President George Benson says the 1971 graduate helped jump-start the college's diversity efforts.
Ganaway died in January.
The Charleston native attended Benedict College, but a lack of money caused him to enlist in the Navy. After serving four years in Vietnam, he was admitted into the College of Charleston in 1968.
He went on to earn a master's degree in history from Duke University. He taught at Illinois State University and South Carolina State University.
He founded the College of Charleston's first Black Alumni Caucus.
The diversity center opened in 2010.