SCIENCE AND TECHNOLOGY RESEARCH ENDOWNMENT FUND (STREFund) LAUNCHED IN ACCRA
The Ministry of Finance and Economic Planning has launched the Science and Technology Research Endowment Fund (STREFund) in Accra. The fund seeks "to provide supplementary funding to support basic and applied research in Science and technology".
The fund was established in 2007 with a Government of Ghana budgetary allocation of Five hundred thousand Ghana Cedis (GH¢500,000.00) seed money. Its administration vested in the 'Science and Technology Research Endowment Fund' and limited by guarantee under the Companies Code 1963 (Act 1 79).
The 2007 Budget Statement (page 299, paragraphs 1311-1312), acknowledged Government's decision to promote the establishment of an endowment fund for Science and Technology Research with the coordination policy issues handled by the Council for Scientific and Industrial Research (CSIR).
The Chief Director of the Ministry of Finance and Economic Planning, Nana Boaten-Juaben Siriboe launched the fund on behalf of the Minister of Finance and Economic Planning.
He stressed that the STREFund is insulated from government control adding that "I would like to point out that the establishment of the STREFund does not mean that government will renege in its provision of resources to research institutions and researchers to carry out their activities".
He appealed to the private sector to make contributions to fund saying the Internal Revenue Service will give tax incentive to companies and corporate bodies who contribute to the fund.
"According to the IRS Regulations any donation made to government for worthwhile causes approved by the Commissioner may be deducted in calculating the chargeable income for the year. Companies who donate to the STREFund will therefore have the monies donated as allowable expenses" Nana Siriboe explained.
He commended the first board of Directors of the STREFund and tasked them to ensure that scientists and Scientific institutions throughout the country and benefit from the fund.
Prof. William O. Ellis delivered the keynote address on behalf of the Vice¬Chancellor of Kwame Nkrumah University of Science and Technology, Professor Kwasi Kwafo Adarkwa.
He stressed the importance of focused research or demand driven research, development effort adding that in today's globalised, hyper-competitive and knowledge-based economy, coupled with high level of obsolescence, research has assumed strategic dimensions in attempts to ensure an organisation's continuous competitiveness and solvency.
He added that companies have had to create Research and Development (R&D) Departments, solely tasked with the duty of continuously researching into and developing new services and products. Such research efforts are co-ordinated and focused into specific services and products, aimed at improving or consolidating competitive advantage.
He said "it should be ensured that new technologies from our research efforts reach all those who really need them such as farmers, fishermen and rural dwellers by overcoming problems such as the lack of information in some cases and inability to pay for commercially developed technologies".
The nine-members of the Board of Trustees are: Prof. E. Owusu Bennoah, the Director General, Council for Scientific and Industrial Research (CSIR), Mrs. Agatha Gaisie-Nketsiah, Head of the Budget Implementation Support Team of the Ministry of Finance and Economic Planning, Mr. Tony Obeng-Gyasi, President of the Association of Ghana Industries (AGI).
The rest are, Mr. Paul Effah, Executive Secretary, National Council of Tertiary Education (NCTE), Dr. Leticia E. Obeng, President of Ghana Academy of Arts and Sciences (GAAS) , Prof. R. T. Awuah, a Representative of Vice Chancellors of Ghana (VCG), Dr. Sam Mensah, Technical Advisor, Minister of Finance and Economic Planning, Prof. E.H.K. Akaho, Ghana Atomic Energy Commission (GAEC), Yaw Paintsil, Solicitor/ Secretary, Council for Scientific and Industrial Research (CSIR)
Present at the launch were Hon. Minister of State at the Ministry of Education, Youth and Sports, Elizabeth Ohene, the Vice-Chancellor of University of Ghana, Prof. C. N. B. Tagoe, Prof. E. Owusu-Bennoah, Director...General for the Council for Scientific and Industrial Research (CSIR).
END
