How pension funds can solve Ghana's university hostel crisis
Frederick Opoku, the Rent Commissioner, has been touring hostels across the country and raising concerns about the soaring cost of hostel accommodation, which ranges from GHC7,000 to GHC24,000 depending on occupancy rates. Student accommodation is increasingly becoming a national headache as tertiary admissions continue to rise alongside population growth and housing demand. At Wisconsin International University College, the hostel fee is pegged at GH¢3,000 per semester.
Pension fund assets jumped from GH¢61.8 billion in 2023 to a record GH¢86.23 billion in 2024, an increase of more than GH¢24 billion in just one year. It was stated that if only 10% of the GH¢86.23 billion pension assets, which is about GH¢8.6 billion were channeled into purpose-built student accommodation, Ghana could significantly ease the university hostel crisis. Private developers who dominate the student hostel market often justify the high charges with increasing construction costs, utility bills and demand pressures.
The government needs to establish a dedicated fund to support the construction of affordable hostels across universities in the country. Universities should prioritise the expansion of affordable on-campus accommodation. Government, university authorities and private hostel operators must work together to find sustainable solutions.
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Frederick Opoku is touring hostels and raising concerns about costs- student accommodation is becoming a national headache. Hostel fees are rising beyond the reach of ordinary families, affecting access to higher education.
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