He said adequate funding of higher education has been one of the challenges for successive administrations of the country.

The Minister said as part of efforts in addressing the challenge, the government had committed itself to the establishment of a research fund for the sole purpose of funding relevant and sector-specific research work in Institutions of higher learning.

Dr Prempeh, inaugurating a 19-member Governing Council of the Tamale Technical University in Accra said the research fund was in addition to the Book and Research Allowance.

“We are hopeful that sooner than later the much talked about research fund will begin to offer an appropriate funding regime for research work in our institutions of higher learning.

“We place huge emphasis on the continuous linkage between academia and industry and the world of work to ensure curriculum relevance, thereby reducing graduate unemployment,” he added.

The 19-member Governing Council is chaired by Dr Al-Hassan Emil Abdulai, a Government Nominee, is responsible for the governance of the university by enhancing and facilitating its vision andmission.

In line with the Technical Universities Act, 2016 (Act 922), the governing Council are expected to ensure the attainment of the aims of the Technical University; determine its strategic direction; be responsible for the management and administration of finances and properties of Technical University and determine the allocation and proper use of funds.

They are to promote income-generating activities as part of the programmes of the Technical University; promote applied research including provision of technology innovations and solutions to firms and businesses as part of the outreach; foster linkages and collaboration with relevant national and international industries and institutions in furtherance of the mission of the University.

They will also ensure the conservation and augmentation of resources of the Technical University, specifically in relation to matters affecting income or expenditure; be responsible for discipline in the University; ensure the creation of an environment of equal opportunities for members of the Technical University without regard to ethnicity, sex, race, religious belief or political affiliation.

Dr Prempeh also re-emphasised government’s readiness to support tertiary-industry collaborative programmes to increase opportunities for practical training and internship; promoting curriculum development to meet the skills and human resource demands of industry; creating opportunities for work and study; and making training in entrepreneurship a cardinal component of the school system.

He noted that the strategic goals for the Technical and Vocational Education and Training(TVET) Strategy was to make Ghana a world centre for skills development, a leading country in TVET delivery, and transform the country’s labour force to enhance employability and productivity.

The Minister said the role of the Technical Universities in realizing that could not be overemphasized and urged Tamale Technical University to stick to its core mandate, which is to provide technical and vocational training to the world of work.

He announced that the Ministry was reviewing the legal, institutional and regulatory framework of its agencies to ensure that their roles are properly outlined to provide a clearer understanding of their functions and strengthen their mandate to perform efficiently.

He, therefore, urged them to familarise themselves with the bills and laws, as well as the many reform documents of the Ministry, including the education Strategic Plan 2018-2030, which among other things has the goal of revising the current tertiary enrolment of STEM versus Humanities ratio of 30:70, within the next 12 years.

Dr Abdulai, on behalf of the Council, thanked the Government and the Education Ministry for the honour given them to serve their country and pledged their preparedness to work diligently to justify the confidence reposed in them.

“We are mindful of the importance of Education and we pledged to help guide the mandates and stay within our means to achieve the goals for the country,” he said.

Source: GNA

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“It is, therefore, false that the entire investment by the university has gone down the drain. The reports are untrue and mere fabrication calculated to create public anger, disaffection and tarnish the hard-won reputation of management,” a press statement released by the TTU said.

The statement was signed by the Public Relations Officer of the TTU, Mr Kow Payi Nketsia.

Due diligence

There had been many media reports that the TTU invested the money without doing the necessary due diligence.

However, Mr Nketsia stated in the press statement that management decided to invest with Brooks Assets Management to raise additional funds for the school and that all the necessary checks and lawful processes were done before the investment was made.

“Management of the Takoradi Technical University conducted  due diligence and a thorough search at the Securities and Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA), and settled on Brooks Assets Management, which showed that they were legally registered with the above-mentioned regulatory bodies,” it said.

According to the statement, the investment proposal was first presented to the Finance Committee on September 15, 2016, while the university’s Governing Council approved it on September 29, 2016.

“An amount of GH¢2.55m was invested in three tranches with Brooks Assets Management Limited with a maturity period of three months. The university has so far received an amount of GH¢375,000 from the investment with Brooks,” it added.

Payment not forthcoming

The statement explained that Brooks failed to honour its payment after the maturity dates were due and that made the management of the university to initiate a legal action to retrieve the principal amount and the accrued interest.

“On August 20, 2018, the Sekondi High Court entered judgment in favour of the university. Management is seriously pursuing personalities and properties of Brook Assets Management Limited in order to retrieve the outstanding funds.

“At no material time did the university engage in any illegality with respect to the said investment,” the statement added.

Source: graphic.com.gh

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