Education Minister instructs GETFund to increase student loan funding to GHC150 million

The GetFund Board being sworn in.
Education Minister directs GETFund to raise student loan support to GHC150 million.

In a major policy shift aimed at improving access to tertiary education, the Minister of Education, Haruna Iddrisu, has directed the Ghana Education Trust Fund (GETFund) to significantly increase its allocation to the Students Loan Trust Fund. 

The proposed increment moves the current funding from GHC60 million to a more robust GHC150 million.

The directive was made public during the inauguration of the new Board of Trustees for the Students Loan Trust Fund in Accra on April 29. 

According to the Minister, the move aligns with government’s long-term goal to ensure equitable access to education, especially for students in private tertiary institutions who have often been excluded from state-sponsored loan schemes.

Earlier this year, government announced plans to absorb tuition fees for first-year students across both public and private universities. 

This bold initiative, though met with some resistance from sections of the public, is part of a broader “No Fees” policy aimed at reducing the financial pressure on students and their families.

Despite the GHC60 million earmarked for student loans this year, only GHC20 million has been released so far by GETFund. 

The Minister described this as inadequate and emphasized the urgent need for increased funding to meet growing demand.

“The current disbursement does not reflect the needs of students, especially when we are looking to expand access to private tertiary institutions. 

It is the President’s vision to make these loans accessible to all deserving Ghanaians, and I believe increasing the allocation to GHC150 million will help us achieve that,” Haruna Iddrisu said during the event.

He also reiterated that the student loan remains a repayable facility, encouraging students to be responsible in its usage.

Cynthia Amerley Amartefio, who chairs the newly inaugurated Board, expressed confidence in the Board’s capacity to ensure that the increased funds, once approved, will be fairly and efficiently distributed. She pledged the Board’s commitment to improving loan accessibility and accountability.

This move, if implemented, would mark a significant step toward educational inclusivity and support for financially disadvantaged students across the country.

Source: onuaonline


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