Chief of Mamponteng in the Kwabre East Municipality of the Ashanti region, Barima Saasi Ayeboafo II has asked President Akufo Addo to use the Heritage Fund to finance the education of the present generation, TheNewsGh.com reports.
The chief argues that, there is no need hoarding money for the unborn generation when there are kids to cater for presently.
He made the comments on Thursday, 10th October 2019, when the President paid a courtesy call on him at Mamponteng.
“I have heard and I know that, the country has reserved some money to be given to the future generation; and the money is sitting there. Nana I’m of the view that, this free education has been designed to educate our future leaders; the money is sitting there and we say it’s for those of the future; if the present kids are not educated, do we expect them to use the money for trading when it’s given to them; so I think you must withdraw that money to cater for the present generation because they are our future”, he told the President.
What is the Heritage Fund?
The Heritage Fund is the result of section 10 of the Petroleum Revenue Management Act 815 (2011).
It is to provide an endowment to support the development of future generations when Ghana’s oil reserves have been depleted according to Act 815 (2011) and amended Act 893 (2015).
The fund receives a percentage of oil revenue accrued to the Petroleum Holding Fund.
In view of this, out of the total oil revenue received into the Petroleum Holding Fund, the Heritage Fund receives 9%.
The Heritage Fund would not be touched until Ghana’s oil reserves have been depleted.
Per section 20 of the Act, the Heritage Fund could only be touched within a year after Ghana’s oil reserves have been depleted.
The amount accumulated to the Fund together with the Stabilization Fund would then be lumped into a single fund called the Ghana Petroleum Wealth.
No withdrawals would be made until after the depletion of the oil reserves.
Mampontenghene’s wish would not materialize until the present arrangements are varied.
Barima Saasi Ayeboafo II also praised President Akufo Addo for his courage in implementing the Free SHS policy inspite of all the doubts.
“Many people did not believe you could implement the Free SHS; because no government since independence has been courageous enough to make secondary education free for all; but you have been true to your words and have implemented free education in your time”, the chief said.