Education pays off
Private returns to education in Ghana – implications for investments in schooling and migration, Sackey,H. A., African Economic Research Consortium (2008)
This study examines private returns to schooling in Ghana over a seven-year period, and the implications for school investments and migration.
Overall the study finds that improvement in school attendance over the seven year period has been reflected particularly in terms of a more-educated pool of workers. In line with findings in the literature, the results show that earnings rise with higher levels of schooling. Irrespective of gender and year of analysis, the magnitude of impact rises with higher level of schooling and the statistical significance also becomes stronger.
Using data from the 1992 and 1999 Ghana living standards surveys and ordinary least squares technique, the study finds that the private returns to schooling at higher levels of education have increased for both female and male workers.
The study further highlights that education pays off, stating that the returns of additional years of education are rising. To the extent that schooling has beneficial externalities and other human capital effects, continuous investments in schooling by government cannot be downplayed.
In conclusion the study finds that in order to sustain the gains realised in educational attainment, lingering issues of gender equity need to be addressed by policy makers so that females are not left behind in the intergenerational race for improvements in quality of life.
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