GETFund risks imminent collapse as NDC diverts 50% of Fund monies

Several leaked documents authored by the administrator of the Ghana Education Trust Fund (GETFund), Mr. Sam Garba, reveals that the NDC government was diverting nearly half of the Fund's monies since it assumed office in 2009. The GETFund boss says the rules which underpinned the establishment of GETFund are not being followed and warns that unless the situation is arrested, the GETFund is on the verge of collapse. 

 In a 17 January 2012 leaked letter to the Ministry of Finance, the GETFund boss raised issues about monies which ought to be paid into the GETFund account but which were not. According to him, from 2009-2011, only ¢471 million have been paid into the account stating a total of 414 million more which ought to be paid into the account has not been done. Mr. Garba disclosed in portions of the letter that “only 50 per cent of the accruals have been paid into the account of the GETFund at the end of each fiscal year."

Mr. Sam Garba in a letter dated 24th February 2012 stated categorically that the fund will not release scholarships for selected students, defying the orders of the education ministry.

Mr Garba further said the Fund has issued promissory notes to the tune of ¢94 million for payment to contractors who were hired under the schools under trees project but has not been able to redeem the promise because only half of the money they are entitled to are paid into their account.

The result he said has been the persistent threat of demonstration by the contractors.

Mr Garba said because of the paucity of funds they are unable to pay for the scholarships of some selected students by the Education Ministry.

But the Education Minister has dismissed the claims by the GETFund boss.

Lee Ocran said Mr Garba failed to alert the supervisory ministry which is the Education Ministry of the challenges it is facing before proceeding to the Finance Ministry.

He said the GETFund boss has no authority to question a directive by cabinet for monies to be paid into the scholarship scheme to facilitate the scholarship education of some students.

The scandal is still unfolding....keep your fingers crossed, yours truly will update you as and when news become available.