Government releases 3.7 million cedis for Research and Innovation Facility for Tertiary institutions

The Ministry of Finance has authorized the Controller and Accountant General to open an account for the Research and Innovation Facility for Tertiary Institutions and transfer an amount of GH¢3,750,000.00 into it.

This amount represents 25 per cent of the GH¢15,000,000.00 set aside in the 2014 Budget Statement and Economic Policy for this facility. This replaces the book and research allowances normally paid to lecturers in the country and it is to encourage more research work in tertiary institutions; whilst realizing its full benefits.

It would be recalled that during the presentation of the 2014 Budget Statement, the Hon Minister of Finance, said that Government has decided to set up this facility to replace the book and research allowance. (Refer to page 185 of 2014 Budget Statement)

The Ministry of Education was then tasked to develop guidelines for the operationalization of the facility whiles engaging stakeholders on exploring other sources of making the facility sustainable.