Entrepreneur suggests options to fund tertiary education in Ghana

Creative options and opportunities to finance tertiary education are being proposed to guarantee every Ghanaian an opportunity to access public universities.

Ghanaian public universities have in recent times being struggling to respond to a rapidly changing environment amidst a tighter funding condition by regular sources.

Just as demand on the university system – both quality and quantity – is escalating, public funding for tertiary education in Ghana is declining.

But Coby Asmah, Chief Executive Officer of Type Company Limited, a leading printing and publishing company, is asking the universities to re-examine their missions and operations in search of new and expanding markets.

He was delivering a paper on 'Alternative Funding Sources for Universities, the role of the Alumni' at the Awards Day of the College of Art and Social Sciences at the Kwame Nkrumah University of Science and Technology.

Mr. Asmah believes “the university alumni can be a substantial source of funding for universities as proven by countries like the UK and Sweden where it funds more than 16 percent of university Research and Development”.

He says strategic approaches and professional fundraising structures are required to achieve the desired results, which demand the establishment of a good reputation and creation alliances among colleagues in strategic positions as well as creation of a social platform for regular interactions.

The Publisher however observed challenges which prevent alumni and other donors to raise funds to support university education include unfavorable tax system, which does not support relief or rebates for donors.

Mr. Asmah proposes the deployment of ICT systems to generate income for the universities as well as introduction of fees for quality education, adding the university community is a huge market which should be branded as a business development unit.

“We must take ownership of the entire university community – the university's strength is in the people. You want to have a hostel on campus, you don't have it for free because the market is developed for you already. I expect that the banks would also buy spaces on the buildings, that is income generation. I expect that they'll also adopt some of the halls, that is also income generation. When a bank takes your money as registration fee, they are not doing you a favour… you should go into negotiation with them and the one that brings the best proposition, you give it to them”, Mr. Asmah suggested.

Provost of the College of Art and Social Sciences, Prof. Dr.Dr. Daniel Buor, noted “quality education is suffering due to adequate financial resources to provide infrastructure and other facilities to facilitate teaching, learning and research”.

The college rewarded 22 individuals and organizations. A college journal was also launched at the event.

Story by Kofi Adu Domfeh