The study presents a comprehensive analysis of the multifaceted effects of foreign aid on higher education within the Ghanaian context. The primary objectives of the study encompass assessing the outcomes and challenges brought about by foreign aid in higher education. Through a meticulously designed methodology, the study delves into the intricate dynamics that define the relationship between foreign aid and educational development in Ghana. The sample size for the quantitative survey was determined using Cochran's formula, ensuring a robust representation of the education sector's diverse stakeholders. Respondents were categorized into distinct stakeholder groups, ensuring a comprehensive exploration of viewpoints and perspectives. By engaging 350 participants from various educational roles and backgrounds, the study through an Ordinary Least Square Regression model paints a holistic picture of foreign aid's influence on higher education in Ghana. More interestingly, the regression coefficients of 0.49, 0.57, and 0.56 relating to the influence of foreign aid on essential infrastructure, ICT in higher education, and girl-child education at higher levels, respectively, were positively significant at 0.03, 0.02, and 0.04 respectively, indicating the significance of the quest for foreign aid in ensuring the attainment of SDG 4. Altogether, this study contributes valuable insights into the dynamic relationship between foreign aid and higher education in Ghana, shedding light on both positive outcomes and potential challenges that characterize this vital aspect of educational development.