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Samuel Okudzeto Ablakwa, Member of Parliament for North Tongu, has detailed the financing plan for the National Democratic Congress (NDC)’s proposed ‘No-Fees Policy’ for first-year university students. He explained that the Ghana Education Trust Fund (GETFund) would be the primary source of funding for this initiative.
The policy, announced by John Mahama, the NDC’s 2024 presidential candidate, during the launch of the NDC’s Youth Manifesto, aims to reduce the financial burden on parents paying for their children’s higher education. However, questions have been raised about how this policy would be funded given Ghana’s current economic challenges.
Addressing these concerns on Joy FM’s Newsfile on August 17, 2024, Ablakwa clarified that the NDC intends to uncap GETFund to secure additional funds for the policy. He explained that the current government’s capping law has limited the availability of funds from statutory sources like GETFund. By reversing this law and stopping the Daakye Bond collateralization, the NDC believes they can access an additional GH₵4 billion currently restricted due to these financial measures.
Preliminary estimates suggest that the policy would cost between GH₵250 million and GH₵300 million annually. Ablakwa assured that with the removal of the cap and elimination of collateralization, the necessary funds would be available to provide grants to all Level 100 students, thereby ensuring broader access to tertiary education in Ghana.
