The paper utilized a document analysis technique and qualitative interviews to provide a comprehensive understanding of the "Free SHS" policy in Ghana, which remains illusory to many Ghanaian students. First, a preliminary study which involved analysis of prior literature (n = 12) on the policy was conducted. Interviews involving ten teachers from Ghana National Association of Teachers (GNAT), and five private school teachers were conducted to validate the findings from the preliminary study. Existing literature on other African countries such as Uganda, Kenya, Malawi, and Ethiopia was used to draw up policy lessons for decision-makers in education. The policy process cycle served as a framework to analyze the different dimensions of the policy. Similar results were observed from the two phases of the study. Implementers of the policy focused more on the program and political dimensions of policy with less emphasis on the process dimension. At the agenda setting stage, no clear problem was identified while at the policy formulation stage, there were no other alternatives to canvass from. It was observed that lack of adequate funds, limited textbooks, inadequate infrastructure, and doubts about educational quality were some of the challenges in the aftermath of policy implementation. Policy implications are also discussed in the study. It is recommended that policymakers partner with the private sector, NGOs, and international bodies, reform the school curriculum to improve learning outcomes, reduce repetition rates in school, create room for more teachers to be trained, and prepare graduates equipped to enter the labor market.