Using the Heritage Fund to invest in government’s free Senior High School policy would be in line with the purpose for setting up the fund, the Minister of Information, Mustapha Hamid has said.
The Information Minister was justifying a suggestion by the Senior Minister Yaw Osafo-Maafo to the effect that, government would consider reviewing the Petroleum Revenue Management Act to allow for the use of the Heritage Fund to finance the free SHS policy.
The proposal by Mr Osafo-Maafo attracted some criticism and was followed by the Minister of Finance, Ken Ofori Atta refuting the suggestion and saying “we are financing the Free SHS education without looking at the Heritage Fund.”
Despite the contrasting remarks from the two ministers, Mr. Hamid insists that there was no contradiction from government.
“The reason why I say there is no contradiction is that from 2008 when President Akufo-Addo mooted the idea of Free SHS, he said that he wanted to use the oil money to fund free SHS.”
He explained President Akufo-Addo’s reasoning saying: “in his [President Akufo-Addo’s] view, oil resources run out, but if you have an educated population, you have quality human resource, that is not a resource that runs out.
Indeed he has said consistently that countries like Singapore, Malaysia have all gotten to where they are because of education.” “He believed at the time that every citizen of Ghana should have the benefit of the oil money. Now how are you going to have the benefit of the oil money? You are going to have the benefit of the oil money if it is put directly to your benefit in educating you,” Mr. Hamid explained.
He spoke further of President Akufo-Addo’s vision of democratising wealth in the country “by ensuring that every child who goes to secondary school will go on the benefit of the oil money.”
“Now the Heritage fund is oil money. The stabilisation fund is oil money. Whatever components of the oil money we have divided into segments is still oil money,” Mr. Hamid asserted.
Section 10 (1) of the Petroleum Revenue Management Act, 2011 (Act 815), established the Heritage Fund, which is to serve as an endowment for future generations, and which cannot be touched unless after 15 years of its establishment.
With this in mind, Mr. Hamid surmised that if government was to spend the Heritage fund on the free SHS policy, it would not fall foul of the spirit behind the act.
“You are looking in the next 10 or 20 years to have an entirely educated population and once you do that, your future is guaranteed. Whichever way you look at it, spending oil money on education is guaranteeing the future which is the purpose of the Heritage Fund. Heritage means the future and you are educating your future population.”
Source: Citifmonline.com
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
hei hei hei stop the phooooolish comments u always post here cos we are not here to read nonsela things fromu wai,u have the gust to open ur smelling mouth to say eediot president' we will he employs u to feed his pigs but the pig are even better than u so u dont have that qualification. If JM has decided to use the heritage fund for it u would have been the first to praise him and if u must know it is Ghana money and not ur personal account so u cant tell us any nonsela, grow up for onece and learn how to comment cos it seem u are an unthinkable human, i pity the woman who born u for giving birth to such a gabbbage. Grow up and stop phoooling na wa gyiiiimiii too much so u lack respect too
More fire Jonathan
THIS THING JONATHAN LAGOS SCHOULD GET LOST.
Jonathan Lagos, I wish you repented from your evil ways of commenting on the issues posted on this platform. You only attack, insult, denigrate, assassinate people's character. You think you can hide behind this faceless space to carry out your diabolic intentions; but, remember, there is an eye watching me, watching you, watching all of us. It will come into your judgement. Repent! Repent!! Repent!!! Mr Jonathan, repent! May the good Lord save you, Amen!
OOOOOH!!!!!1 SO THIS IS WHAT HAS BECOME OF NKRUMAH'S GHANA...... THAT THIS O.F.R.I JATO WHO HAS ESCAPED FROM THE TANZANIAN ASYLUM COULD NOW HAVE MOUTH TO TALK ABOUT HERITAGE FUND. AND THE WORST PART IS THAT HE IS ALSO A MINISTER....AAAAHHGH. SO YOUR EEDIOT PRESIDENT AND HIS NPP CAN NOT THINK OF CREATING THEIR OWN FUNDS.... BUT ALWAYS RELYING ON OTHER PEOPLES FUNDS..... THIS IS NOT HIPC FUNDS WHERE YOU CAN BUILD TOILETS AND DUMPSTERS WITH,,,, THEN SHARE THE REST AMONG YOURSELVES...... SO THERE IS EVERYTHING WRONG WITH USING THAT FUNDS.... AND IF THAT IS WHY OSAFO MARFO HAS OPENED HIS MOUTH WIDE TO COME AND SWALLOW,,, THEN HE BETTER THINK TWICE.... ONE WRONG MOVE AND YOU WILL WITNESS AN UPRISING THIS CONTINENT HAS NOT EXPERIENCE BEFORE.... EVEN IF MAJORITY IN PARLIAMENT WILL VETO THE AMENDMENT OF THE LI.... WE WILL RESIST WITH OUR LIVES AND THAT OF YOURS....YOUR PARTY WAS IN P0WER WHEN CRUD STARTED DRILLING IN COMMERCIAL QUANTITIES AND YOU COULD NOT THINK OF SETTING UP A FUND. ALL THEY DID WAS CREATE AND SHARE... BUT IT TOOK THE WISDOM OF LATE PROF. MILLS FOR THE INITIATIVE. AND ALL YOU KNOW IS TO COME AND SPEND IT..... K.W.A.S1.A PANYIN. IT IS THERE JUST GO AND USE IT,,, AND SEE WHAT WILL HAPPEN IN THIS COUNTRY.... DID YOU THINK THROUGH WHEN THE EEEDIOT WAS MAKING THOSE U.S.L.E.S.S LOFTY PROMISES????? A.B.O.OOOOOOAA.