Education Minister promises increase in Students Loan Trust Fund allocation from GH¢70m to GH¢150m

Ghanaian tertiary students are set to receive a significant injection of financial support, as Education Minister Haruna Iddrisu announced a more than doubling of the Ghana Education Trust Fund (GETFUND) allocation to the Students Loan Trust Fund (SLTF).

This major boost, increasing the allocation from GH¢70 million to GH¢150 million, aims to alleviate the financial pressures on students pursuing higher education.

The crucial announcement was made by Minister Iddrisu on Friday, July 4, 2025, during the official launch of the “No Fees Stress” policy. This new policy is designed as a direct intervention to ease the financial burden faced by students seeking access to tertiary education across the country’s public and private universities, polytechnics, and colleges.

“Next year, the GETFUND will double its allocation to the Students Loan Trust from 70 million to 150 million to support students who may want to access it further,” Mr. Iddrisu declared.

This substantial increase of GH¢80 million is anticipated to enable thousands more students to access crucial financial assistance, bridging the gap between tuition fees and students’ financial capabilities.

In the 2023/2024 academic year, the SLTF disbursed loans to approximately 100,000 students, and this new allocation is expected to significantly expand that reach.

Beyond the enhanced loan scheme, the Minister also disclosed the government’s proactive measures to overhaul Ghana’s scholarship system, promising greater fairness and transparency. Addressing long-standing concerns about favouritism and lack of equity in scholarship awards, Minister Iddrisu revealed plans to introduce landmark legislation in Parliament next week.

“I will next week, on your behalf and in honour of one of your campaign policies, lay before Parliament the Scholarship Authority Bill to deal with the nepotism and cronyism that was associated with the scholarship award scheme,” he stated.

This proposed Scholarship Authority Bill is expected to centralize and standardize scholarship disbursements, ensuring that awards are based purely on merit and need, rather than personal connections. This move aligns with public calls for accountability and equity in access to educational opportunities.

The “No Fees Stress” policy and the impending scholarship reforms collectively underscore the government’s commitment to making higher education more accessible and equitable for all Ghanaian youth.

These initiatives are vital for developing a skilled workforce, fostering innovation, and driving Ghana’s socio-economic development, particularly as the nation strives for a knowledge-based economy.