Dr. Barfour Adjei-Barwuah, a former Ghanaian Ambassador to the United States, has recommended public institutions to implement new and effective techniques for administering schools without overburdening pupils.
His call comes as the government prepares to remove them from its subsidy.
According to him, institutions may collect finances to run through innovative projects rather than relying on students to pay large fees.
"If the government wants to wean off the universities, then the universities in that case will strive like universities elsewhere to get support from other sources," he said in an interview with JoyNews on the sidelines of the launch of the Worcester Polytechnic Institute's Applied STEM Project in Accra.
"Where are the other sources; business and industry?" And universities themselves would be adventurous in the sense that they would not overcharge anyone while yet allowing them to obtain a qualification.
"And most colleges are sustained by their alumni, who provide endowments and other forms of support. Universities will have to make decisions about which disciplines they can handle. Because those topics, even though they charge a lot, students know that when they walk out the door, they'll be able to pay this or whatever."
Dr. Barwuah, the Distinguished Statesman in Residence at Worcester Polytechnic Institute in the United States, said universities and government must figure out how to convince banks to cooperate.