GHANA— Tertiary students in Ghana can now smile from ear to ear, as Ghana’s Education Minister, Dr Yaw Osei Adutwum, has declared that tertiary students in the country can hereafter apply for loans without any Guarantor.
This follows the presentation of the ‘no guarantor policy’ which has been endorsed and passed into regulation by the President of the country Nana Akufo-Addo.
The Education minister was speaking at a special meeting with the administration of the Kwame Nkrumah University of Science and Technology (KNUST) over the deferral of around 6,000 students for non-payment of fees. Dr Yaw Osei Adutwum said the move forms part of the government’s endeavors of improving access to education in the country.
As per Dr Osei Adutwum, the President Nana Akufo-Addo has given the endorsement for the confirmation of the ‘no guarantor policy’ which is currently the tradition that must be adhered to. This implies students can apply for credits without a guarantor.
The Students’ Loan Trust Fund (SLTF) and the board will successfully draw in students who might require financial help to pay for their academic fees, he said.
In doing this, students would just need to provide their Ghana Card to get to the loan.
Studies have shown that the execution of this policy would prompt a 60% increase in demand for educational loans, he added.
Customarily, the Students’ Loan Trust Fund (SLTF) has depended on funding from the GETFUND, the communication administration tax and recuperation of credits from borrowers to execute its order.
“With the increased demand for student loans, the major challenge of this Board will be to explore new funding sources to meet the needs of Ghanaian students,” he said.