Researchers Present Thesis at the 2nd Emerging Countries International Conference Hosted by University of Ghana Business School
As part of the 2nd Emerging Countries International Conference (ECIC) on Business, Finance, and Economics hosted by the University of Ghana Business School (UGBS) from 3rd to 5th December 2024, PhD candidates and researchers had the opportunity to present their research papers. Each presenter was assigned a discussant, who provided recommendations, corrections, and suggestions. The audience also critiqued the presented research papers, contributing to their improvement. Additionally, directions on publication, suitable references, and other valuable information were provided to enrich each participant's research project.
Mr. John Abdulai Jinapor’s a member of parliament for Yapei Kusawgu Constituency’s presentation was “Towards Achieving Energy Sufficiency in Sub-Saharan Africa: The Role of Financial Development and Information Communication Technology.” He spoke about the need to examine the relationship between financial development, ICT, and energy consumption in Sub-Saharan Africa. According to him, previous studies have focused on either total energy, renewable, or non-renewable energy consumption, and have used only a component of ICT, such as mobile subscribers. His study, however, used an ICT index from the African Development Bank and examined the moderating role of ICT on the relationship between financial development and energy consumption. Mr. Jinapor recommended that policymakers strengthen the financial sector to support energy-related projects, particularly renewable energy initiatives. He also emphasised the need for governments to prioritise ICT infrastructure investment and improve accessibility to promote energy financing and management. He concluded by stressing the importance of addressing the digital divide by ensuring equitable ICT infrastructure and financial services access.
Mr. Lawrence Madewu Atuna presented his research on “Nonlinear Dynamics in Energy Markets and Finance: Dynamic and Static Panel Threshold Perspectives” from the SD Dambo University of Business and Integrated Development Studies (UBIDS), under the supervision of Prof. Joshua Yindenaba Abor and Prof. Yakubu Awudu Sare. Mr. Atuna noted that the deregulation of energy markets suggests that promoting development is not solely dependent on capital accumulation, but rather on productivity improvements. He also emphasised that the reaction of an economy's productivity to market liberalisation is influenced by the state of the financial system and its ability to benefit from deregulation. He shared a threshold result highlighting the relationship between energy and financial inclusion. Based on his research, Mr. Atuna recommended that countries increase energy production by reducing energy intensity, implementing energy conservation projects, and outsourcing energy infrastructure. He also stressed on the importance of prioritising value addition, sustainability, and commercially viable energy supplies to sustain economic progress globally.
Ms. Nalati Baloyi from the University of Stellenbosch Business School presented her research on "Developmental Guarantees, Energy Investments, and Energy Reforms in Emerging Markets" under the supervision of Prof. Michael Graham. She highlighted that despite the surge in energy reforms over the years, there is an underutilisation of blended finance instruments, particularly developmental guarantees, in supporting energy infrastructure projects in emerging markets. According to Ms. Baloyi, geopolitical uncertainty and volatility in emerging markets hinder investment, making it essential to explore alternative financing mechanisms. She discussed the significant investment gap in energy infrastructure, citing the shortfall in Foreign Direct Investment (FDI) net inflows and climate finance flows. A key finding from her presentation was that the underutilisation of developmental guarantees for energy infrastructure is more pronounced in low-income countries. She noted that a large percentage of guarantees are allocated to upper-middle-income countries, leaving a significant financing gap for low-income countries.
Dr. Emmanuel Joel Aikins Abakah, Department of Finance, University of Ghana Business School, presented his research on "Cybersecurity Risk and Bank Risk-Taking." He began by highlighting the alarming surge in cybersecurity threats in the banking sector, which has coincided with rapid digitalisation and increasing online transactions. Dr. Abakah's study took a unique approach by investigating the impact of cybersecurity on bank risk-taking behaviour. He outlined the methodology used in his research, including the data and samples, empirical model, and baseline results. He also discussed the role of bank competition channels and presented key findings from his channel analysis. Additionally, he addressed the issue of endogeneity and outlined the approaches used to mitigate it. He concluded that bank risk-taking is significantly influenced by competition and goodwill and he further outlined valuable insights for policymakers and financial regulators.
Mr. Mohammed Armah from the Ghana Institute of Management and Public Administration (GIMPA) presented his research on "Macroeconomic Imbalances and Financial Stress among BRICS: Analysis of Frequency-Dependent and Asymmetric Causal Nexuses." His study, supervised by Prof. Ebenezer Bugri-Anarfo, Prof. Emmanuel Gyamfi Numapau, and Dr. Godfred Amewu, explores the interconnected roles of macro-financial imbalances in driving financial stability. Mr. Armah noted that the 2007 Global Financial Crisis (GFC) highlighted the importance of understanding early warning signs of financial distress and their macroeconomic consequences. He discussed the existing literature and theoretical models, outlining the research objectives and methodology used in his study. He presented his empirical results, which analysed financial stress episodes among BRICS countries. He concluded that policymakers should implement fiscal and monetary measures that prioritise sustainable economic growth while reducing reliance on debt and maintaining current account balance.
Dr. Benjamin Amoah presented his research on "Climate Finance and Carbon Dioxide Emissions in Sub-Saharan Africa: A Threshold Effect," co-authored with Prof. Edmund Kwablah, Prof. Jemima Abena Yakah Amoah, and Prof. Anthony Amoah. He noted that this study contributes to the empirical literature by assessing the validity of the environmental Kuznets curve (EKC) hypothesis in the context of climate finance and CO2 emissions in Sub-Saharan Africa (SSA). Dr. Amoah presented a comprehensive literature review, panel unit root test results, descriptive statistics, and models used in the study. He concluded that the study provides evidence to support the existence of the environmental Kuznets curve hypothesis, validating the inverted U-shaped EKC hypothesis. The study found that a sustained climate finance investment of $2 trillion over 43 years is required to achieve the threshold target and reduce CO2 emissions in SSA. He emphasised that climate finance is a crucial strategy for assisting SSA economies in transitioning to clean energy and reducing CO2 emissions without compromising economic growth.
Mr. Emmanuel Simon Mwang’onda, University of Stellenbosch Business School, South Africa presented the paper, ‘Sustainability practices and firm performance: Exploring the mediating role of carbon tax policy in South Africa’ co-authored by Lee-Ann Steenkamp, Marlize Terblanche-Smittime. The study explored the impact of sustainability practices on business performance in South Africa, focusing on carbon tax policy. He mentioned that while reducing emissions might improve reputation and attract investors, it could also increase costs, especially if the policy support is weak. He noted that South African firms have not fully embraced sustainability practices, largely due to insufficient policy enforcement. He suggested stronger corporate governance and a more strategic carbon tax policy to encourage sustainability practices across industries. He also recommended that policymakers implement stricter policies for non-compliance, ensuring that high emissions from firms are effectively penalised.
Mr. Patrick Owusu, University of Ghana Business School, talked about the paper ‘Determinants of Artificial Intelligence Readiness: An International Evidence’ co-authored by Prof. Elipklimi Agbloyor, Dr. Emmanuel J.A. Abakah, Lei Pan’. Mr. Owusu mentioned that AI is one of the driving forces for the world’s economic advancement. He stated that a country that wants to develop cannot underestimate the use of Artificial Intelligence (AI) as it can save economies by automating administrative activities. Mr. Owusu noted that achieving AI readiness requires significant investment in technological infrastructure skilled labour and effective government regulations. He pointed out that employment, gross domestic product (GDP) and exchange rate are the major determinants of AI adoption hence, policymakers should leverage macroeconomic factors to maximize AI’s potential for national development.
Mr. Moses Dumayiri, SD Dombo University of Business and Integrated Development Studies, Ghana, presented on ‘Ghana Policy Uncertainty and G20 Equity Markets Volatility: A Time-Varying Perspective’ co-authored by Imhotep Paul Alagidede, Yakubu Awudu Sare. He stated that the G20 forum is a group of the world’s most powerful economies, representing 82% of global GDP, 72% of international trade, and two-thirds of the world population. Mr. Dumayiri noted that there is a lack of G20-specific economic policy uncertainty (EPU) indices to analyse the dynamics of its member economies despite their significant influence. He pointed out that existing global EPU indices fail to capture the unique dynamics of G20 economies, necessitating the development of a G20-specific EPU index. He stated that the study introduced a new G20-specific EPU index tailored to the G20, excluding Saudi Arabia due to unavailable data and Indonesia for insufficient data length. Employing a time-varying granular causality framework, he showed that policy uncertainty affects stock markets differently during times of high and low uncertainty.
Dr. Mpho Magau. University of Stellenbosch, South Africa, discussed ‘the role of HR expertise in the board room towards achieving the 2030 Sustainable Development Goals (SDGs)’. He made known that this study is the first attempt of its kind in South Africa, and despite the importance of Human Resource (HR) expertise, the study found no significant mediation effect between Human Resource Practices and market value, showing that lack of HR expertise in the boardroom could affect organisations’ achievement of the SDGs. He stated that most board of directors have expertise in accounting, finance and law with minimal people management competencies. He suggested that businesses should prioritize HR professionals with the requisite competencies in boardrooms to participate in key corporate governance decision-making processes for achieving the SDGs and driving sustainable corporate success.
Prof. Gregory Lee, Wits Business School, South Africa, presented on the research topic an exploration of the influence of leadership style on organisational maturity. He stated that the study highlights how organisations can navigate digital transformation and adapt to unique challenges in emerging markets like South Africa. Prof. Lee emphasised that digital maturity is critical for South African businesses aiming to stay competitive in a technology-driven world. He stated that businesses must develop an understanding of market trends and customer needs, adapt organizational structures and strategies and explore innovative solutions. Prof. Lee suggested that South African businesses must prioritize building tailored strategies to achieve sustainable digital maturity by addressing internal weaknesses and leveraging external opportunities.
Mr. Michael Kyei-Frimpong, University of Ghana Business School, discussed the paper ‘Leading the Charge; Entrepreneurial Leadership’s Role in Fostering Innovative Behaviour in the Hotel Industry’ co-authored by Dr. Majoreen Amankwah. He pointed out that hotel managers seeking to enhance service quality and adapt to changing customer expectations should consider an entrepreneurial leadership approach that is not only autonomous but promotes knowledge sharing. Mr. Kyei-Frimpong noted that as customer experiences are central to organisational success, the leadership approach should allow employee flexibility in service interaction to personalise customer experiences. He recommended that management should encourage decision-making at the employee level and provide the needed support to explore creative solutions.
Mr. Boison Angmortey Angmosi, a PhD candidate at the University of Ghana Business School (UGBS), presented his research on "Dependence of Technological Assets with Thinly Traded Emerging Equity Markets" at the ECIC 2024 conference. Under the supervision of A.Q.Q Aboagye, C. Andoh, and G. Amewu, Mr. Angmosi's study investigated the relationship between five African equity markets and five tech assets, using returns adjusted for thin trading. Key findings included the intensification of interconnectedness among the assets during periods of economic uncertainty, significant differences in return and volatility connectedness, and the growing importance of technology and cryptocurrencies since the COVID-19 pandemic. Notably, Bitcoin (BTC) was the only exception to the general trend, while GTEC and BTC showed increased return degrees since the pandemic.
Mr. Dennis Venunye Hehetror from the University of Ghana Business School presented a study on "Impact of Artificial Intelligence and Green Finance on Green Economic Growth: Empirical Evidence from Sub-Saharan Africa", co-authored with Patrick Owusu. He delved into the methodology, data sources, diagnostic checks, descriptive statistics, and correlation results. Mr. Hehetror explained that the integration of Artificial Intelligence (AI) accelerates modernisation in sustainable procedures, increases resource use efficiency, and enhances decision-making, ultimately influencing Green Economic Growth (GEG). Key findings from his presentation included AI’s ability to promote environmental sustainability, effective resource management, contributing to green growth in sub-Saharan Africa. Key insights from the presentation also highlighted that AI, trade, and institutional quality positively influence green economic growth, while green finance and employment require strategic adjustments.
Ms. Betty Tuhaise, a PhD candidate and Codesria Mentee, presented a study on "Bond Market Development and Government Effectiveness in Africa". She delved into the benefits of bond market development, including its role as an economic buffer, a growth driver for bond markets, and an alternative source of investment and finance. Ms. Tuhaise also explored the structure of bonds and the importance of government effectiveness in developing bond markets. Key recommendations from her study included the need for African countries to benchmark with Seychelles and Mauritius in improving government effectiveness. Additionally, she emphasised the importance of considering bond market development as a viable source for infrastructure financing. Ms. Tuhaise's study employed a positivist approach, using quantitative methods and secondary data. She also highlighted the need for further studies on the topic particularly in exploring the relationship between portfolio investment bonds and government effectiveness.
Mr. Enock Yeboah-Mensah presented a study on "Generative AI and Banking Sector Competition in Ghana: Is there a Competitive Advantage?", co-authored with Mr. Philip Elikplim Agomor UGBS. Mr. Yeboah-Mensah highlighted how Generative Artificial Intelligence (AI) has revolutionised the banking industry worldwide, enhancing competitive positioning through improved customer service, operational efficiency, and fraud detection. He emphasised that positioning AI as a long-term strategic asset can support Ghana's broader financial stability and growth. The research explored both the benefits and challenges of AI adoption, providing valuable insights for policymakers, industry leaders, and stakeholders. Mr. Yeboah-Mensah discussed the impact of AI on operational efficiency and cost reduction, noting that while AI is beneficial, its advantages are easily imitable by competitors, making it challenging to sustain a competitive edge. The research also identified significant barriers to AI adoption, including financial constraints, skill gaps, change management issues, cybersecurity risks, and regulatory challenges.
Mr. Akwasi Adom-Dankwa presented a research paper on "Sovereign Bond Yield and Cryptocurrency Returns within the Frontier West African Monetary Zone: A Dynamic Contagion Analysis", under the supervision of Prof. Francis Atsu, Prof. Emmanuel Numapau Gyamfi, Dr. Godfred Amewu, and Prof. Kenneth Ofori-Boateng. Mr. Adom-Dankwa's study analysed the contagion between cryptocurrency returns and sovereign bond yields in frontier West African Monetary Zone economies, considering the unique macroeconomic challenges faced by some countries. He concluded that fluctuations in securities prices can reflect investors' volatilities and reactions to market conditions. Key findings from the study highlighted the importance of portfolio rebalancing and risk diversification dynamics. The research also revealed a correlation between cryptocurrencies and bonds, supporting the evaluation of the hedging role of cryptocurrencies in providing a haven during market turbulence.
Ms. Isafun Senam Amematekpoi from Miewoge, Ghana, presented a study on "Following the Money Trail: Assessment of the Risk-Based Approach in GIABA Member States". The primary objective of her research is to explore the multidimensional aspects of risk management in detecting, preventing, and disrupting financial crime in GIABA member states. Ms. Amematekpoi noted that at the institutional level, the findings will inform risk assessment and treatment measures adopted by accountable institutions. Furthermore, her study aims to contribute to scholarly discourse on money laundering and illicit financial flows, providing valuable insights for anti-financial crime professionals. As a work-in-progress, Ms. Amematekpoi presented her paper to solicit feedback and guidance on how to further develop the research. She noted that the study has the potential to make a significant impact in the fight against financial crime in West Africa.
Prof. Charles Adjasi, Acting Director of Stellenbosch Business School, South Africa presented on “Mobile Money and Commodity Cross-Border Trade: Eastern and Southern Africa” co-authored by Professor; Paul Gbahabo, Elikplimi Agbloyor, Anthony Kyereboah-Coleman, Micheal Graham and Joshua Abor highlighting how mobile money trade has improved over the years in the Eastern and Southern Africa. He noted that the number of active mobile money accounts promotes cross-border trades, however, the value of mobile money transactions is bad for cross-border trade. Prof. Agyasi stated that the value of money doesn’t promote cross-border trade, but rather the activities drive the efficiency in the mobile money payment sector and make it less costly. Also, Prof. Adjasi, presented on “Africa Direct Investment (ADI): Trends, Growth, Trade and Structural Transformation Linkages” co-authored by Kanayo Awuni, Emmanuel N’Guessan, Paul Wagiba, Francis Nwafee and Marylse Sossou. He stated that ADI aims at becoming the most comprehensive approach to measuring and tracking intra-African investment. He however pointed out that there are large data gaps and called for investment into data on intra-Africa investment. He pointed out that East Africa obtained the most ADI followed by Southern Africa. He concluded that the study showed a recognisable part of the total Foreign Direct Investment (FDI) in Africa originates from Africa and ADI computed for 43 African countries from 2017-2020 amounted to 44.1 billion dollars. He mentioned that small states and states in conflict which would mostly attract less FDI from outside of Africa benefit from ADI.
Dr. Mpho Dennis Magau, Senior Lecturer at Stellenbosch University, presented “Toward the development of an assessment to measure human capital sustainability disclosure”. The research objective was to investigate how Human Capital metrics are embedded in the Global Reporting Initiative standards and to also develop an assessment instrument to measure human capital sustainability disclosure in the annual reports using the South Africa Board People Practices (SABPP) Human Resource reporting framework. Dr. Magau noted that this framework would help avoid duplication and omission of information needed to enable investor decision-making in sustainability improvement. He mentioned that this framework can be used in future research to test the effect of Human Capital Disclosure on business performance.
Dr. Emmanuel Quaye, Lecture at University of Witwatersrand, Wits Business School presented on “Mobile Marketing Adoption”. The research states the benefits of mobile marketing because of its easy accessibility for sales growth and customer reach. He stated that mobile marketing is less costly compared to the traditional way of marketing (TV, radio, newspaper). The result of the research showed that the adoption of mobile marketing increases customer reach, and brand awareness. He stated that Small and Medium Enterprises (SMEs) managers should exploit the advantages of mobile marketing to improve the visibility of their brands.
Prof. Gregory Lee, a professor at Wits Business School, South Africa, presented on “Computer says no: Investigating recovery strategies after Chatbot failure” co-authored by Claudette Greaves. He stated that an app was created to help four top banks. The study employed expectation-confirmation theory, equity theory and justice theory. Surveys were administered to bank customers to determine those who use the bank’s chatbot and what caused the failure. A different app was created, which helped the four banks. He noted that chatbot recovery strategies are crucial.
Ms. Sandra Twumaa Larbi, University of Ghana Business School, presented on “Strategic Management Accounting (SMA) Practices of Hospitals: A Case Study of a Private Hospital in Ghana” co-authored by Dr. Teddy Ossei Kwakye and Dr. Mawuena Akosua Cudjoe. She stated that the impact of SMA in the healthcare industry is relatively under-researched from the perspective of a developing economy. It was found that there were some forms of SMA adoption in the Ghanaian private healthcare sector, and the firms implementing SMA techniques often face challenges too.
Mrs. Kudzai Chitun, Stellenbosch University, South Africa, presented on “Mapping Corruption in Zimbabwe: Analysing Types, Activities, Sector and Geographic Disparities” co-authored by Prof. P. Pillay and Dr. M. Saruchera. She stated that corruption in Zimbabwe is endemic and affecting society and government. She noted that the research revealed that the media is being used for propaganda instead of exposing corrupt acts of the government. She further mentioned that the newspaper is the only media that reports the corrupt acts in the country because most are owned by non-governmental institutions. She concluded that the highest form of corruption is noticed in the local authorities and the agriculture sector according to the research. She recommended that the Zimbabwean government should fund investigative journalism and also enhance transparency in public-private partnerships.
Mr. Zubeiru Salifu presented a study on "Climate Finance, Financial Inclusion, and Inclusive Growth in Sub-Saharan Africa (SSA)", co-authored with Prof. Joshua Y. Abor and Dr. Godfred Amewu. The research investigated the relationships between climate finance (CLF), financial inclusion (FIN), and financial development (FND) in 28 sub-Saharan African countries from 2012 to 2022. The study employed Johansen cointegration, panel VECM, and Granger causality tests to examine the causal links between CLF, FIN, and FND. The findings revealed a long-run relationship between the three variables, suggesting that policies aimed at boosting CLF can stimulate FND and FIN. Mr. Salifu emphasised that climate finance is crucial for mitigating, adapting, and building resilience to climate change in SSA. He noted that Africa requires an estimated $13 trillion to $1.6 trillion annually to address the climate emergency. Key recommendations from the study included investing in mobile telephone infrastructure to expand access to climate finance services, leveraging mobile technology to design and deliver inclusive climate financial services, and utilising concessional and blended finance solutions to attract private capital for climate action.
Prof. Beatrice D Simo-Kengne from the University of Johannesburg, South Africa, presented a study on "Legal Origin and Bank Lending Behaviour in Developing Countries: The Mediating Role of Revenue Diversification", co-authored by Simon Kamau. Prof. Simo-Kengne highlighted the significance of a country's legal origin, either English common law or French civil law, in shaping its legal environment and influencing bank lending behaviour. She noted that while common law is often associated with stronger creditor protection and better-developed financial markets, recent studies have challenged this notion, suggesting that common law countries may not necessarily offer better protection to creditors. The study aimed to investigate the mechanism through which legal origin affects bank lending behaviour, with focus on the mediating role of revenue diversification. Prof. Simo-Kengne presented three research hypotheses: first, that legal origin influences revenue diversification, which in turn affects bank lending behaviour; second, that banks operating in countries with a common law legal origin exhibit lower rates of loan growth compared to those in countries with a civil law legal origin; and third, that the mediating effect of diversification on the relationship between legal origin and bank lending behaviour varies across regions.
Mr. Nene Lartey Addico from the Ghana Institute of Management and Public Administration presented a study on "Sub-Saharan Africa Public Debt and the Well-Being of its People Relative to Other Country Income Groups", co-authored by Prof. Kwami Adanu, Dr. Godfred Amewu, and Prof. Francis Atsu. The study's objectives were in twofolds: first, to investigate the relationship between Sub-Saharan Africa (SSA) public debt and its people's well-being, as measured by the Human Development Index (HDI); and second, to compare the association between public debt and well-being in SSA to other country income groups, including high-income countries (HICs), middle-income countries (MICs), lower-middle-income countries (LMICs), and low-income countries (LICs). The study hypothesised that there would be a relationship between SSA public debt and well-being, due to corruption, which has a relationship with debt-to-GDP and HDI separately. The study's results showed that when HDI has negative effects on debt-to-GDP, the results for SSA were like those for HICs, MICs, and LMICs. However, the SSA result was not statistically significant, possibly because of externalities such as foreign aid.
Dr. Baah Aye Kusi, presented a study on "Do SEZ Firm Dynamics Matter for Social and Environmental Sustainability Performance? Evidence from an African Emerging Economy". The study was co-authored by Prof. Robert Darko Osei, and Mr. Charles Godfred Achah, UG. Their research mainly aimed to assess how Special Economic Zone (SEZ) dynamics influence social and environmental sustainability in Ghana, an emerging African economy. The study's key findings revealed that most firms engage in sustainability activities, with 71% focusing on social sustainability and 61.9% on environmental sustainability. The research also showed that firms with SEZ attributes, such as SEZ registration and operation within SEZ enclaves, tend to promote social and environmental sustainability performance. Notably, the study found that SEZ-registered firms operating inside SEZ enclaves (SEZin) have a stronger and more consistent positive effect on social sustainability performance.
Prof. Charles Adjasi from Stellenbosch Business School presented a study on "Cross-Border Trade and Economic Welfare: The Case of Eastern and Southern Africa", co-authored with professor; P. Gbaheba, E. Agbloyor, A. Kverekoah-Coleman, M. Graham, and J. Abor. Prof. Adjasi highlighted the importance of commodity cross-border trade (CBT) in African rural communities, contributing to job creation, poverty alleviation, and food security. However, he noted that the role of CBT in economic welfare remains a subject of debate, with critics arguing that it undermines national fiscal health. To address this knowledge gap, the study utilised the FEWS NET dataset on cross-border trade in Eastern and Southern Africa, combining it with per capita GDP data to test the effect of cross-border trade on welfare. The results showed that at the country level, CBT adversely impacts welfare, while the border-level results vary significantly. The study employed a gravity-type model with fixed effects to estimate the relationship between cross-border trade and welfare. Each regression was weighted with the population of origin countries.
Mr. Daniel Owusu Amponsah from the University of Ghana Business School presented on “Does Country-Specific Conditions Matter in the Financial Inclusion and Green Growth Nexus in Sub-Saharan Africa?”. The supervisors were Prof. Godfred Bokpin and Prof. Patrick Asuming. The study’s objective was to investigate whether country-specific characteristics can explain the mixed findings in the financial inclusion and green growth nexus. The study finds that while financial inclusion boosts green growth in Sub-Saharan Africa, institutional quality can significantly influence how financial inclusion affects green growth. The study recommended that policymakers should simplify environmental regulations, strengthen green policy implementation, and industry players should commit to net-zero emissions.
