The Executive Director of Global InfoAnalytics, Mussa Danquah, has called for the abolition of student allowances in favour of a loan system, arguing that such a shift would be more sustainable for Ghana’s economy.
Speaking on GHOne TV with Serwaa Amihere, Mr Danquah emphasized the need for a review of government spending, particularly in light of the country’s economic challenges and reduced donor support.
“For now, I think student allowances should go. It should be replaced with a loan system, where students can pay back once they begin earning after graduation,” he stated.
He pointed out that allowances are a significant financial burden on the state, while loans provide a recoverable means of supporting students without straining public funds. “Loans to students will be recoverable, unlike allowances. We must reconsider how we allocate resources, especially when it comes to funding education. It’s essential to think about the long-term sustainability of such financial commitments,” he added.
Mr. Danquah further argued that Ghana must reassess its priorities, especially as donor countries reduce financial aid. He believes that transitioning to a student loan system would not only provide immediate financial assistance to students but also ensure the sustainability of education funding in the future.
“We need to look at priorities, and for now, allowances should be reconsidered. By shifting to loans, students can benefit from the financial support they need now, and future repayment will help sustain the system,” he noted.
His comments have reignited discussions on the future of student financial support in Ghana, with some agreeing that a loan system could enhance financial accountability, while others argue that allowances remain essential for students from disadvantaged backgrounds.
