He said the challenges facing private university colleges today were formidable, including attracting requisite number of students, the right mix of faculty and the mobilization of resources to support quality tertiary education.

Prof. Adei made the call at the Nobel International Business School (NiBS) maiden Executive MBA Cohort One class of 2019 graduation ceremony and conferment of Master of Applied Business Research and Postgraduate Certificate in Contemporary Management to its continuing students in Accra.

It was on the theme; "Transforming Africa Through Education".

He said over the next few years, there would be serious rationalisation, consolidation and transformation in private higher education landscape in Ghana adding, "But I have no doubt that their role will grow rather than diminish".

The Chairman said many colleges were caught in a vicious cycle of having to charge low fees between Gh¢ 4,000 and 6,000, while the real cost per student is at least Gh¢ 20,000.

These private colleges cannot increase their fees because the public colleges with all the government support they get, charge low fees, which were not reflective of the total cost of higher education.

 "The bottom line is that if you are in the private sector, the quality of education must be above doubt. People are always prepared to pay for quality".

"This is where I think NiBS is a trailblazer. It has what it takes to be a global business school," he said.

Prof. Adei noted that to acquire cutting edge knowledge and skills to provide business leadership in an increasingly competitive world, there was the need for quality leadership as exhibited by the President of the school.

He said this was important because "leadership is cause, everything else is effect".

He noted that Africa needed quality leaders in all spheres of its life to transform the continent.

"There is absolutely no reason for nations like Nigeria and Ghana to be poor but unfortunately majority of its people live in serious deprivation", he added.

Prof. Adei said the major reason for this set back was the lack of innovative, entrepreneurial and ethical leaders in politics, business, public services and traditional.

"I am therefore glad that NiBS is on its way to be that kind of institution in Ghana, and I wish you well," he said.

He urged the graduands to be ambassadors of NiBS by exhibiting excellent performances everywhere they found themselves.

He said Africa desperately needed ethical, innovative and entrepreneurial leaders to transform the continent in the shortest possible time and this required good character, competence and care.

Mr Henry Oroh, the Managing Director and Chief Executive Officer Zenith Bank Ghana Limited, urged government to invest in quality education as this would propel transformation in Africa particularly Ghana.

He said there must be a paradigm shift from the white colour to blue colour jobs and give room to creativity.

He urged the graduands to always autograph their works for future references.

Prof. Kwaku Atuahene Gima, the President and Executive Dean of NiBS, congratulated the Cohorts and urged them to think differently when everybody sees the same things regarding issues as this is the basis for innovation.