SLTF Honours Two Institutions for Repayment of Students' Loans

The Students Loan Trust Fund (SLTF), has honoured GN Bank and ASA Savings and Loans Limited for distinguishing themselves in the repayment of student loans accessed by their workers.

The two institutions topped the list of compliance institutions that have ensured that all their workers who benefitted from student loans have either paid in full or continue to pay promptly.

GN Bank has close to 3,000 workers while Asa Savings and Loans has over 1,000 workers, and the loan repayments of the former beneficiaries are deducted at source, in compliance with Section 24 of the SLTF Act 2011, Act 820.

The award to the two institutions is part of a series of activities by the SLTF to appreciate organisations that are actively supporting in the recovery of the student loans.

It followed the SLTF's declaration of last May as a "Recoveries and Repayment Awareness Month" to shore up the Fund's recoveries and also take stock of all stakeholders whose actions or inactions directly impact on repayments of the loans.

The awards consisted of plaques which were presented to the chief executives of the two institutions.

Professor Kwesi Yankah, Minister of State for Tertiary Education, in his address read on his behalf, urged former beneficiaries to live up to their moral and legal obligations by paying back the loan which gave the opportunity to advance in education.

He also reminded employers of the obligation by law to deduct payments from their beneficiary-employees at source and pay to the Fund, adding that organisations who default risk legal action.

"It is the duty of all businesses and institutions to check with the Fund which of their employees are in debt, and deduct the agreed payments for the Fund," he stressed.

Mr. Jacob Kwabena Adjei, Board Chairman of SLTF, for his part, congratulated the two institutions, indicating that although they performed a legal duty, the Fund deemed it fit to appreciate them for their active support and contribution to the sustenance of the Fund for the benefit of the increasing number of prospective beneficiaries.

He was optimistic that the awards would encourage all employers to comply with the repayment obligations, adding that the Fund aims at advancing beyond the compliance relationship to a partnership relationship with employers to sustain tertiary education financing in Ghana.

Nana Kwaku Agyei Yeboah, Chief Executive Officer of SLTF, commended the awardees for the achievement, and assured all employers and debtors of full cooperation towards developing arrangements for repayment.

Messrs Issah Adam, CEO of GN Bank and Mohammed Aourongjeb, Managing Director of ASA Savings and Loans, who received the plaques, assured the Fund of more support and their commitment to offer the needed partnership towards creating financial platforms to enhance the repayment processes for borrowers.

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