Director, Environmental and Social Innovation , Milken Institute Philanthropy
John Schellhase is a director with Milken Institute Philanthropy, where his work focuses on social impact philanthropy. As part of his work, Schellhase contributes to and manages projects related to strengthening corporate philanthropy and operating innovation competitions to advance the Sustainable Development Goals.
HM
Haris Mohsin
Deputy Director at the Securities and Exchange Commission of Pakistan
In Akan, the most widely spoken language in Ghana, daakye means future. It is an apt name, therefore, for the Daakye bond program, which invests in Ghana’s future leaders through securitizing future government tax flows. Established in 2020 as part of a 10-year, GHS 9 billion (about US$1.5 billion) funding strategy, the Daakye program has raised GHS 2.4 billion (about US$390 million) for the national education system so far. Since it has done so without issuing traditional government debt—and without donor support—it offers an attractive model for other countries seeking to finance large-scale development projects that advance the Sustainable Development Goals (SDGs) without introducing new fiscal pressures.
This case study provides a deep dive into the Daakye structure and the lessons learned from this innovative financing approach. The study is organized into six parts. First, the study presents an overview of the Daakye securitization’s structure and issuances to date. Second, the study describes the steps the government undertook to establish the Daakye program and the key private-sector institutions involved. Third, the study examines the key features of the structure that attracted investors. Fourth, the study examines a prior government securitization, the Energy Sector Levy Act (ESLA) program, which served as a model for the Daakye bond program. Fifth, the study includes a discussion of the fiscal policy implications of securitizing future government tax flows. Finally, the report offers five lessons from Ghana’s experience that could help inform other emerging-market governments seeking to develop similar funding mechanisms.
Countries undergoing population aging today are facing a much different experience than their historical counterparts. One only needs to look at the countries in Asia to see how these trends are unfolding. Demographic aging is happening...
The Milken Institute Center for Strategic Philanthropy and the Ann Theodore Foundation have released a new request for proposals (RFP) focused on understanding the underlying biology of sarcoidosis. Applications are open through January 20...
The 26th annual Milken Institute Global Conference convened the best minds in the world to tackle its most urgent challenges and realize its most exciting opportunities. Throughout the four-day event, our health teams curated nearly three...
Even before the onset of the COVID-19 pandemic, the United States was confronted with a number of significant policy concerns. Today, working together to solve those challenges is more imperative than ever. The Milken Institute is committed...
Frontotemporal dementia (FTD) refers to a family of neurodegenerative conditions that cause changes in behavior, mood, executive function, language, memory, and motor function. As many as 30,000 people are living with FTD in the United...
The Ann Theodore Foundation Breakthrough Sarcoidosis Initiative (ATF-BSI) is now accepting applications for two-year research projects that seek to increase our foundational understanding of sarcoidosis through projects focused on the...
The Financial Innovations Labs® and FasterCures teams have collaborated on a project to identify new models for financing the antimicrobial resistant antibiotic pipeline. These past 18 months have demonstrated how consequential public...
While some sounds can be annoying for most people, for a few, certain sounds like chewing, sniffling, or pen clicking can trigger an intense physical and emotional response. Those with this condition can experience increased heart rate...
This year’s report, Building a Resilient America: The New Consensus for Action, is part of The Milken Institute-Harris Poll Listening Project, now in its fifth year, which surveys socioeconomic, institutional, and political barriers to...