Assessment of Gaps in Higher Education Financing in Ghana

Despite rising educational costs, governmental financing for higher education has decreased, especially in the developing world. This is attributable to a number of factors, including competition for public funds among various economic sectors, competition between higher education institutions and other sub-divisions of education, and the innovative rationale of modern public administrastion. These developments necessitate the pursuit of novel ways to financing higher education. This involves an examination of the financing of higher learning in various countries. To that end, the goal of this study was to evaluate current education finance in Ghana in order to point out the existing gaps in practice. The study used a comparative research methodology to compare and contrast developing worldwide best practices in higher education finance with present practices in Ghana. The findings of the study show that present means of higher learning finance are narrowly targeted. According to the findings, current financing mechanisms have problems that the funding model do not address. The paper concludes with policy and practical recommendations. Among other policy choices, governments and educational institutions should search for new potential funding sources for university education and align funding with country’s development needs and targets.