 has settled part of outstanding debts owed contractors to the tune of six hundred){kind=link}
The Government through the Ghana Education Trust Fund (GETFund) has settled part of outstanding debts owed contractors to the tune of six hundred and sixty-seven million, seven hundred and ninety-three thousand nine hundred and thirty-six Ghana Cedis and twenty-seven pesewas (GHC 667,793,936.27) as of November 2022.
This was in fulfillment of a promise made by the Administrator of GETFund, Dr. Richard Ampofo Boadu, on Tuesday 8 November, 2022 at the Stakeholder Engagement Forum organised by the Fund, held at the Academy of Arts and Sciences, Accra.
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In a statement by GETFund , it noted that Dr. Boadu had assured the gathering that processes had commenced to settle claims covering eight hundred and sixty-seven (867) certified Interim Payment Certificates (IPCs) on projects and supplies across the levels of education.
The Administrator had indicated how payments were going to be made via the mix of the funding sources; proceeds from Daakye Plc Bond Issuance and the government releases through the Controller and the Accountant General’s Department (CAGD) to the coffers of the Fund.
According to the GETFund, the highly patronized forum was graced by the Education Minister, Hon. Dr. Yaw Osei Adutwum, among other key stakeholders in the education sector.
It said the processes for the said payments that began mid-October 2022 with the signing of novation agreements with contractors covering eight hundred and sixty-seven (867) claims ended in November, 2022 with the accounts of all contractors duly credited.
Breakdown of Payments
1. The paid claims covered two hundred seventy-one (271) for basic schools’ projects amounting to forty million nine hundred twenty-five thousand, eight hundred and thirty-two Ghana Cedis and fifty-two pesewas (GHC 40,925,832.52).
2. The payments for second cycle schools covered 351 certificates with a total sum of four hundred and thirty-four million, seven hundred and thirty-two thousand, and forty-two Ghana Cedis and eighty-two pesewas (GHC 434,732,042.82)
3. A total of 242 tertiary institution claims were paid to the tune of one hundred and eighty-eight million, eight hundred and forty-five thousand, three and seventy-four Ghana Cedis and sixty-one pesewas (GHC 188,845,374.61).
4. Other claims from the Ministry of Education paid, amounted to three million, two hundred and ninety thousand, six hundred and eighty-six Ghana Cedis and thirty-two pesewas (GHC 3,290,686.32).
According to GETFund , “It must be noted that the Daakye payments covered mainly emergency projects that were awarded between 2017 — 2022 and certificates were received and processed by 30 September, 2022. The tertiary claims covered about ninety-two (92%) of certificates on legacy projects inherited by the current administration, received and processed by 30 September, 2022, by the Fund.”
Meanwhile, GETFund assured contractors that plans are in place to settle all outstanding certificates in an effort to complete stalled projects in our schools within the next three years.
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