Funding of Tertiary Education in Ghana

Abstract

The issue of funding tertiary education continues to be a subject of enormous cardinality with an extreme importance which attracts immense attention from the government, school management authorities and all other stakeholders.Conversely, in both the developed and developing economies, the government plays a vital role when it comes to subsidising the tertiary education system. This article indicates that universities and other tertiary institutions in Ghana receive financial support and resources from the Internally Generated Fund, the GETFund, and local authority revenues. International organisations including the Ford Foundation, the World Bank, and the Benedal Foundation have also contributed to the successful development of Ghana's tertiary education system. According to current data, approximately 95% of the revenue of private tertiary education institutions in Ghana comes from tuition fees, while the remaining 5% comes from other external sources. In order for Ghana to grow its economy, the government need to invest more money in tertiary education. Knowledge provided by the tertiary education sector is useful to the entire nation and its economy. The survey conducted for this paper indicated that polytechnics and universities struggle to secure sufficient funds to handle the financial needs of these institutions. Moreover, the fall in government spending on tertiary education possess significant impact on salaries, other financial compensation, and perks of university employees, as well as the daily operations of these institutions.