Audio By Carbonatix
A former Education Minister, Ekwow Spio-Garbrah, has described the decision by the government to issue a century bond with the Ghana Educational Trust Fund (GETFund) as mortgaging Ghana’s future.
For Spio-Garbrah, it is needless to go into the capital market to raise funds on the back of GETFund which will be paid over 100 years when the law that establishes the Fund allows for it to source funds independently from donor agencies virtually at no interest strings attached.
Mr. Spio-Garbrah, flagbearer contender of the National Democratic Congress (NDC), feels disappointed in the lack of creative thinking and thinking outside the box by managers of a Fund that was conceived and born, during his tenure as Education Minister.
According to him, the GETFund can leverage on its track record of building so many schools and other forms of infrastructure and supports provided to schools, and raise money without tying the country’s neck with a bond that will be paid by generations unborn.
“I was amazed to find out that GETFund, apparently, has not been able to raise any money other than the 2½% VAT, which shows a limited range of thinking of those who have managed GETFund and I ask myself if they have heard of organizations such as the Ford Foundation, the Rockefeller Foundation, Bill and Melinda Gates Foundation, the McArthur Foundation and numerous other institutions all around the world including some foreign governments” he observed.
Dr Spio Garbrah who was speaking Monday at a news conference in Accra, asserted that, going for such bonds could affect the health of the economy of which the cedi’s depreciation is a factor and inflation.
He revealed that he, through Spio-Garbrah and Associates, had proposed to the government during the administration President John AGyekum Kufuor, to be given the opportunity to raise funds for GETFund at no cost. But the proposal, he said, was turned down on the grounds of their political affiliation.
“Must Ghana borrow when it can get free money,” he asked, saying he subscribes to Ghana beyond aid but not the kind of aid that doesn’t tie you down with any conditionalities.
“We must be careful of aid that puts our sovereignty at stake but not when the money is free because they don’t have any negative effects on us because they may be coming from private philanthropic organisations,” he cautioned.
He also contends that there are billions of hard currencies that are available for taking from multilateral institutions on concessionary bases rather than going for loans at market rates.
Latest Stories
-
59,300 students receive GH¢210m in enhanced student loans – SLTF
2 minutes -
Trump gave $45,000 cash gifts to close aide Natalie Harp and others
2 minutes -
Beauty Kabukie Apedoe appointed CEO of Inter Tourism Expo Accra
27 minutes -
New Ghanaian movie ‘Two’ to explore crime, faith and moral ambiguity
34 minutes -
Indo-Ghana begins local liquid oxygen supply
34 minutes -
Atwima-Techiman residents decry poultry farm nuisance as assembly sues farmer over siting of farm
40 minutes -
Vice President urges Catholic youth to promote peace and prosperity across West Africa
42 minutes -
Double-track was about demand, not lack of space in all schools – Adutwum
49 minutes -
Adutwum proposes subject resits, transcript system for secondary schools
52 minutes -
Teacher retraining needed to tackle social media jargon in WASSCE – Adutwum
1 hour -
Free SHS Secretariat official denies bribery allegations at Kumasi CSSPS Resolution centre
1 hour -
NPP Executive Elections: Full list of candidates and their ballot positions
1 hour -
SHS Assistant Heads demand payment of transfer grants and responsibility allowances
1 hour -
MTN, Telecel, Goal Telecom qualify for next stage of NCA spectrum auction
1 hour -
TUC demands overhaul of Council of State, wants presidential appointees capped at 5
2 hours