President Nana Addo Dankwa Akufo Addo on Monday launched a 100 million dollar endowment fund for the University of Ghana (UG) to enable the institution distinguish herself in the area of research to make impact on development both at the national and international levels.
With a seed money of GHC 5million from the Ghana Education Fund, the endowment fund would among other things provide additional non-restricted funding to enable the University improve the delivery on her mandate, and assist in the provision of additional facilities and resources to enhance research and teaching.
At the launch of the Fund at the Great Hall of the UG, Legon, near Accra, President Akufo-Addo noted that the premier institution, since its establishment in 1948, had lived up to its mission of developing world class human resources and capabilities to meet Ghana’s needs for development and also global challenges.
He said the University continued to be the centre of many scientific and technological innovations, with her diversity of research efforts and output in different disciplines, receiving internationally acclaim.
“It is thus laudable and appropriate that the University is establishing an endowment fund in this anniversary year to provide additional funding and resources to enable the University improve upon the delivery on its mandate,” the President said.
President Akufo-Addo, himself an alumnus of the University, said the institution of the Fund was an excellent initiative, as that was the fulcrum around which most world class universities operated.
“My government fully supports and shares in your vision to become a research-intensive university and will do all in our power to help you actualize it,” he pledged.
The establishment of the Fund forms part efforts to commemorate the 70th anniversary of the university.
Thus, the President charged the University authorities and all other tertiary institutions in the country to find effective and innovative ways of linking up with industry and the corporate world to engage in quality and strategic research targeted at finding practical solutions to real life challenges of the society, so that research findings would inure to the benefit of the country.
He informed the gathering that the book and research allowance, aimed at facilitating research innovations, was currently receiving active consideration at the Cabinet level “and I am confident that shortly, it will be establish by an Act of Parliament, pledging further his government’s commitment towards developing the country with education as the driving force.
Vice Chancellor of the University of Ghana, Professor Ebenezer Oduro Owusu was optimistic that the Fund would enhance graduate training and thesis research and expand facilities, and enable the UG further distinguish itself nationally and internationally.
He called on the University’s partners to contribute to the Fund to enable the institution realise its dream of being a world class university.