Despite a boycott by the Minority, Parliament has approved a $1.5 billion loan facility for the Ghana Education Trust Fund (GETFund).
The loan is expected to be used for the expansion of education infrastructure across the country.
But the Minority is questioning the source of the loan. They want a proper briefing on the terms and conditions of the loan and the lender.
Member of Parliament of Ho Central, Benjamin Kpodo who is also a member of theFinance Committee, said none of the members are aware of the lender.
According to Mr Kpodo, “they brought us indicative terms of the loan…19 and a halfpercent interest and one percent flat rate for the loan but the lender was not given to us.”
“We never knew the lender,” he stressed.
Deputy Minister of Education, Dr. Yaw Osei Adutwum says the loan will help in achieving the Sustainable Development Goals 4 which pushes for quality and accessible education.
However, even after the Minister for Monitoring and Evaluation, Anthony Akoto Osei disclosed the lender after stating the members were aware, the Minority walked out of the House.
“The lender is Cal Bank, the committee was told…the Minority Leader has been told by the Chairman [Finance Committee],” Dr Akoto Osei said.
The walkout didn’t stop the Majority from approving the loan.
The GETFund Act mandates that an equivalent of 2.5% of VAT collections be transferred to the fund on an annual basis.
Other sources of financing for the fund include money approved by Parliament, contributions, grants, gifts and donations as well as investment proceeds.