Strategic Cost Management Practices and Performance of Ghanaian Public Higher Education Institutions

Abstract

Higher education in Ghana struggles with transparency and reliability in cost determination, especially in public higher education institutions (PHEIs). Existing cost accounting methods tailored to funding and regulatory compliance often fall short in capturing all measurable outputs and lack the standardised reporting frameworks seen in developed countries. This article examines current strategic cost management practices in Ghanaian PHEIs, drawing data from the Ghana Ministry of Education, academic databases, and reports from the World Bank and UNESCO Institute for Statistics. The findings reveal the need for the country’s PHEIs to adopt transparent financial reporting and improve cost structures. Innovative cost management practices and a culture of fiscal prudence are necessary to ensure financial sustainability and operational efficiency. Policy interventions are recommended to develop a unified, international best practice-aligned cost accounting framework for all PHEIs in Ghana.