PARLIAMENT has approved GH¢9.8 billion for the Ghana Education Trust Fund (GETFund) in 2026 to finance education programmes and projects nationwide, following the adoption of the report on the GETFund formula.
Of the total allocation, GH¢4.2 billion will fund the Free Senior High School programme, while GH¢1.2 billion will go to the tertiary sub-sector.
Within the tertiary allocation, GH¢300 million will support continuing students under the GETFund scholarship scheme and provide new scholarships for students pursuing programmes locally and abroad.
The fund also sets aside GH¢230 million to complete basic school infrastructure projects and GH¢310 million for the construction of new faculties.
Presenting the report on the formula, the Second Deputy Speaker of Parliament, Mr Andrew Asiamah Amoako, who chaired the committee of the whole, said the formula covered basic, secondary and tertiary education, and urged the House to adopt the report.
The Chairman of the Education Committee, Mr Peter Kwesi Nortsu-Kotoe, said the committee had thoroughly examined the formula.
“Mr Speaker, the committee had the opportunity to go through the formula, and we believe that all that have been presented at the committee of the whole is known to the education committee. So, we urge the House to approve the GETFund formula for 2026,” he said.
In a related development, the Minister of Finance, Dr Cassiel Ato Baah Forson, laid before the House the Value for Money Office Bill, 2025, aimed at ensuring fiscal discipline.
The bill seeks to tackle inefficiencies, inflated contracts, abandoned projects and wasteful spending by institutionalising a value-for-money framework.
Presenting the bill, Dr Forson said it would help transform the public financial management landscape.
“This bill aims to ensure that every cedi spent by the government delivers the maximum possible benefit to citizens in terms of economy, efficiency, effectiveness, equity, and sustainability,” he said.
He added that the establishment of the Value for Money Office would create a specialised independent institution with the technical mandate to conduct value-for-money assessments and issue certificates before major contracts are awarded, monitor compliance and ensure sanctions where violations occur.
“The overarching objective is to ensure fiscal discipline,” Dr Forson mentioned.
BY BENJAMIN ARCTON-TETTEY
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