The following is a presentation of the recommendations for an enabling environment and context within which Innovative Education Financing Models are likely to thrive.
Since the budget allocations within the education sector are not balanced as some parts of the education system, groups and levels receive a disproportionate share of the budget, it is recommended that a restructuring of the public budgetary allocations be made within the education sector and between sectors to give more resources to the lower levels of education, the vulnerable groups and other deserving parts of the education system. This will free some resources to cover the neglected groups and areas. This is more so because at the post-secondary education level for instance, there could be other potential funding arrangements that could be pursued such as student loans, graduate plans and others.
ü Evidence-Based Planning and Budgeting for Education
As the efforts for innovative education financing intensify, there is a need to establish appropriate and clearly articulated evidence-based, integrated and decentralised planning and budgeting systems for the education sector. All necessary information to inform policy, strategy and programming in the sector should be in place to improve targeting and reporting. This will further help in the monitoring and evaluation of the interventions within the education sector in the country. Even interested sponsors can be in a position to evidently decide on the areas of interest where they can put their money in. For this purpose it will be necessary to generate sufficient timely statistics to inform decision making and financing in the sector. In addition to this, there is need for this sector to have clearly articulated education sector collaboration and coordination mechanism that will compel all education stakeholders to share their information, plans, strategies, targets and budgets.
ü Efficiency in the Use of Education Funds
The issue of education financing is not necessarily an issue of inadequate financial resources but a combination of inadequacy and inefficiencies in the use of education resources. Adopting and applying efficient methods of education sector management is critical not only to avail more resources but to also create credibility and trust from those providing such funds to the sector. Overall it is recommended that the principles of good governance be applied to promote efficiencies within the innovative financing for education as it enhances accountability and transparency between education financiers and education workers on the use of resources.
ü Strengthen Finance and Accounting Systems
The country’s schools have a history of misappropriation of school funds which is usually linked to lack of finance and accounting systems and personnel in schools. Head teachers are usually expected to understand and carry out proper accounting yet it is not their job and they are not even trained on this. If innovative education financing is to be a success, it remains critical to establish in all schools strong finance and accounting systems with the requisite staff for such a function.
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