Universities must innovate to strengthen financial sustainability – Dr. Apaak

Deputy Minister for Education, Dr. Clement Abas Apaak, has urged Ghanaian universities to diversify their sources of funding by commercialising research, expanding consultancy services and developing entrepreneurial ventures.

Speaking on behalf of Vice President Prof. Jane Naana Opoku-Agyemang at the maiden Ghana Higher Education Summit at the University of Ghana on Wednesday, August 26, Dr. Apaak said universities must find innovative ways to complement public funding as their financial needs continue to grow.

He called for stronger partnerships between universities and industry, alumni, development partners and philanthropic organisations to create sustainable funding opportunities.

“Universities themselves must continue to innovate — commercialising research, expanding executive education, strengthening consultancy services, and developing entrepreneurial ventures that complement public funding,” he said.

Dr. Apaak said industry should view universities as partners in innovation and workforce development, while alumni should regard contributions to their former institutions as investments in future generations.

He also encouraged philanthropic organisations to support universities through endowments, scholarships and endowed research chairs, with development partners continuing to contribute to research and capacity building.

However, he cautioned that the pursuit of financial sustainability should not come at the expense of access and inclusion in higher education.

“As we strengthen financial sustainability, we must never lose sight of inclusivity,” he said.

Dr. Apaak stressed that every capable Ghanaian, regardless of background, should have the opportunity to access quality higher education.

He said the decisions Ghana makes today on how universities are financed would have long-term implications for the country’s development and the ability of its institutions to drive innovation and produce skilled human capital.