Abstract:
Higher education benefits both the individual recipient and the state. It equips the individual with skills, knowledge, abilities and capabilities which are necessary for raising one’s productivity and income levels. Higher education also benefits the state by contributing to the development of human resources and to the high rate of economic growth and standard of living that the society enjoys. Higher education further plays a role in eliminating poverty, reducing crime rate and ensuring national security. In the light of this, the government assumes responsibility for the provision of school services at the tertiary level and bears a greater contribution of the financing. But individuals also gain from tertiary education and probably, may be required to bear part of the cost of providing tertiary education. Though all the stakeholders seem to agree on the principle that the cost of providing tertiary education in the country must be shared, they appear to have varying views regarding the approach. Due to the low level of income and sharp income disparity, many of the people feel that the policy might not favour them. The fear is expressed that this may lead to the creation of a class society with its attendant political and economic consequences. All the stakeholders of tertiary education in the Central and Ashanti Regions were considered to be the population for the study. Precisely 60 tertiary students, 30 tax-payers and 20 employers from these two regions were randomly chosen as the population sample for the study. Questionnaire and interview guide were the instruments used in the study. The data collected were analysed using percentages. The key findings of the study include the observation that the majority of the in favour of the policy of cost-sharing but do not accept the notion that such a policy is favourable to all of them. The study further reveals that most stakeholders think that some students and parents may not be able to pay their quota of cost of higher education. As a result, the fear among the stakeholders is the Policy of Cost- Sharing may discourage poor potential students from pursuing tertiary education. A number of possible alternative sources for mobilizing additional finding for the provision of tertiary education in the country have been recommended. These include:
a. The private sector teaming up with the tertiary institutions to establish research oriented departments so that the business organizations can sponsor the activities and programmes of such departments.
b. The Universities and Polytechnics seeking arrangement with the private sector for meaningful work-study programmes or jobs for the students.
c. The universities themselves engageing seriously in profit oriented or revenue yielding ventures as a way of diversifying their sources of revenue.
The study recommends further area of research to improve the government policy of cost-sharing as a means of mobilizing funds for the financing of tertiary education. This can be done by replicating the study in any of the remaining eight regions in the country.
