The University of Ghana Business School, UGBS, through the Department of Finance, held its 7th COBUSS series on the 10th of June, 2020 via Zoom. Speakers for the series were Dr. Lord Mensah, Financial Economist and a Senior Lecturer with the Department of Finance at UGBS, and Mrs. Elsie Addo Awadzi, the 2nd Deputy Governor at the Bank of Ghana. The discussion was centred on the topic, “Sustainable and Responsible Investment on the Road to Post Covid-19 Economic Recovery”. Professor Justice N. Bawole, the Dean of UGBS, was the facilitator for the programme.
Dr. Mensah began his presentation by stating some lessons from the past with guidelines on how economies have been growing by compromising the environment. He explained the reinforcement between economic growth and environmental risk. He further discussed some personal theories on sustainable and responsible investment being trade-offs. He entreated companies to make sure that their activities are economically viable, socially responsible, and environmentally sound. His presentation featured the way forward, emphasizing the need for policy makers to ensure that the post-pandemic economic stimulus packages factor in economic concerns regarding the potential rise in carbon emissions.
Speaking on the same topic, Mrs. Elsie Addo Awadzi focused on the global economic responses to the pandemic and more specifically Ghana’s own responses. She stated the impacts of the pandemic on the global economy, such as deterioration in financial market risk sentiment and disruptions to global economic activity through border closures. Mrs. Awadzi explained policy responses to the pandemic in the health sector and economic stabilization efforts, including aggressive policy rate cuts, balance sheet expansion and reduction in reserve requirements. She discussed Ghana’s key policy responses like the Government of Ghana’s fiscal package, including GHS600 million loans to MSMEs. She also discussed the Bank of Ghana’s policy and regulatory measures including the 1.50% interest rate cut in March 2020. She concluded by stating that the financial sector has a key role to play in this new normal to support a more innovative, inclusive, and robust post-Covid economic future.
The programme ended after an interactive Questions and Answers session.
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