Editorial: TVET dedicated Fund will sharpen skill-sets

Government has not ruled out a new tax on businesses to fund the proposed Technical and Vocational Education and Training (TVET) dedicated Fund.

In a speech read on behalf of Education Minister Haruna Iddrisu  at the second National Roundtable for Private Sector Engagement in TVET, he revealed that the fund will utilise existing skills financing streams and strategic allocations from national revenue to complement the tax.

Acknowledging private sector concerns over additional financial burdens, the minister stated that the plan involves better coordination of existing skills financing streams to create a “ring-fenced” pool of money, thereby lessening the burden on an already tax-fatigued public.

He said the fund will not only enhance the capacity of training institutions but also support industry-led training initiatives through programmes like the Ghana Skills Development Initiative.

Mr. Iddrisu appealed for the private sector to broaden partnerships with TVET institutions and churn out industry-ready graduates – framing skills development as a strategic investment, not charity.

TVET is a key component of the country’s education and skills development strategy, designed to equip learners with practical skills, knowledge and an aptitude for entrepreneurship to reduce youth unemployment and improve productivity.

Thus, government will establish a dedicated T-VET fund to provide long-term, predictable resources for training institutions and industry collaboration, aiming to create a sustainable pipeline of skilled workers for industry.

It aims to tackle the skills gap and provide resources to a sector that is challenged with outdated facilities lacking modern tools, shortage of qualified instructors and limited opportunities for continuous professional development.

The Fund is a component of a new comprehensive national TVET policy scheduled for presentation to Cabinet soon.

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