Boost private tertiary sector - Osei-Owusu appeals as Pianim flags economic risks

At the 2025 congregation of Gold Coast University, key speakers emphasised the importance of supporting private education, fostering youth entrepreneurship, and addressing Ghana’s economic challenges.

The event, held under the theme “Ghana’s Economy: At the Crossroads or on the Right Path?”, brought together policymakers, academics, and economic experts to discuss pathways for national growth.

Joseph Osei-Owusu, former First Deputy Speaker of Parliament and member of the Governing Council of Gold Coast University, called for stronger support for private educational institutions and human resource development.

He stressed that Ghana’s progress depends on cultivating a well-trained, forward-thinking population, emphasising the critical role of “the training of the mind” in national development.

“Just as government supports private traders, similar or even greater support should be extended to private investors in education,” he said.

Osei-Owusu suggested that the Ghana Education Trust Fund (GETFund) provide affordable loans to private universities to help expand infrastructure, improve capacity, and accommodate growing demand for higher education.

He noted that while public universities are increasingly partnering with private institutions to offer programs, there remains insufficient space and resources to admit all qualified students or attract top teaching talent.

Many private programs cater to working professionals, which presents both challenges and opportunities. The flexibility of these programs, he said, should encourage students and institutions to contribute actively toward their own training.

Linking his remarks to the congregation’s theme, Osei-Owusu highlighted the broader role of government policies, including tax reductions and investment incentives, as tools designed to support private initiative, productivity, and employment.

He urged graduates to rethink their expectations of employment, stressing that a certificate alone does not guarantee a job.

“Use your training and creativity to identify opportunities, start businesses, and expand your economic base,” he advised, challenging young Ghanaians to adopt a more entrepreneurial mindset in contrast to foreigners who often seize local business opportunities.

He further lamented the decline in national values but expressed confidence that graduates trained with strong moral and Christian principles could help restore integrity and quality service across both public and private sectors.

Kwame Pianim, Ghanaian business economist and investment consultant, offered a sobering assessment of Ghana’s current economic trajectory. Speaking as the guest speaker, he compared today’s situation to conditions experienced over two decades ago, emphasising the urgent need for structural reforms and renewed commitment to stability.

“People used to ask, ‘Can you eat macroeconomic stability?’ but today we eat it every day through inflation,” he remarked, highlighting the tangible impact of economic mismanagement on households across the country.

Pianim warned that despite years of progress, Ghana appears to have reverted to economic challenges reminiscent of 25 years ago, citing rising inflation, increasing costs of living, and declining investor confidence.

He emphasised the need for a new wave of change management, similar to reforms enacted during Ghana’s transition from a controlled to a market-driven economy.

“We have been running from those communist-era reforms for too long. Change management is needed now more than ever,” he said, urging policymakers to act decisively to restore stability, rebuild confidence, and guide Ghana toward a sustainable economic path", he emphasised.