Original Story Published by: Moses Mozart Dzawu for Bloomberg
Photo Source: ©Fin24
Ghana is raising $500m in loans to help finance President Nana Akufo-Addo’s pledge to provide free secondary education at public schools.
The Ghana Education Trust Fund, also known as the GETFund and governed by the Ministry of Education, will use the financing to build new schools and upgrade facilities after admissions soared since the implementation of the policy more than a year ago, said Mark Assibey-Yeboah, chairperson of the parliament’s finance portfolio committee.
"The policy has increased enrollment at all educational levels, requiring that more school buildings be put up nationwide, all the way down from kindergarten to tertiary," Assibey-Yeboah said Thursday in an interview in the capital, Accra. "We know there are infrastructure challenges."
CAL Bank is leading a consortium of local banks that will offer the loan at a rate of 19%, subject to parliamentary approval, Assibey-Yeboah said. The government will use 2.5 percentage points from value-added tax receipts to repay the loans, he said.
To read the full article, visit Fin24.
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