The President and Founder of Koforidua based All Nations University, Dr Samuel H. Donkor has hinted that tertiary education is the engine to economic growth.
According to him, tertiary education plays significant role in boosting economic growth and that government must be purposeful in supporting and steering its tertiary education systems.
He said that the support for higher education must be planned within the context of resource and budget constraints, adding that in the current economic conditions, cost sharing is a fundamental consideration in financing public tertiary education.
Dr Samuel H. Donkor suggested that some part of government funds must be allocated as a capital for funding student loans in order to move the nation forward in development rather than its current usage.
He again, explained money received from the taxpayers are being used to supplement the financing of tertiary education should be diverted to more economical and social amenities including healthcare, good roads and transportation system, and job creation projects.
“Loans for tertiary students must be accessible without any guarantor which the government has recently addressed. It should be accessible to every student in a chartered institution whether public or private without any exception and must also cover full tuition for programs being pursued in addition to living expenses” he stressed.
Speaking at the 20th anniversary of All Nation University, Dr Samuel Donkor averred that the brilliant idea of allocating a percentage of the Value Added Tax (VAT) for education should be applauded as it creates a revenue stream for funding education.
He cited “South African government and private companies’ bursaries that sponsor students who either excel academically or require funding for their tertiary education”. South African companies strive to help students achieve their dreams by covering the cost of attending tertiary institutions through educational loans”.
‘‘Instead of using an out like Student Loans Trust or any other government run establishment, the fund should be channeled through banks. Approved banks including rural banks and reputable loans providers should only be used,’’ said Dr Samuel Donkor elaborated.
He said that there is a need for the government to provide funding through the Ghana Education Trust Fund (GETFUND) to approved financial institutions at a reasonable interest rate, preferably not more than 5% per annum.
Dr Samuel Donkor said that a major repayment challenge has been curtailed as a result of the introduction of Ghana Card adding that linking passports to Ghana cards can also further curtail repayment issues.
He advised government to appreciate and welcome the contributions of private universities by scaling back on opening new public universities where a private university exists.
In allowing private universities to play a greater role in providing higher education, Dr Samuel Donkor said government would be relieved of this unsustainable burden which even some rich development nations don’t take upon themselves.
Source: Mybrytnewsroom.com/Solomon Nartey
