According to a statement from SLTF signed by Mr George Ferguson Laing, the Senior Public Relations Manager to the Ghana News Agency, the SLTF was engaging relevant stakeholders such as the Ministries of Education and Finance, and GETFUND to make financing available to pay students as soon as possible.
The Fund acknowledged calls from some student groups for speedy disbursement of loans for the 2019/2020 academic year.
“We recognize that students in over 100 tertiary institutions across the country rely on student loans for various uses, including the payment of fees, accommodation, and the purchase of books as well as general living expenses. We are working assiduously to restore the situation to normalcy.”
From the beginning of the academic year, the statement said SLTF had been disbursing loans to students in batches.
However, the challenge was that the Trust Fund was not able to pay all beneficiaries at the same time.
The main sources of funding for the Fund, the statement explained were receipts from the GETFUND, Communications Service Tax and repayments from beneficiaries of the Fund.
The Fund for some time now had been forced to rely heavily on recovered loans to disburse to students due to delays in the release of funds from the other sources.
The statement said the Fund as a result, had employed various strategies to recover funds from borrowers.
“Much as our recovery strategies have been successful, funds recovered are not adequate to disburse to all students at a go.
“Over the past few days, the management of the Fund has met with various student groups, including executives of the National Union of Ghana Students, the University Students Association of Ghana, the Ghana Union of Professional Students and the Private University Students Association of Ghana,” the statement said.
It noted that management of the Fund, explained the challenges they faced to the student leadership, and urged them to continue to exercise restraint as Government worked to resolve the issues.