CSIRCSIR LAUNCHES SCIENCE FOR IMPACT FUND TO RAISE $20 MILLION

CSIR LAUNCHES SCIENCE FOR IMPACT FUND TO RAISE $20 MILLION  

The Director-General assisted by the Deputy Director-General and Director, CSIR-WRI explaining the symbology of the logo

The Director-General assisted by the Deputy Director-General and Director, CSIR-WRI explaining the symbology of the logo

The Council for Scientific and Industrial Research (CSIR) has launched an ambitious endowment fund, the CSIR Science for Impact Fund (CSIF), with a target of raising $20 million over the next five years to boost scientific development in the country. The fund was launched at a press conference at the CSIR head office in Accra.

This initiative is designed to identify and support impactful research projects and technological innovations that can drive industrial growth and promote sustainable economic development. The decision to set up this fund stems from the need to ensure adequate resources for scientific research.

Professor Mike Osei-Atweneboana, Chairman of the CSIF planning committee and Director of CSIR-Water Research Institute, elaborated on the significant funding challenges CSIR faces. According to the Chair, despite receiving some government funding and modest contributions from donor agencies and internally generated funds, the financial support has been insufficient over the years.

He stated that the CSIR Act of 1996 (Act 521) was amended to encourage private sector involvement and incorporate market principles into CSIR's operations through research commercialization. However, the difficult economic climate has made securing adequate financing a persistent issue. “We face limited funding for R&D infrastructure, human resource capacity development, and operations,” he noted.  

Also speaking at the launch ceremony, Professor Paul P. Bosu, Director-General of CSIR, highlighted the importance of increasing collaboration between academia, industry, and government to foster innovation and community development. “We are committed to fostering increased collaboration between academia, industry, and government to drive innovation and community development,” he said.  

Prof. Paul Bosu in an interview after the press conference

He further urged corporate bodies and individuals to support the Council in fulfilling its mission effectively. He expressed his gratitude to his staff who have shown their commitment by voluntarily agreeing to contribute 1% of their monthly salaries to the initiative. This fund, he believes, will enable CSIR to reach new heights in research and technological development.

The $20 million fund aims to advance research and develop technologies that support socio-economic progress. Although the government provides salaries, it does not have the resources to fully support all research activities.

The fund’s tagline "Supporting Science, Transforming Communities," is to encourage and elicit support from individuals, industry, organizations to join hands and push forward scientific advancement that will better serve the communities within which it operates.

 

Source: Corporate Affairs Division

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