(1) The object of the Fund is to provide finance to supplement the provision of education at all levels by the Government.

(2) For the purpose of attaining this object, the monies from the Fund are to be expended as follows:

(a) to provide financial support to the agencies and institutions under the Ministry of Education, through the Ministry, for the development and maintenance of essential academic facilities and infrastructure in public educational institutions, particularly, in tertiary institutions;

(b) to provide supplementary funding to the Scholarship Secretariat for the grant of scholarships to gifted but needy students for studies in second-cycle and accredited tertiary institutions in Ghana;

(c) to contribute monies from the Fund towards the operation of student loans schemes for students in accredited tertiary institutions through loan scheme mechanisms and agencies, approved by the Minister;

(d) to provide, through the National Council on Tertiary Education, grants to tertiary institutions,

(i) to train brilliant students as members of faculties;

(ii) to undertake research and other academic programmes of relevance to national development; and

  (e) to provide monies to support such other educational activities and programmes for the promotion of education     as the Minister in consultation with the Board may determine.