Freddie Blay, First Deputy Speaker of Parliament, on Thursday said financing quality education has become a topical issue worldwide and a major challenge in Ghana that required innovative solutions.

He, therefore, urged all to rise up to the challenge, explore avenues and come out with innovative strategies to address the challenges. He said the rising cost of education, falling standards, deterioration in infrastructure and inability of governments and parents to share the cost have almost become a clich?.

Blay said this at the launch of the "Adisadel College Foundation and Strategic Business Plan" by the members of the Old Students Association of the College and the School's Management Board.

The five-year strategic and business plan, which is for 2003-2007, was formulated to strengthen the school's core academic activities, expand commercial business, re-organise its alumni relations and strengthen its financial base.

The foundation was launched under a corporate structure to formalise a public private partnership between the Ministry of Education and the Adisadel fraternity.

Resources would be mobilised through the foundation to complement government's efforts to maintain the College as a first rate second cycle institution, undertake commercial activities through the introduction of educational products and souvenirs for sale.

Blay, who is an old Boy of the College, praised the Association and Management of the school for coming out with such a strategic plan, describing it as a blessed step to helping to shoulder the burden of education in Ghana.

"We are setting the pace and blazing a new trail in financing and management of second cycle educational institutions. It is laudable. It is innovative. It is exemplary", he said.

Prof Christopher Ameyaw-Akumfi, Minster of Ports, Harbours and Railways, also an old student of the College, who performed the launch, described education as an "expensive business" that needed a lot of financial investment and commitment.

He urged the Association to help with the successful implementation of the strategic plan through their contributions to the foundation and redeeming of financial pledges.

Kwame Sakyi, President of the Old Boys Association, said 1.5 billion cedis would be put in the foundation as start-up money and that an annual contribution of one billion cedis would be made into an endowment fund by the end of 2003.

He said the Endowment Fund would be increased to five billion cedis by the year 2007 and the Foundation would be paying an annual grant to the College to help it with its programmes.

Justice George Kingsley Acquah, Chief Justice-designate, also an old boy, who chaired the function, said the contribution of the College to the nation since its establishment in 1910 was tremendous.

He, therefore, charged all old boys in the "Spirit of Adisadel" to continue to help the College to contribute to the socio-economic development of Ghana.