Dr Mahamudu Bawumia, Vice President of Ghana in an interview with Kwame Sefa-Kayi on Peace FM’s Kokroko programme, says the New Patriotic Party (NPP) is bringing a policy that will allow SHS graduate access to a loan to continue their tertiary education without the need a guarantor.
“Currently, 1.2 million students are in secondary school and would want to further their education to tertiary which would be a problem because of the cost. If the parent couldn’t afford SHS fee, how then can they afford university fee?”
“Because of that, we are bringing a new policy that will allow SHS graduate access to a loan to continue their tertiary education without the need a guarantor.”
“We released that the guarantor system is depriving so many people of accessing a loan because they are unable to get someone to guarantee for them,” he stated.
Dr Bawumia says the loan policy is such that you have two (2) years grace period before you begin the loan payment. One year for national service after completion and another year to settle into the system and find a job. The payment he says is over a period of time.
when asked if the government had budgeted for a slip through of some students, Dr Bawumia says “for any financial programs you have to make those allowances. Whether it’s a bank or non-bank, some people may not meet up.”
“Why we think is important with the structure we are putting in place is that it becomes sustainable,” he added