Parliament Approves $1.5Bn Loan Facility for GETFund

Parliament has approved a $1.5 billion loan facility for the Ghana Education Trust Fund (GETFund), despite a boycott by the Minority NDC.

The loan is expected to be used for the expansion of education infrastructure across the country.

However, the Minority is questioning the source of the loan, requesting for a proper briefing on the terms and conditions of the loan and the lender.

NDC Member of Parliament for Ho Central, Benjamin Kpodo who is also a member of the Finance 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 half percent interest and one percent flat rate for the loan but the lender was not given to us. We never knew the lender”.

Deputy Minister of Education, Dr. Yaw Osei Adutwum said 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.