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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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