GCR is of the view that the domestic education sector reflects lower than average cyclicality. However, the government’s role in ensuring a certain level of access to basic education for the population does limit the pricing flexibility of private schools.
extract......."In the context of the greater education system, demand for affordable quality schooling remains sound. With government spend constrained by several factors, education infrastructure development has not kept up with population growth. In this regard, the number of public schools in the country has declined to 23,289, from over 24,000 in 2013, despite an increase in student population to 12.32 million in 2018 (2013: 11.98 million). Over the same period, the number of private schools has increased 18% to 1,865 in 2018, supportive of the low learner-to-educator ratio of 15, compared to an average of over 31 in public schools."