Opportunity International Savings and Loans Limited, (OISL) has recorded an impressive financial support to Education in Ghana.
The company has given to the education sector a tune of GHc20.69 million in the past eight years.
Data received from the company shows that it has disbursed a total amount of GHc20.69 million to the education sector in various ways.
GHc16.06 million was disbursed directly to improve private schools, GHc2.41 million to pay primary and secondary school fees and GHc2.22 million to pay tertiary school fees. A total of 441 schools, 2,302 pupils from the primary and secondary schools and 945 students from tertiary institutions have benefitted from Opportunity International’s education loans.
OISL believes strongly that providing education is of paramount importance because lack of education is directly linked to poverty. According to Mr. Kwame Owusu-Boateng, CEO of OISL, “given the level of literacy in the country, Opportunity International finds it necessary to fund the education sector in its bid to reduce poverty and improve access to employment.
Literacy rate in Ghana is 71.5% which implies 28.5% of the population aged 15 and over cannot read and write.”
Mr. Owusu-Boateng further stated that “Opportunity International is helping alleviate the barriers to education through funding and capacity building to the schools, students and teachers.”
Global Head of Education Finance at Opportunity International, Mr Nathan Byrd stated “As the public sector in sub-Saharan Africa and other regions continue to struggle with funding for expanding and improving education, the private sector offers a clear, effective sustainable solution: “The Opportunity International’s Model.”
This model is enabling locally owned private schools to help low-wage earners educate their families and transform their lives through affordable education. It is also stimulating the economy in a direct and effective way and acting as a critical catalyst to improving literacy rates whilst breaking the cycle of poverty.”
The company currently has an outstanding loan portfolio of GHc 6,592,436 with 1,273 clients. This is made up of GHc 5,574,039 loans with 234 private school proprietors, GHc 341,688 with 478 pupils and students of primary and secondary schools and GHc 676,710 with 561 tertiary students. The company provided special training to school proprietors and teachers to upgrade their skills in various ways. Since its inception, 1,145 school staff had received training in 15 different training programmes. This was done through the support of other partners who have the capacity to provide the Training with support for Opportunity International.
Altogether, a total of 246,444 children have been impacted from Opportunity International’s education lending programme.
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Credit: Opportunity Internation