The Minister of Education, Haruna Iddrisu, has proposed that 2.5 per cent of petroleum royalty revenue be allocated to the Ghana Scholarship Authority to address its growing financial challenges.
Mr. Iddrisu made the proposal during the swearing-in ceremony of the Governing Council of the Authority.
He revealed that the Scholarship Authority is currently saddled with a debt of about GH₵834 million, a situation which has severely constrained its ability to support students.
According to him, the proposed funding arrangement would ease the debt burden and ensure the long-term sustainability of the scholarship scheme. He stressed that earmarking a portion of petroleum royalties would 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.
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