The Students Loan Trust Fund (SLTF) is set to launch the no guarantor policy which removes the requirement for student loan applicants to produce a guarantor before accessing the loan.
This was revealed by the Minister of Education, Dr Yaw Osei Adutwum at the inauguration of a new Board of Trustees for the organization.
“Previously, one of the major obstacles for students who needed to access loans was the need for them to produce a guarantor. From this academic year, as pledged in the 2020 NPP manifesto, students only need a Ghana Card to access the loan. Studies indicate that the implementation of this policy would lead to a 60% increase in demand for student loans” he said.
He charged board members to be innovative in their quest to raise funding for the SLTF.
“Traditionally, the SLTF has relied on funding from the GETFUND, the communications service tax and recovery of loans from borrowers to execute its mandate. 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. I therefore charge you all to make this your top priority as a board” he said.
In his remarks, the Chairman of the Board, Jacob Kwabena Adjei thanked the President for the honour bestowed on them and promised that the board build on their previous achievements and work together to propel the SLTF into a world class organization.
Other members of the board are; Nana Kwaku Agyei Yeboah (SLTF CEO), Cathrine A. Appiah-Pinkrah (Ministry of Education), Desmond Amoah (SSNIT), Richard Koduah (Ghana National Union of Polytechnic Students), Alexis Kwabena Asuinura (GETFUND), Hilda Agyepong Asante (G.T.E.C), Yvonne Asare Yeboa (Ghana Employers Association) and Richmond Ansah Gyambiby (Attorney General’s Office).
The President’s nominees on the board are Nana Akua Ayivor, Dr. John Kwame Boateng, Dorothy Danso and Enoch Hemans Cobbinah.