London (UK), 21 May 2000 - The Otumfuo Education Fund, aimed at providing financial assistance to needy but brilliant students in the Ashanti region, was Saturday night launched at a dinner/dance in London.

The Fund established by Otumfuo Osei Tutu II, Asantehene about six months ago, also aims at awarding incentive packages to teachers in the rural areas, re-equipping schools through the provision of furniture and rehabilitating school buildings in poor conditions.

Speaking at the plush Inter-Continental hotel, the Right Reverend Dr Osei Bonsu, Catholic Bishop of Mampong, Ashanti, said the Fund is aimed at the overall development of education in Ghana.

Bishop Osei Bonsu, who is also chairman of the Fund, said apart from children with Ashanti parentage, beneficiaries include any child whose parents could trace their ancestry to Ashanti or non-Ashantis who live and work in the region.

"Already 180 million cedis has been disbursed for the benefit of 550 students in at the tertiary level, while many more have enjoyed it at the first and second cycle levels."

Mr Chris Kpodo, Deputy High Commissioner in the United Kingdom, commended the Asantehene for initiating the Fund and described it as "not only pertinent but also significant."

"It is an initiative that looks to the future and seeks to complement the government's efforts in providing the beneficiary with the requisite capacity and tools for his development and survival."

Mr Kpodo, said although the government recognises the importance of education in national development, it is unable to shoulder all the expenses in the sector alone because of other constrains on the economy.

He said the 1.03 billion cedis allocated to education in this year's budget cannot meet all the demands in the sector and asked that new sources of funding must be found to complement that of the government.

"Our situation requires commitment.... It requires complex trade- offs between who pays for, and who benefits from education development initiatives.

"Eternally holding the government to ransom for shortcomings in establishing the life line in quality and affordable education ... will forever prejudice our judgement and delay the formulation of the right strategies to deal with our unique situation," Mr Kpodo said.

Outmfuo Osei Tutu said it is only through education that the developing world can catch up with the technological advancement in the world.

He said the Fund is for the benefit of all Ghanaians and not only Asantes and called for support from all to make it successful.

Otumfuo Osei Tutu II said people must change with the times to enable them to benefit from modern trends and called for a reform of the chieftaincy institution to make room for progress.

Britain is the first country outside Ghana where the Fund has been launched. A 10-member board of trustees will be inaugurated next week to manage the Fund, which will be registered as a charity. About 80 million cedis was realised during an appeal for funds.

Otumfuo Osei Tutu who is visiting London for three weeks at the invitation of Queen Elizabeth II, has been holding talks with captains of industries and benevolent organisations for the aid of the Fund and investment in Ghana.