The Ghana Institute of Management and Public Administration (GIMPA), has launched an endowment fund to support student scholarships and expand the infrastructure of the institute to global standards.
Known as the ‘GIMPA Endowment Fund’, the fund will offer support to research and innovation, support activities that seek to improve the quality of undergraduate education through programmes such as international engagements, student exchanges and global student competitions, among others.
The Rector of the Institute, Prof Samuel Kwaku Bonsu in his address in Accra said an amount of GH¢1 billion is expected to be raised as seed capital.
He said the fund is intended to be a perpetual source of support for GIMPA and its mandated to provide capacity building for Ghana’ development.
“The fund will support faculty and students, including professorships and scholarships for student life and activities, “Prof Kwaku Bonsu stated.
He said the fund is backed by a policy, which provides the framework for operating the fund.
Prof Kwaku Bonsu mentioned that the fund shall consist of three types, namely; permanent fund, restricted funds and unrestricted fund.
Explaining the structure of the fund, he said the permanent fund shall consist of funds whose capital components are in perpetuity and only earnings from the invested assets are expended per the spending policy of the endowment.
He noted that the restricted funds will have usage limitations as expressed by the donor(s), while the unrestricted funds are assets, used at the discretion of the trustees for general purposes or restricted to a particular use.
The Council Chair for GIMPA Governing Board, Mr. Piesie Darko Asante stated that donation to the fund could also be in the form of bequests.
He assured donors of the many arrangements put in place to ensure that the fund is protected from indiscriminate spending.
At the fund raising ceremony, various organizations, companies, individuals made contributions and pledges to support the endowment fund.