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.
Speaking at the launch last Thursday in Accra, rector of the institute, Professor Samuel Kwaku Bonsu, 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 is 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 KwakuBonsu stated.
He said the fund will be operated by GIMPA Endowment Policy that will provide framework.
Prof. Kwaku Bonsu mentioned that the fund consists 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 would 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.
Chairman of GIMPA Governing Council, Mr Piesie Kofi Asante on his part was optimistic the fund would serve as a reassurance that “the future is bright for the institute.”
He appealed to government, corporate organisations, parents, alumni and the general public to support the initiative.
At the fundraising ceremony, various organisations, companies, individuals made contributions and pledges to support the endowment fund.
BY RAISSA SAMBOU
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