GETFund Administrator counsels Tertiary Institutions on financing options
The Administrator of the Ghana Education Trust Fund, Dr Richard Ampofo Boadu, has advised managers of Tertiary Institutions in the country (public and private) to be Innovative in sourcing funding options outside of the traditional channels.
Dr. Boadu said financing of education within the tertiary institutions is a complex and a multifaceted process that requires dynamism and intuitive approach to be able to ensure funds are available for the smooth operations of these critical institutions for national development.
The GETFund Administrator was addressing the gathering at the Sod-Cutting ceremony performed by the Vice President, His Excellency, Dr. Mahamudu Bawumia, for the construction of a 4 storey 200 bed capacity hostel for the Trinity Theological Seminary, Legon, Accra on Wednesday 3 April 2024.
The project which is being funded by GETFund is first of its kind for a private tertiary institution in the country.
Dr Boadu encouraged these institutional leaders to explore the potentials in the philanthropic community, international donors and the private sector to be able to leverage on collaborative efforts in raising funds for mutual benefits.
To this end, GETFund Administrator said his outfit is leading the way for this particular initiative where his outfit is funding a hostel facility for this seminary that serves students beyond the shores of Ghana.
The Financing Model
“This is a typical partnership with a private university where the hostel will be built and managed on Build Operate and Transfer (BOT) arrangement. This is a pilot project the Board of Trustees of the Fund have approved starting with this facility”. It would serve as a worthwhile investment opportunity for the Fund in the years to come”, the Administrator revealed.
He said these infrastructure deficits in our institutions could be confronted head on should managers engage in public private partnerships (PPP) and Build Operate Transfer (BOT) models.