University of Ghana Business School (UGBS) Celebrates 44 th Management Week

UGBS CELEBRATES 44TH MANAGEMENT WEEK

The University of Ghana Business School (UGBS) recently celebrated its 44th Management Week under the theme, ‘Economic Resilience of Ghanaian Households and Businesses in the Era of Domestic Debt Exchange Programme (DDEP).’

The week-long celebration featured activities such as an Entrepreneurship Summit, a Senior High School tour, Exhibitions, Games and ended with a Thanksgiving service.

During the formal event marking the week, the Dean of UGBS, Prof. Justice N. Bawole, speaking on the theme, averred that, “the impact of households and businesses have not attracted the same consideration in academic and social discussions at the macro and governmental level, hence the choice of theme to help drive the conversation towards re-examining the impact of government’s Domestic Debt Exchange Programme.”

Providing a brief overview of the School’s achievements, Prof. Bawole disclosed that phase two of an iconic building project which is largely financed from  Internally Generated Funds, is 40% complete and will be commissioned early next year. 

He also mentioned ‘The Laptop Library Project’, which was launched to meet the needs of students, where they could borrow laptops for use, as part of School’s support for the Vice-Chancellor’s digitilisation initiative. 

He further reported that, to train students on the use of major accounting platforms, to facilitate an easy integration into the world of work, a computerised accounting software curriculum was launched, led by the Department of Accounting. 

Prof. Bawole thanked donors such as Dr. Ernest Ofori Sarpong, Founder of Special Investments Limited, Republic Bank and other private individuals, including students and teaching staff, for their support towards the Laptop library project.

He added that, through the support of Axis Pension, under the Young Scholar Programme, the School has paid tuition and accommodation fees, as well as granted scholarships to thirty needy but brilliant students. 

Prof. Bawole also revealed that, the Department of Accounting has received accreditation from the Ghana Tertiary Education Commission (GTEC), for four new MSc programmes that meet industry needs namely Tax Policy and Finance; Forensic Accounting and Fraud Examination; Public Financial Administration and Strategic Management Accounting. 

He encouraged Alumni in the health sector to enroll in its first fully virtual MSc programme in Clinical Leadership and Management at the Department of Health Services Management, which has also been accredited by GTEC.

Provost of the College of Humanities, Prof. Daniel Frimpong Ofori, who represented the Vice-Chancellor Prof. Nana Aba Appiah Amfo, emphasised the relevance of theme for the week, “as it is timely, to stimulate discussions on how best to tackle issues that have become a critical concern to all Ghanaians both directly and indirectly.”

 “In the past decade, the multitude of shocks that have hit the Ghanaian economy from the banking sector clean up, the COVID-19 pandemic, the Domestic Debt Restructuring Programme (DDEP) and the subsequent shrinking of the employment space, have shown an evolving need for a paradigm shift for business schools in Ghana, that are seeking to remain relevant to fashion out ways to probe issues facing us in a manner that allows to objectively identify challenges confronting Ghana in an open and dispassionate manner, so as to learn and make progress,” Prof. Ofori highlighted. 

He expressed anticipation that the School would create strong ties with world-renowned institutions to boost credibility, visibility and national recognition.

Guest Speaker Mr. Philip Amoateng, Director of Mobile Financial Services (Telecel Cash) and Digital Transformation at Telecel Ghana, in his speech, elaborated on how fintech can be used to enhance financial resilience for individuals, households and businesses in Ghana. He compared the previous ways of sending money to loved ones, sometimes through public transport, and the current era where money transfers have been made easier through the use of mobile money.

“The growth of mobile money and digital financial services between 2020 and 2021 show that the value of transactions grew about 58.5%. Registered users grew about 26% and active mobile account users grew 14.6% within a year,” he reported. 

Also serving as a Guest Speaker, Mr. Sam Osew Kwatia, Group Chief Finance Officer, Broad Spectrum Limited, shared short notes on how households and businesses can remain resilient, especially in the DDEP era. He spoke on the need for households and businesses to meet recurring expenditures such as utilities, health bills and reoccurring monthly obligations.

Panelists at the event, Prof. Vera Ogeh Fiador, Department of Finance, UGBS; Prof. Elikplimi Agbloyor, Department of Finance, UGBS and Prof. Robert Darko Osei, Economist and Dean, School of Graduate Studies, provided valuable insights into the DDEP and its effects on households and businesses.

They delved into the far-reaching effects of common challenges households and businesses face. They posited that a decline in the standard of living coupled with cash flow constraints has led to a negative impact on business investments. This periodic downturn they believe intensifies the situation as businesses struggle, leading to a reduction in employment and constrained tax revenue from individuals.

The experts pointed out that the Domestic Debt Exchange Programme (DDEP) further compounds these challenges by causing variations in foreign investments and instability in exchange rates, consequently increasing prices of goods and services. This, in turn, undermines investor confidence as businesses find it increasingly difficult to operate amidst exchange rate instability.

To address these issues, they proposed a proactive implementation of strategies outlined by the International Monetary Fund programme, focusing on strengthening resilience levels. 

The panel discussion was moderated by Dr. Lordina Amoah, a Development Finance Lecturer at UGBS.

Following the panel discussion was a QnA session. 

A minute of silence was observed for the late Mrs. Stella Dovlo, Former Executive Secretary/School Administrator and David Kpoti, Headman, for their hard work and diligence during their time of service at UGBS. 

Also present were staff, faculty and students of the School.