The Minister for Finance, Mr. Ken Ofori-Atta, said the government would continue to ensure that these investments lead to an increase.
In line with the government’s belief in investing in human capital, education is about to witness the largest capital expenditure in the sector for any single year in the last 50 years.
“Government has presented to Parliament, a proposal to secure up to $1.5 billion long-term financing for GETFUND on the back of a portion of VAT receivables as prescribed in Act 581, which will be issued in three tranches of $500.00 million,” Ken Ofori-Atta said in his presentation of the 2019 budget statement and financial policy of the government to Parliament on Thursday.
“This will be used for critical education infrastructure, especially to complete the numerous uncompleted buildings in secondary and tertiary institutions around the country.”
The Finance Minister said in 2019, the government would commence work to upgrade 10 Technical Universities /Polytechnics and 13 Technical Institutes with modern equipment and also train selected lecturers of these institutions.
Mr. Ken Ofori-Atta said, to further develop the Technical and Vocational Education and Training (TVET) sub-sector, the government would commence the construction of 20 state-of-the-art TVET Centres as well as upgrade and retool 34 Vocational Training Institutes in 2019.
In addition, two new centers in foundry and machining would be constructed.
Mr. Ken Ofori-Atta said as part of its drive to promote Science, Technology, Engineering and Mathematics (STEM) education across all levels, the government would in 2019 roll out the Basic STEM programme in 7,000 basic schools across the country; construct 10 STEM Centres; initiate the development of a knowledge cloud to make educational materials content accessible to all; and provide multimedia laboratories as well as internet connectivity to cover many more schools.
The Finance Minister recalled that in 2018, the government also cut-sod for the construction of a multi-purpose Youth Resource Centres in every region of the country.
Mr. Ken Ofori-Atta said construction work had started at all the sites and were at various levels of completion; adding that, the centers would provide space for youth engagement, recreation, centers of learning and sports.