Transnational Education (TNE) has often been used as a measure to support the economic sustainability of the institution of higher learning involved. But in recent times, TNE has become one of the important avenues for Higher Education Institutions (HEI) to improve their International Students Portfolios without bringing the students to the HEI host-country. But the bigger question is on the demand side of transnational education; what is pushing students in developing countries to enroll in Transnational Education (TNE) Programmes, modules or academic units? This research paper used the structural equation model to analyse a surveyed sample data drawn from a TNE active students' population of 2720 in Ghana; representing five universities in Ghana which had either an articulation or franchise TNE agreements with one or more of UK universities. The results showed a causation of both signaling and human capital development factors; however, a much stronger path relationship along the TNE Diploma acquisition, human capital development and high earnings. The research posits that the value of the TNE Diplomas in Ghana is in its ability to deliver the requisite knowledge, ability and skills to its graduates. Again, the results showed that the inherent "signals" of good education of which TNE arrangements provides, adds to its overall appeal.