Parliament approves GH¢85m for SHS building project

Posted: March 18, 2011 in Education
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Parliament on Thursday unanimously approved an amount of GH¢85 million credit facility for the construction of school infrastructure for the Senior High School Program. The credit facility was secured from the Cal Bank Ghana Limited.The credit facility is meant for the construction of 6-unit classroom blocks for 161 Senior High Schools, construction of 55 dormitories for 55 Senior High Schools, provision of classroom furniture for 161 Senior High Schools and the provision of Bunk Beds for 55 dormitories.

The facility was secured at a twenty-two percent (22%) interest rate over a twelve month period. It also has a forty-eight months repayment period and 60 months maturity period. Arrangement fee for the credit facility is 0.75% flat with participation fee being also 0.75% flat.

Presenting details of the credit facility to the house, Chairman of the Finance Committee of Parliament, James Klutse Avedzi in moving the motion for the said credit facility noted that some 200,000 students are expected to be enrolled into the nation’s 517 Senior High Schools and Technical Institutions in September this year.

According to him, with that huge number, coupled with the 453,214 students currently in the classrooms, the Ministry of Education is faced with a huge burden to provide additional facilities to reduce the shortfalls in infrastructure requirements to ensure the smooth implementation of the nation’s four-year High School Program.

Mr. Avedzi said the credit facility coupled with GH¢45millio from the Ghana Education Trust Fund (GETFund) will help finance the GH¢147.5million project to enable the schools to admit new students when the new academic year begins.

That not withstanding, Mr. Avedzi said the project would enable more students to be admitted when the SHS system fully reverts to three years.

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