The Ministry of Finance has authorized the Controller and Accountant General to open an account for the Research and Innovation Facility for Tertiary Institutions and transfer an amount of GH¢3,750,000.00 into it.

The amount represents 25 per cent of the GH¢15,000,000.00 set aside in the 2014 Budget Statement and Economic Policy for the facility and replaces the book and research allowances normally paid to lecturers in the country, a statement issued by the public relations unit of the Finance Ministry on Sunday has said.

The facility, according to the government, is to encourage more research work in tertiary institutions and realize its full benefits.

“It would be recalled that during the presentation of the 2014 Budget Statement, the Hon Minister of Finance, said that Government has decided to set up this facility to replace the book and research allowance. (Refer to page 185 of 2014 Budget Statement),” Sunday’s statement reminded.

It said the Ministry of Education had been tasked to develop guidelines for the operationalization of the facility and engage stakeholders on exploring other sources of making the facility sustainable.