President Nana Addo Dankwa Akufo-Addo has given approval for the introduction of the no guarantor policy in tertiary institutions to allow students easily access loans for their education, the Minister of Education, Yaw Adutwum has said.
This follows the deferral of over 6,000 students of KNUST over delays in the payment of their fees.
Mr. Adutwum said the move forms part of the government’s efforts at making education more accessible.
“The good news is that Nana Akufo-Addo gave the approval for the establishment of what is called the no guarantor policy which is now the law of the land which means students can apply for loans and be given the money without a guarantor.”
The deferral compelled the Students Representative Council (SRC) to set aside GH¢50,000 to pay part of the fees for a number of students who had paid more than 50 percent of the fees.
Speaking at a meeting with the management of KNUST over the deferral, the Minister commended the SRC for the intervention.
“First of all let me commend the [SRC] leadership for the work that they have done. They were able to support individuals out of their own funds. I am touched by the work of the SRC.”
Mr Adutwum explained that KNUST management had to resort to such harsh measures because their hands were tied.
“You also can understand that the university needs money to run, so I do not think KNUST leadership did this because they wanted students out of here.”
He said the Students Loan Trust Fund will engage in extensive consultation with students “who need support in order to pay their fees.”