Reports indicate that the University of Ghana is currently in serious financial crisis to the extent management had to borrow to pay January and February 2018 salaries of teaching and non-teaching staff.
Salaries for teaching and non-teaching staff for March 2018 is expected to woefully delay indefinitely as management halt borrowing to pay salaries due to what appears to be issues of creditworthiness.
The recent development in the University of Ghana is as a result of delays in the processing and releasing of government subvention for January and February 2018.
“The University community is informed that processing and release of compensation subvention for January and February 2018 have been delayed; therefore, payment of March 2018 salaries cannot be made as scheduled†a memo to the staff and workers stated.
According to the Memo, signed by the University’s registrar Mercy Haizel Ashia and dated March 21 stated that “It is not possible to borrow for a third month to pay salariesâ€.
The University, however, stated that it is making efforts to ensure that “the delay is not prolongedâ€.
Meanwhile, Education Minister Dr Mathew Opoku Prempeh in February 2018 revealed that the University was broke and struggling to pay back a 64 million-dollar loan it borrowed to construct Faculty offices on campus.
Opoku Prempeh who was speaking on Accra-based Peace FM said the project had stalled and the money cannot be accounted for.
Speaking on an Accra-based radio station, Peace FM, Education Minister said the University, is required to pay back 10 million dollars to Africa Integras every year for a 25-year period for the principal loan of 64million dollars.
“UG needs to pay 10million dollars a year for 25 years and by the time they redeem themselves, they would have paid 250million. If they are not able to pay, their assets will be confiscated,†he said.
 Credit: citi fm