Parliament has approved the financing agreement between the Government of Ghana and the International Development Association (IDA) for an amount of US$40 million as additional financing for the Ghana Secondary School Education Improvement Project.
The Secondary Education Improvement Project (SEIP) was designed in 2014 to increase access to Senior High School (SHS) education in under-served districts in the country. This is to improve quality in low performing SHSs.
The loan will provide support to over One Hundred SHSs in anticipation of an increased demand following the government’s Free SHS initiative.
The repayment period for the loan is twenty years while the grace period is five years.
Presenting the report of the Finance Committee on the agreement in Parliament, the Chairman of the Committee, Dr. Mark Assibey-Yeboah said the Committee found the project to be important towards enhancing secondary school education in Ghana.
He added that this would help provide more secondary level graduates with the relevant skills to enter tertiary institutions and the labour market.
The financing agreement for an amount equivalent to 28.9 million Special Drawing Rights (US$40.0) between Ghana and the IDA is expected to mature in twenty five years.