scholarship Programme". GETFund Scholarship Programme. Retrieved 2024-05-30.
- ^ "BIHECO wants abandoned GETFund classroom Block completed". 2022-11-28. Retrieved 2024-05-30.
- ^ emmakd (2023-10-31). "GETFund asked to review practice of using limited funds to sponsor students abroad". Ghana Business News. Retrieved 2024-05-30.
- ^ "Review focus of Ghana's Education Trust Fund, urge experts". University World News. Retrieved 2024-05-30.
- ^ emmakd (2023-10-31). "GETFund asked to review practice of using limited funds to sponsor students abroad". Ghana Business News. Retrieved 2024-05-30.
- ^ Nat, Tetteh (27 February 2020). "On Getfund, Government And The Ordinary Citizen". Modern Ghana.
- ^ "Our scholarships are not political - GETFund boss - MyJoyOnline". www.myjoyonline.com. 2023-09-07. Retrieved 2024-05-30.
- ^ admin (2020-02-25). "Scholarship not limited to only brilliant but needy students - GETFund". Ghanaian Times. Retrieved 2024-05-30.
- ^ GNA (2021-06-09). "GETFund Board of Trustees inaugurated". Ghana News Agency. Retrieved 2024-05-30.
- ^ "GETFund Clarifies List of Scholarship Beneficiaries Circulating on Social Media". DailyGuide Network. 2023-09-25. Retrieved 2024-10-24.
- ^ "Listed beneficiaries of scholarships are old – GETFund - MyJoyOnline". www.myjoyonline.com. 2023-09-26. Retrieved 2024-10-24.