Gov’t to boost Student Loan Fund to GHC150m

Education Minister Haruna Iddrisu has called on the Ghana Education Trust Fund (GETFund) to significantly increase its financial support to the Students Loan Trust Fund, raising the allocation from GHC60 million to GHC150 million.

Speaking in Accra during the inauguration of the new Board of Trustees for the Students Loan Trust Fund, the Minister described the current level of funding as inadequate and a barrier to equal access to higher education.

He noted that this boost in funding would allow the government to extend student loan support to private tertiary institutions, a move aligned with its broader vision of reducing the financial strain on students and their families.

The proposed increase follows the government’s earlier announcement of a “No Fees” initiative aimed at covering first-year tuition for students in both public and private universities. While the policy has drawn mixed reactions, authorities say it remains a top priority.

At the event, it was revealed that GETFund had only disbursed GHC20 million of the initially approved GHC60 million for the year.

Minister Iddrisu expressed concern, stating that the funds released so far fall short of the growing needs of students.

“The President is committed to seeing more students supported, including those in private institutions. If we are to make that possible, we must raise the allocation to GHC150 million,” he said.

Board Chairperson Cynthia Amerley Amartefio assured the public that the new board will ensure the loans are managed responsibly and reach those who need them most.