EVALUATION OF STUDENTS SOURCES OF FINANCING HIGHER EDUCATION IN GHANA: A SURVEY OF TERTIARY INSTITUTIONS IN THE UPPER WEST REGION

Higher education is necessary for achieving the economic transformationof developing countries through human capital development. As a result, the government of Ghana has taken steps to finance tertiary level education in Ghana through a cost-sharing mechanism. However, poor students in deprived regions of Ghana still find it difficult in meeting the financial requirements of higher education. The objectives of this study are to: identify the sources of finance to students in higher education institutions, analyze the effectiveness of the sources of finance and the challenges students encounter in financing higher education. Primary data were collected from 153 students from the University for Development Studies and the Wa Polytechnic in the Upper West Region of Ghana. The data were collected using a questionnaire and analyzed using descriptive and chi-square statistics. It was discovered that students? main sources of financing their education include self-financing, single or both parents, relatives and scholarships. The effectiveness of these sources is mixed; implying that students have challenges relying exclusively on these sources. The main challenges identified include late payment of school fees, inability to meet basic needs in schools such as accommodation, food and study materials. The study concludes that students in the study institutions are vulnerable to higher education expenditures. It is recommended for the government through the GETFund to increase investment in higher educational institutions in the Upper West Region in the areas of infrastructure and scholarships to vulnerable students in the region.