Parliament approve New Formula

The new 2023 Ghana Education Trust Fund (GETFund) Formula for allocating GH1,869,563,000 has been approved by Parliament.


The allocation for this year was made in accordance with the GETFund Act 2000, Act 581 as revised by Act 972, and the Earmarked Funds Capping and Realignment Act 2017, Act 947, which represents a decrease of more than 28% from the allocation for 2022.

The tertiary sub-sector has received 7.84%, or GH170 million, of the total anticipated intake from the national budget for 2023 to support a variety of initiatives and activities.

A total of GH88.5 million (4.08%) was allotted for the purchase of textbooks for basic education, while the secondary sub-sector received a total allocation of 28.44%, or GH617 million, of the budget's overall spending.


Additionally, GH31.625 million was given to MPs so they could oversee and carry out initiatives in their districts.

According to the government's annual budget statement and the economic policy that Parliament has each fiscal year authorized, funding allocations are made.

The Committee of the Whole noted that the overall inflows for the year 2022 totaled GH2,728 billion when it approved the new formula.

This consists of GH 1,814,476,383.30 from budgetary funding and GH 913,663,971.70 and GH 913,663,971.70 from Daakye Bond profits.

The Committee mentioned that GETFund undertook a number of projects for the year 2022 and added that some of the projects and programs are nearing completion in various phases.

They include building and finishing academic facilities in various public tertiary institutions, building and renovating dorms, classrooms, dining halls, and other facilities at various Senior High Schools, supplying beds and mattresses to various schools, as well as sponsoring students to pursue various programs both locally and internationally.

The Committee noted that the Fund launched a three-year programme in 2022 with the goal of finishing all of its abandoned projects.

A total of 2,405 projects had been finished throughout the review period as of December 31, 2022.

These initiatives were primarily funded by the distribution of bond proceeds and the increased monitoring efforts made.