Ghanaian dancehall artiste Shatta Wale is set to partner with the Education Ministry to promote tertiary education among the populace, particularly the youth.

This forms part of the activities marking two decades since the introduction of the Student Loan Trust Fund (SLTF).

The partnership was revealed during a courtesy call at the Ministry of Education in Accra, where the musician engaged with the Fund’s board and management to discuss the initiative.

Speaking after the meeting, Shatta Wale expressed his excitement and enthusiasm about the collaboration, promising “something great” for students ahead of the celebration of the 20th anniversary, adding that the partnership with GES is an awesome opportunity to support education and positively impact students across the country.

“Education is the key,” the ‘Gringo’ hitmaker stated.

The initiative is expected to form part of a broader campaign to raise awareness about the Fund’s work and expand access to financial support for students pursuing higher education.

About SLTF

The SLTF was established in December 2005 under the Trustee Incorporation Act 1962 (Act 106). It is dedicated to managing financial resources efficiently to support students while upholding national principles.

Meanwhile, as part of a series of reforms being implemented under President John Dramani Mahama’s Reset Agenda, the Students Loan Trust Fund (SLTF) in early November last year announced a 50% increase in loan amounts available to tertiary students.

In this regard, regular students will now receive between GHC2,250 and GHC4,500 each academic year, and they will get the funds directly from the SLTF.

This was contained in a statement signed and dated Friday, November 7, by Dr. Saajida Shiraz, Chief Executive Officer of the SLTF. The Students Loan Trust Fund explained that the raise is to ensure that all groups of persons can pursue tertiary education without encountering financial challenges.

“Following President Mahama’s directive, loan amounts have been reviewed upward to reflect current economic realities and to provide meaningful support to students,” the statement said.

So far, beneficiaries amount to 35,608 across 130 public and private institutions nationwide. According to SLTF management, the latest disbursement reflects the John Mahama-led administration’s pledge to ensure inclusive access to education, regardless of students' backgrounds.

The SLTF, conversely, has reiterated its resolve to release funds on time to allow students to gain admission into their preferred tertiary institutions without financial hindrance.

Interest on student loans slashed by 6%

Students Loan Trust Fund (SLTF) saw a 50 percent increase in loan amounts, with beneficiaries now eligible to receive between GH¢2,250 and GH¢4,500 per academic year.

The adjustment, which forms part of sweeping reforms unveiled in a press statement issued on Friday, November 7, is aimed at improving access to affordable tertiary education, following directives from President John Dramani Mahama.

"Increased Loan Amounts for Regular Students Loan: Regular student loan amounts, disbursed directly to students, have been increased by 50%. Consequently, loan amounts now range from GHC 2,250.00 to GHC 4,500.00 per academic year," part of the statement outlining the reforms said.

The interest rate on student loans has also been slashed from 12 per cent compound interest to 6 per cent simple interest during the study and moratorium periods.

"Interest Rate Reduction: The prevailing interest rate on student loans has been reduced from 12% annual compounded interest to 6% simple interest during the period of study and moratorium,"

Government has introduced the "Student Loan Plus," a flagship initiative under the No Fees, No Stress programme as one major highlight of the reforms.

"Introduction of Students Loan Plus: Tertiary Students can now apply for the Students Loan Plus package, a component of the No Fees Stress Initiative, which provides tertiary students with full fee coverage loans disbursed directly to tertiary institutions," other parts of the statement read.

The Students Loan Trust Fund also unveiled a streamlined application and disbursement process, concealing the long-standing E-zwich requirement.

"Streamlined Application and Disbursement Process: The E-zwich requirement for loan application is no longer mandated. GCB Bank accounts for disbursement will now be created automatically within the No Fees Stress portal for all new applicants."