VP Bawumia announces a policy of no-guarantor student loans for tertiary education.
On Wednesday, June 8, 2022, Vice President Dr. Mahamudu Bawumia introduced the No Guarantor Student Loan Policy at the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi.
The No Guarantor Student Loan Policy, announced by the Akufo-Addo government ahead of the 2020 elections, aims to make postsecondary education more accessible to Ghanaians, particularly graduates of the popular Free Senior High School program.
The burdensome and restrictive regulation of students supplying three SSNIT contributions as guarantors before they may receive student loan for higher education has been removed with the No Guarantor Student Loan Policy. According to Dr. Bawumia, the No Guarantor Student Loan Policy allows qualified young Ghanaians to get loans to pay their postsecondary education.
BARRIERS TO TERTIARY EDUCATION ARE REMOVED
Vice President Bawumia, speaking at the event, stated that the implementation of the pro-poor strategy will remove barriers and considerably expand inclusive access to tertiary education.
"Removing the guarantor requirement is an important first step toward ensuring that cost is not a barrier to postsecondary education access and participation," Dr. Bawumia stated.
"These are indeed exciting times to be a young person in Ghana. Education, from primary to university, may be pursued with the assurance of government backing."
The Vice President stated that loans have enabled financially challenged individuals to attend universities and pay after graduation, and that President Akufo-government Addo's recognized this need, as well as the challenges associated with students obtaining guarantors to secure loans, thus introducing the No Gurantor Policy to relieve the burden on parents of qualified Free SHS graduates.
Dr. Bawumia expressed his excitement at the policy's debut and how it will benefit the poor, providing surprising figures on how many students are unable to obtain guarantor-required student loans, thereby denying them access to postsecondary education.
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