GETFund allocates over 30 million GHC to MPs for emergency projects, other
Policy of Thursday, July 1, 2021
The Ghana Education Trust Fund (GETFund) has allocated GhC30,250,000 million cedis to 275 MPs to undertake emergency projects in their constituencies and engage in follow-up activities.
Each deputy will be allocated 110,000 GhC cedis out of the total budget of the fund this year.
The allocation is in the proposed formula approved for the distribution of a total amount of GhC 1,442,796 trillion to tertiary, graduate and basic education, among others, for the fiscal year 2021 .
According to the distribution of the 1.4 billion cedis of GhC to be spent by the fund as approved by Parliament, more than 60.02%, representing 866 million cedis of Ghc, has been allocated to debt service. The situation will leave the Fund only 39.98% to face its program for the year.
Debating the report of the Committee of the Whole for approval, Minority Finance Spokesperson Dr Cassiel Ato Forson called on the House to reject the formula expressing concern over the huge debt service allowance. He argues that the ceiling on GETFund receivables which amounts to 4.5 billion cedis since the nuclear power plant took office negatively affects the fund’s operations.
The leader of the minority, Haruna Iddrisu, for his part, described the creation of a special purpose vehicle called “Daakye” to guarantee an amount of 5.5 billion Ghc.
But Deputy Majority Leader Alexander Afenyo Markin disagreed. In a blunt rebuttal, the Member of Parliament for Effutu argued that the government should increase said amount through the special purpose vehicle to pay off GETFund’s debt to entrepreneurs.