The Minister of Education, Haruna Iddrisu, has proposed allocating 2.5 per cent of petroleum royalty revenue to fund the Ghana Scholarship Authority as a way of addressing its growing financial challenges.
The proposal was made during the swearing-in ceremony of the Governing Council of the Scholarship Authority.
According to the Minister, the Authority is currently burdened with a debt of about GH₵834 million, a situation he said has significantly constrained its ability to effectively support students.
Mr Iddrisu explained that the proposed funding arrangement would help reduce the Authority’s debt burden and ensure the long-term sustainability of the scholarship scheme.
He added that earmarking a portion of petroleum royalties for the Authority would also guarantee a steady and predictable flow of funds to support brilliant but needy students across the country.
“I am informed that the Scholarship Authority is currently in debt of about GH₵834 million. That is why I strongly pushed for earmarked funding for the Ghana Scholarship Authority.
“My argument has been that we should dedicate 2.5% of petroleum royalty revenue to the development of human capital and allocate it specifically to the Scholarship Authority,” he said.
