By Benjamin Nii Nai Anyetei
Education Minister Haruna Iddrisu says Ghana is preparing to exit its International Monetary Fund (IMF) programme before the end of 2026, a development he says will enable government to settle outstanding financial obligations on stalled infrastructure projects, including the University of Engineering and Agricultural Sciences at Bunso in the Eastern Region.
The Minister disclosed this during a visit to the construction site of the university, where he toured the facility to assess progress on the project, which began in 2022.
“We are just preparing to walk out of the IMF programme. Before the end of August or by the close of this year, we should be out,” Mr Iddrisu said.
He explained that Ghana’s debt exchange programme constrained public spending and delayed payments to contractors, resulting in stalled work on several projects, including the 90-million-dollar university, which is being implemented with support from the Government of South Korea.
According to the Education Minister, the debt restructuring exercise caused long-term damage to the economy and affected the effective completion of key national projects.
“There is no doubt that the debt exchange programme caused long-term damage to the economy and affected the effective completion of projects like this,” he noted.
Mr Iddrisu revealed that out of the total amount committed to the project, 28.6 million dollars remains outstanding, including 9.8 million dollars owed by the Ministry of Finance. However, he expressed confidence that these obligations will be honoured as Ghana transitions out of the IMF programme.
He added that the Finance Minister has assured him that concessionary financing from South Korea remains among the most favourable available to the country.
The Education Minister announced that the University of Engineering and Agricultural Sciences is expected to admit its first batch of students in October 2026, once construction is completed and the facility becomes fully operational. The university is expected to begin academic work with an initial intake of 800 students 400 students in Agricultural Sciences and 400 in Engineering and related disciplines.
Mr Iddrisu explained that the project includes the construction of the School of Engineering, the School of Agricultural Sciences, lecture halls, laboratories, hostels, a cafeteria and an exhibition centre.
He further disclosed that the establishment of the university is subject to the passage of a bill by Cabinet and Parliament before March 30, expressing optimism that the legislative process will be completed in time to allow full preparations for the first admissions.
Government, he added, is also exploring additional concessionary financing to expand the project, with President John Dramani Mahama expected to visit South Korea later this year to seek further support to scale up the facility.
The University of Engineering and Agricultural Sciences at Bunso forms part of government’s broader strategy to expand tertiary education, increase gross tertiary enrolment, strengthen agricultural productivity, and enhance Ghana’s engineering, research and innovation capacity, while deepening academic and cultural cooperation between Ghana and South Korea.
