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University of Education expands revenue base

THE University of Education, Winneba (UEW) has increased its revenue from GH¢25.7 million in 2007 to GH¢168.5 million in 2014.

The outgoing Vice Chancellor of the University, Professor Akwasi Asabere-Ameyaw, who stated this, said he was certain the university was the richest in the country.

Delivering his Valedictory Address in Winneba last Tuesday, Prof Asabere- Ameyaw said the total assets of the university also expanded from GH¢19.9 million in 2007 to GH¢129.3 million in 2014, representing a 550 per cent increase.

 

Thus, on the average, Prof. Ameyaw-Asabere indicated that the university had expanded by 31 per cent a year in terms of both revenue and assets.

Prof. Asabere-Ameyaw took over as Vice Chancellor of the university in 2007. He is expected to officially hand over to his successor, Prof Mawutor Avoke, whose tenure took effect on October 1, 2015.

 

Projected Increase

Prof. Asabere-Ameyaw said he was optimistic that total revenue and total assets would increase to GH¢211.4 million and GH¢130.2 million respectively in 2015.

That rapid expansion, he noted, was consistent with the university's commitment to strategically position itself to achieve its vision to become an internationally reputable institution for teacher education and research.

 

Government funding

Prof. Asabere-Ameyaw said the university's rapidly expanding revenue base had, however, been accompanied by a relative decreasing dependence on the government for funding.

For instance, he said, the percentage of government subventions and grants to total revenue was 46 per cent in 2014, compared to 59 per cent in 2007.

Thus, over the period, he stated, the percentage of internally generated funds (IGF) to total income had increased from 41 per cent to 54 per cent.

He said internally generated income from fees and other sources increased from GH¢10.6 million in 2007 to GH¢91.3 million, representing a 761 per cent increase, while external funding from the government and donors increased by 410 per cent from GH¢15.1 million in 2007 to GH¢77.1 million in 2014.

 

How this was achieved

Prof. Asabere-Ameyaw explained that the rapidly expanding revenue base and decreasing relative reliance on government funding had been achieved through increasing student enrolment as a result of the introduction of more demand-driven academic programmes.

Additionally, he said the university had been able to diversify income sources into profitable, non-traditional areas such as the establishment of a printing press, food and clothing production units and university farms.

He stated that in order to sustain the rapid expansion of the university, investment in physical infrastructure and equipment had been expanded by 467 per cent between 2007 and 2014.

“Investment in property, plant and equipment was GH¢ 11.6 million in 2007. This has increased to GH¢65.8 million by the end of 2014, representing an annual increment of 28 per cent.

“Over the same period, the value of our current assets increased from GH¢8.3 million to GH¢63.5 million, representing a 665 per cent increase” he noted.

Overall, the university's net worth increased from GH¢19.3 million in 2007 to GH¢126.1 million in 2014, representing a 553 per cent increase,” he said.

He said the university had systematically expanded academic programmes, saying now it had 11 faculties, with two schools and two institutes offering 92 undergraduate programmes and 98 postgraduate programmes.

 

Expansion in Distance Education

The number of distance education centres increased from 12 in 2007 to 28. There has been significant and consistent growth in distance education student numbers.

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