Parliament approves formula for disbursement of GETFund

Accra, March 12, GNA - Parliament on Friday adopted the Report of the Committee of the Whole on the formula for the distribution of the Ghana Education Trust Fund (GETFund) for the year, 2004. The House approved that an amount of 700 billion cedis should be released to the GETFund Secretariat for distribution to the appropriate areas.

Sections of the GETFund ACT 581 enjoins the Board of Trustees of the Fund to annually submit to Parliament for approval, a formula for the distribution of monies into designated accounts of tertiary education and second cycle education institutions, basic education schools and other related aspects of education.

For the fiscal year, 2004, an amount of 700 billion cedis is expected to accrue to the fund. It is an increase of 75 per cent over that of the year, 2003.

The Committee called for the strengthening of the GETFund Secretariat to ensure a more effective monitoring of projects supported or funded by the Fund.

The Committee said details of internally generated funds and other moneys from investment be made available to Parliament to enable members to make more meaningful contributions towards the improvement of the formula for the distribution of the fund.

It urged the District Education Officers to get involved in the selection of projects for funding.

The House also adopted the Report of the Committee on Subsidiary Legislation on the Representation of the People (Parliamentary Constituencies) Instrument, 2004, Constitutional Instrument 46. The Committee said during its consideration of the Instrument, it referred to the "certified true copy of the Supreme Court Judgement in the case of the Luke Mensah Versus the Attorney-General."

It is, "therefore satisfied that the instrument fulfils all procedural requirements" specified in all the laws of the country.

Parliament has approved a loan agreement between Ghana and the African Development Bank acting on behalf of the Nigeria Trust Fund for an amount of 4.1 million dollars for the financing of the Nsawam - Apedwa road Project through a resolution backed by 119 votes.

The House also approved through a resolution of 133 votes the loan agreement for an amount of 10.5 million dollars between Ghana and the Saudi Fund for the financing of the Madina Junction - Pantang Junction section of the Tetteh Quarshie Roundabout - Mamfe Road Project. Under the Enhanced HIPC Debt Initiative Relief, a loan for 5.8 million dollars between Ghana and the OPEC FUND for International Development has been approved by a vote of 118.