Accra, Professor Abednego Feehi Okoe Amartey, Vice-Chancellor, University of Professional Studies, Accra, (UPSA) has launched the Vice-Chancellor’s Endowment Fund (VCEF), an initiative with an objective of helping bright but needy students in society.
The VCEF is an investment fund established for receiving third party donations as well as contributions from the University’s Internally Generated Funds, specifically with the purpose of generating operating income for scholarships.
Prof Amartey said annually, about 1,350 students, who qualify to enter UPSA were not able to do so due to financial challenges.
He said an average of 300 students defer their studies at UPSA each year, whereas, quite a significant number of UPSA students drop out before they complete final year due to financial constraints.
Prof Amartey noted that UPSA had recognised a critical historical need in society and as a University; they had collectively purposed to apply their strengths and knowledge to make an intervention.
We have recognised that our country may lose intelligent manpower resources required for national development, if high-potential students are excluded from University purely for financial reasons, he added.
The Vice-Chancellor said the primary investment objective of the Fund was to produce a rate of total return, which would permit maximum support for the scholarship scheme, which was consistent with prudent management of investments, preservation of principal, potential for long- term asset growth, and socially responsible investment practices.
The Vice-Chancellor appealed to Government through the Minister of Education to support the Fund.
He again appealed to all public and private sector organisations and NGO’s to donate generously to the Fund as a matter of their corporate social responsibility.
As part of the ceremony, the Vice-Chancellor commissioned a seven- member Board of Trustees, under the chairmanship of Mr Millison Narh, for VCEF.
Other members of the Board include Mr Kwabena Akuamoah Agyekum, Mr Kofi Bentil, Mr Francis Dadzie, Mrs Joyce Duodo and Reverend Stephen Acheampong.
Prof Amartey noted that a nine-member Fundraising Committee under the supervision of the Board of Trustees would be responsible for soliciting contributions from organisations and individuals in Ghana and abroad.
He said another seven-member Scholarship Awards Committee (under the supervision of Board of Trustees) would disburse the proceeds from the investments to cover the following needy categories; Full or Part scholarships for newly admitted undergraduate students.
The rest are continuing undergraduate students, newly admitted postgraduate students, progressive students, continuing post graduate students, newly admitted professional students and continuing professional students.
Speaking to the Ghana News Agency on the sideline of the event, Mr Narh, said In every society there are under privileged people; as such when it comes to education, some of these people are brilliant but for lack of financial resources they are not able to realize their potentials.
He said their focus was on the development of the human capital, and the fact that some people were not able to finance themselves means that those who were endowed should be mobilised to support these individuals.
Mr Narh said in that regard, UPSA was providing the platform to mobilize resources to support brilliant but needy students at the University.
Source: Ghana News Agency