The Ghana Education Trust Fund (GETFund) has allocated an amount of Ghc 30,250,000 million cedis to 275 MPs for them to undertake emergency projects in their constituencies as well as embark on monitoring activities.
Each MP will be allocated Ghc 110,000 cedis out of the total budget of the fund this year.
The allocation is in approved proposed formula for distribution of a total amount of Ghc1,442,796,000 billion to tertiary, second cycle, basic education among others for the 2021 fiscal year.
Per the breakdown of the Ghc 1.4 billion cedis to be expended by the fund as approved by Parliament, over 60.02% representing Ghc 866 million cedis has been earmarked for debt servicing. The situation will leave the Fund with only 39.98% to cater for its program for the year.
Debating the Committee of the Whole report for approval, Minority spokesperson on Finance, Dr. Cassiel Ato Forson requested the House to reject the formula expressing concern over the huge allocation for debt servicing. He argues that capping of GETFund receivables which is to the tune of 4.5 billion cedis since the NPP assumed office is negatively affecting operations of the fund.
Minority Leader, Haruna Iddrisu on his part described the establishment of a special purpose vehicle by name “Daakye” to secure an amount of Ghc 5.5 billion Bond Programme to issue cash and convert the syndicated loans as create, loot, and share by government functionaries.
But deputy majority leader Alexander Afenyo Markin disagreed. In a sharp rebuttal, the Effutu MP argued government needed to raise the said amount through the special purpose vehicle to pay GETFund indebtedness to contractors.
