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General News of Monday, 19 August 2019

Source: Frederick Ameyaw

Students Loan Trust Fund on repayment campaign in the United States

Executives of Student Loan Trust Fund with Prof. Samuel Amoako Executives of Student Loan Trust Fund with Prof. Samuel Amoako

The Chief Executive Officer of Student Loan Trust Fund (SLFT) in Ghana, Nana Kwaku Agyei Yeboah, paid a working visit to Prof. Samuel Amoako, Consul General of Ghana's Consulate in New York on Friday, 16th August, 2019, to discuss new efforts earmarked by the Fund for Students Loan repayment process for Ghanaians living in the United States, especially those in the tri-state area of New York, New Jersey and Connecticut.

The SLTF was established by the NPP Administration in December, 2005, under the Trustee Incorporation Act, 1962 Act 820.

The core mandates of the Trust Fund are the provision of financial resources for efficient management of the Trust to benefit students, including, the promotion and facilitation of the national ideals enshrined in Article 28 and 38 of the 1992 Constitution.

There has been a massive improvement in the repayment of student loan from 34% before the current Chief Executive Officer to 65% presently.

It is also important to recall that with an increase of 50% by the Nana Addo Administration in student loans, loan disbursement has also jumped from Ghc 12 million to Ghc 78 million. To maintain this great feat and ensure sustainability of the fund, several innovative strategies have been introduced. It has become necessary to lay emphasis on Diaspora Recovery, hence the campaign in the U.S.

To this end, the Trust Fund has introduced an app on play store and apple store called “myghpay” to enable borrowers to the Trust Fund make easy repayments.

Whiles in the USA, the Fund has embarked on intensive radio interviews in some of the major cities, is visiting churches, African markets, restaurants and places of interest to Ghanaians. The Fund has solicited the support of the Ghana's Consulate in New York to help in its advertising program.

Prof. Samuel Amoako, on his part, expressed his enthusiasm on such laudable initiative and intimated that he will ensure that the message is well disseminated in the tri-state areas.

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