The Ghana Education Trust Fund (GETFund)’s improved payment plan for contractors who work on various educational infrastructures is nicely on course.
With the payment arrangements which were designed by the current management of GETFund, contractors are able to secure payment between two and six weeks upon finalization and submission of all paper works on completed projects.
It is only when contractors through their consultants delay in submitting documentations that payments delay and with that GETFund office could not be faulted in anyway.
Contracts executed from 2017 to 2019 are all paid with the new payment schedule.
Hitherto, there was no payment plan for contractors who had completed works and so had to shuttle from longer places to chase their payments.
It is instructive to know that old contracts which were completed before 2017 were not part of the budget for the two-to-six weeks payment plan.
A source at the GETFund, on queries by The Inquisitor on payments of contractors, said that the new arrangements were working well.
According to the source, the only problem was that contractors that are not within the two-to-six weeks’ payment bracket will have to be patient.
However, the source said that funds have been secured to deal with those unbudgeted payments.
“With the manner the current managers and board are handling affairs, contractors do necessarily have to come chasing their payments as they are fully aware of the schedules,” the source said.
Parliament last year approved a $1.5 billion facility for GETFund to be used for educational infrastructure development in the country.
The facility, to be drawn in three tranches,is to help in the radical expansion of educational infrastructure, especially in the second cycle level.
The GETFund Administrator, Mr. Richard Boadu, and the Board, chaired by Professor Dominic Fobih, have put out pragmatic measures to ensure sanity at the GETFund.
There were glimpses of wrongdoings in the development of educational infrastructure in the past but they have tackled head-on in recent times.