March 2, 2024

Dr Richard Ampofo Boadu

The Ghana Education Trust Fund (GETFund) has firmly rejected recent claims suggesting that it has leveraged its receivables to secure a substantial loan amounting to $1.5 billion. Dr Richard Ampofo Boadu, the Administrator of GETFund, has categorically refuted these allegations, deeming them a distortion of facts and potentially driven by malicious intentions.

Addressing the media during a press conference, Dr Boadu was resolute in setting the record straight regarding the matter. He stated, “Such narrative is a complete twist of facts surrounding this particular subject matter, I guess it is for diabolical purposes.” He went on to clarify that in 2019, the Ghanaian Parliament had indeed approved an equivalent of $1.5 billion in the local currency, specifically for GETFund to borrow from the capital market. The purpose of this borrowing was to bolster the Fund’s capacity to finance critical emergency projects, particularly in second-cycle educational institutions, which had experienced a surge in enrollments due to the implementation of the Free SHS (Free Senior High School) program.

To achieve this financial goal, the GETFund Trust Board adopted a multifaceted approach. They embarked on a combination of loan syndications from selected banks and issued bonds on the capital market. These strategic moves culminated in raising an impressive total of GHC 3.42 billion as of December 2022.

Dr Boadu underscored that the funds acquired through these financial measures were deployed judiciously across various educational levels. He pointed to visible evidence of these investments in emergency intervention projects within second cycle schools, the establishment of model STEM schools, providing schools and colleges with vehicles, and investing in Technical and Vocational Education and Training (TVET) centers of excellence strategically scattered throughout the country.

Addressing the spreading misinformation, Dr Boadu categorically stated, “It is, therefore, highly inaccurate for anyone to spread the information that GETFund proceeds have been collateralized to the tune of 1.5 billion dollars.”

The Administrator emphasized the need for responsible journalism and urged the media to verify information before disseminating it to the public. He called for a concerted effort to uphold the truth and protect the integrity of GETFund, whose critical role in supporting educational initiatives in Ghana is paramount.

Dr Boadu reaffirmed GETFund’s commitment to transparency and responsible financial management. He expressed optimism that his clarifications would put an end to the baseless claims and allow GETFund to continue its essential mission of providing enhanced educational opportunities for the youth of Ghana.

 

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