The Minister of Education, Haruna Iddrisu, has announced a significant increase in funding for student loans, directing the Ghana Education Trust Fund (GETFund) to boost its allocation from GHC60 million to GHC150 million.
This move aims to support a larger number of students, particularly those attending private universities, as part of the government’s efforts to make tertiary education more accessible.
Speaking at the inauguration of the new Board of Trustees for the Students Loan Trust Fund in Accra, Haruna Iddrisu emphasized that the current funding level is insufficient to meet the needs of students. Notably, GETFund has only released GHC20 million of the approved GHC60 million for this year, prompting the Minister to call for a substantial increase.
“We want to expand the student loan scheme to include private school students, and to do that, we need to increase the fund to GHC150 million next year,” Minister Iddrisu stated.
This initiative is part of a broader strategy to reduce the financial burden on students and their families, aligning with the government’s commitment to enhancing access to higher education.
The government has already announced plans to cover fees for first-year students in both public and private universities, despite some public debate surrounding the policy.
Haruna Iddrisu reaffirmed the government’s dedication to this “No Fees” policy, underscoring its importance in promoting educational opportunities.
Cynthia Amerley Amartefio, the newly appointed Board Chairperson, assured the Minister that the Board will prioritize transparency and efficiency in allocating funds to students who genuinely require support.