The Methodist University Ghana (MUG) has launched an endowment fund to promote research and scholarship and position the University as a Centre of Excellence.
The Fund will be used to facilitate the establishment of a scholarship scheme for students, including disadvantaged students and for those from underserved areas and attracting and retaining high calibre academic and administrative staff.
In support of the Fund, the Methodist Church Ghana donated GH₵1million in aid of the Fund with Dr. Joseph Siaw-Agyepong, the founder of the Jospong Group, also presented GH₵1million to the Managers of the Fund.
Madam Eunice Ametor Williams, a former staff member of the University, also donated two plots of land to the university as part of her support.
Most Reverend Dr. Paul Kwabena Boafo, the Presiding Bishop of the Methodist Church Ghana, launching the Fund, said it was an opportunity to provide a ladder or a shoulder for majority of the students to access quality education.
He said the Methodist Church since it was established had never ceased to bring about quality education to the people, adding that the standard set by the Church over the years had always been admired by all.
The Presiding Bishop said, “we are prepared to continue to provide quality education to the people in the spirit of Excellence, Morality and Service.”
Professor Philip Ebow Bondzi-Simpson, the Vice-Chancellor, MUG said the Endowment Fund would establish specific Endowed Chairs for Scholars in Residence and Visiting Scholars and it would apply funds towards capital and infrastructural projects.
“Its mission, therefore, is to promote academic excellence, Morality and Service through teaching and research with a Christian worldview,” he said.
Prof. Bondzi-Simpson said it would create a lasting collaboration between the Methodist Church Ghana and the University in the areas of professional development and continuous education, as well as extension services to the Church and society.
It will provide the space for capacity development for both Ministerial and Lay Ministries, including programmes specifically tailored for church groups and organisations within and outside the Methodist Church.
The Vice-Chancellor said the Fund would provide integrated modern information and communication technology facilities and develop linkages with local and foreign institutions and forging partnerships with industry.
“It will create an organizational culture that enhances efficiency, discipline and commitment, improve management capacity and institutional governance structures and support the University’s strategic aspirations,” he added.
He said their training was to turn the heart and mind of students and staff to address all the challenges facing the country.
He said management wanted to build a World Class University that extended its services to all both members of the Methodist Church and non-members.
Dr Siaw-Aygepong commended the leadership of the University for the efforts of championing quality education in the country.
He called on all to endeavour to support the Endowment Fund to enable more students to benefit and access quality education.
During MUG’s 10th Anniversary celebration in 2010, a thanksgiving service was held and an appeal for funds was made to serve as a seed for an Endowment Fund for the then University College.
In the initial appeal, GH¢37,710.10 was realized and subsequently, led by the then Principal, Very Rev. Prof. Samuel K. Adjepong, staff agreed to make some contributions through monthly deductions from their salaries for six months.
This yielded an amount of GH¢43,970.00. Students also contributed an amount of GH¢10,774.00, bringing the total contributions to GH¢105,510.00, which was invested at Ecobank.
As of August 2018, the face value of the investment was GH¢ 172,347.00, from GH¢ 105,510.10.
As part of the then National Accreditation Board’s requirement for Colleges applying for autonomy status to have substantial investment to ensure their financial sustainability, the above investment (GH¢172,347.00) was transferred to the Prudential Bank in August 2018 to be added to other investments to meet the requirement of the National Accreditation Board and the Ghana Tertiary Education Commission.