Paying children's school fees in Ghana with a loan
In Ghana, free public secondary education since 2017 has reduced the need, but families still borrow for private schools, supplies, uniforms and boarding provisions, from banks, microfinance institutions, credit unions or through MoMo micro-loans.
Free SHS and what is still left to pay
Since 2017, the Free SHS policy has covered tuition, boarding and meals at public senior high schools. Parents still pay for uniforms, supplies, the trunk and the chop box, as well as certain contributions to the parents' association.
The weight of private primary schools
In Accra, Tema or Kumasi, many families choose a private school from kindergarten onwards. Termly fees, paid at the start of each term, are a heavy expense for an average salary, especially with several children at school.
A calendar of three terms
The Ghanaian school year has three terms, each with its own fees. Lenders offer back-to-school loans repayable before the following term, which avoids piling up several school debts over the same year for one family.
Back-to-school loans from banks and microfinance
Banks, savings and loans companies and rural banks launch seasonal school fees loan offers. Some pay the money directly to the school on presentation of the invoice, which limits the risk of the borrowed funds being diverted elsewhere.
Teachers' and company credit unions
Credit unions in the Ghana Education Service or at large companies lend quickly to their members at the start of term. The loan often amounts to two or three times the savings the member has already built up with the union.
BECE and WASSCE examinations
Registration fees for the BECE at the end of junior high and the WASSCE at the end of senior high, along with extra tuition, add to the budget. For private candidates, these costs weigh even more heavily on families.
Mobile micro-loans for emergencies
On the first day of term, some parents turn to the micro-loans available on MTN MoMo to pay a bill. This credit is fast but expensive, and a string of late payments can close off access to a cheaper bank loan.
Planned savings and susu
Many mothers contribute all year round with a susu collector or into a dedicated savings account to cover back-to-school costs. This discipline avoids taking a loan and makes later access to microcredit easier.
After senior high: university
When the child goes on to university, other schemes take over, notably the No-Fees-Stress policy and the SLTF student loan in Ghana, which partly replace family school borrowing for the years of tertiary study.
International schools in Accra billed in dollars
Some international schools in Accra bill in dollars or index their fees to the dollar. A family paid in cedis then bears the exchange risk, which the bank takes into account when calculating how much it will lend.
Measuring the strain on the family budget
Before borrowing, it helps to add up the fees for all three terms, supplies and transport. The guide to borrowing in Ghana helps compare options according to income, employer and bank, so the family chooses the cheapest route.
Elsewhere in the region
In Côte d'Ivoire, families face a single September school start and different costs, as described on the page about school loans in Côte d'Ivoire, where the WAEMU usury ceiling applies to all lenders.
Preparing back-to-school financing in Ghana
- List each child's costs for all three terms, including uniforms, supplies, transport and exam fees.
- Check what Free SHS covers and what remains the family's responsibility.
- Ask your credit union, bank or a savings and loans company about school fees loan offers.
- Provide the school invoice, your Ghana Card and the proof of income requested.
- Repay before the next term and start a dedicated savings plan for the following school start.
What weighs on the school budget in Ghana
| Expense | Usual financing | What makes it vary |
|---|---|---|
| Private school fees | Back-to-school loan, credit union | City, level, school reputation |
| Uniforms, trunk and chop box | Savings, susu, micro-loan | Number of children, boarding |
| BECE and WASSCE exam fees | Family savings | School or private candidate |
| International schools | Bank loan, foreign-currency savings | Dollar billing, exchange rate |
| Emergency MoMo micro-loan | Flat fees over a few weeks | Transaction history |
Documents for a school fees loan in Ghana
- Ghana Card of the borrowing parent
- School invoice or fee bill
- Payslips or business statements
- Bank statements or MoMo history
- Credit union membership passbook, where relevant
Back-to-school mistakes to avoid in Ghana
- Borrowing every term without repaying the previous loan, so school debts build up throughout the year.
- Paying a fake middleman who promises a guaranteed place at an elite public senior high school through the placement system.
- Relying on MoMo micro-loans for school fees every time, when a credit union would lend more cheaply.
- Forgetting costs beyond fees, such as transport and supplies, and having to borrow again in the middle of term.
- Signing a dollar-indexed loan for an international school without considering how the cedi may move.
Lenders to contact
- Zenith Bank Ghana: Commercial bank operating in Ghana with a dedicated SME banking offer including financing partnerships for small businesses.
- Students Loan Trust Fund (SLTF): Ghanaian student loan fund financing the studies of tertiary education students in Ghana for more than a decade.
Ghanaian parents' questions about school fees
Does Free SHS make senior high school completely free in Ghana?
The policy covers tuition, boarding and meals at public senior high schools. Parents still pay for uniforms, supplies, some boarding equipment and various contributions, which explains why some families still borrow at the start of the school year.
Do Ghanaian banks pay the school directly?
Some school fees loan offers pay the institution directly on presentation of the invoice. Others pay the money to the parent. Direct payment secures the use of the funds and reassures the lender about where the credit actually goes.
Is a credit union cheaper than a bank for school costs in Ghana?
Often, because it lends to members based on their savings and aims at mutual help rather than profit. You do, however, need to have been a member for some time and to have saved regularly to obtain a sufficient loan.
How can I avoid borrowing for school fees in Ghana?
A dedicated monthly savings plan, a susu or an account blocked until the start of term helps spread the cost over the year. Families also compare private schools with the public option, especially at senior high level covered by Free SHS.