Sources of Funding for Higher Education in Ghana

Abstract

Funding is a very significant issue which plays a crucial role in higher education. The government is considered to play a central role in the funding of the higher education system in both the developed world and the developing world. This study points out that universities and other tertiary institutions in Ghana obtain financial resources from the Internal Generated Fund, GETFund revenue and local authority revenue. International organisations such as the Ford Foundation, the World Bank, and the Benedal Foundation also have contributed their quota towards the successful building of higher education in Ghana. According to the study, the private higher education providers in Ghana received approximately 95% of their revenue from tuition fees and only 5% is obtained from other external sources. If Ghana is to strengthen its economy then there is the need for the government to put more financial resources into higher education. The higher education sector provides knowledge that is beneficial to the entire nation and its economy. The study found that polytechnics and the universities struggle to obtain enough resources to manage the affairs of the institution. The decline of government expenditure towards higher has especially influenced the payment of university workers.