The Minister of Education, Haruna Iddrisu, has directed the Management of the Ghana Education Trust Fund (GETFund) to increase its allocation to the Students Loan Trust Fund from GHC60 million to GHC150 million.
According to the Minister, the move is part of government’s broader plan to extend loan facilities to students in private tertiary institutions.
He made the announcement in Accra while inaugurating the new Board of Trustees for the Students Loan Trust Fund on April 29.
Government had earlier hinted at plans to absorb the fees of first-year students across both public and private universities — an initiative aimed at easing the financial burden on parents and students alike.
Despite some public resistance to the policy, government insists it remains committed to implementing the “No Fees” initiative.
At the Board’s inauguration ceremony, it was disclosed that GetFund, the main financier of the loan scheme has so far released only GHC20 million of the approved GHC60 million for this year.
Education Minister Haruna Iddrisu described the current funding as inadequate.
“Government is considering expanding the loan trust to student in private schools, so this year we have to look at it. But it is the desire of the President to extend it to other Ghanaians and this is a loan which is payable,” he said.
The Education Minister has therefore proposed a significant increase — pushing the allocation up to GHC150 million.
“If we anticipate expanding it to cover other students in other institutions, especially the private universities, I have no hesitation that the loan should be increased to GHC150 million next year,” he stated.
Board Chairperson, Cynthia Amerley Amartefio, assured the Minister of the Board’s commitment to ensuring that the funds are disbursed efficiently to deserving students.
