UGBS International Relations Office Hosts ABS EMBA Expedition to UGBS
The University of Ghana Business School (UGBS) International Relations Office has hosted the Mohammed V1 Polytechnic (UM6P) Africa Business School (ABS) EMBA Expedition to UGBS from 17 to 20 February 2025. The programme was co-developed by UGBS and ABS. The programme, which took place at the Graduate School, was to broaden ABS EMBA students' understanding of business in the African context while enhancing their intercultural competencies in the global business environment.
Prof. Elikplimi Komla Agbloyor, Coordinator for the International Relations and Accreditation at UGBS, welcomed participants and provided an overview of the programme. He also provided a brief history of Ghana and its culture. Prof. Justice Bawole, Dean of UGBS, provided a background of the school, mentioning that UGBS is at the forefront of supporting the growth of the next business managers who will shape the African continent. He noted that everyone has a responsibility for the young people of Africa. Prof. Bawole hoped this would become an annual event to foster global partnerships and knowledge exchange.
Laidi Tarik, Managing Director of OCP Africa Ghana, spoke about OCP Africa's contribution to improving sustainable agricultural productivity in Ghana through its fertiliser production and distribution, training, and farmer support programmes. Representing African Business School, Prof. Kofi Osei-Frimpong, Department of Marketing, expressed his appreciation and excitement to collaborate with UGBS to facilitate knowledge sharing and cultural exchange among participants and contribute to Africa's development.
During a panel discussion on Ghana’s socio-political and economic landscape, coordinated by Prof. Agbloyor, Dr. Kafui Tsekpo, Political Scientist at the University of Ghana pointed out that countries that have sought assistance from the International Monetary Fund (IMF) and World Bank have gone through Structural Adjustment Programmes socially, economically, and democratically has not led to the needed qualitative improvement in the lives of Africans. He emphasised that Africa must be interested in Africa-led ideas that resonate with us to gravitate toward meaningful development.
Dr. Baah Aye Kusi, Senior Lecturer, Department of Finance shared that in the post-independence era, Ghana didn’t have a diversified economy and was dependent on cocoa exports. He called for pragmatic and accountable leadership to effectively manage Africa’s resources. Dr. Kusi mentioned that Africa’s institutional development can progress by having the right mindset and attitude and being innovative in harnessing its resources.
Mr. Jackson Appiagyei, Event Lead, UGBS Innovation and Incubation Hub, shared that entrepreneurship and innovation are crucial for Africa's independence and economic growth. He mentioned that Ghana’s entrepreneurial journey is closely linked to its political and economic history. He added that the universities must play a key role in bridging research and industry to drive innovation and economic growth.
Dr. Salamatu Jebuni-Dotsey, Research Department, Bank of Ghana, presented on ‘Are Crediting Ratings (CRAs) Assigned to Africa Reflective of their Risk?’. She argued that Western CRAs often lack in-depth knowledge of African economies, as they commit minimal resources and have no physical presence in the countries they assess.
Dr. Jebuni-Dotsey highlighted the metrics that put Africa at a disadvantage, including fluctuations in economic growth (volatility), external finance assessments, susceptibility to event risk, and GDP per capita. She urged African governments to better understand these indicators, such as the World Governance Indicators (WGI). Dr. Jebuni-Dotsey also suggested that the African governments and media must own their narratives and tell positive stories that reflect their true economic potential. Prof. Ebo Turkson, Associate Professor of Economics at the University of Ghana, spoke on what the African Continental Free Trade Area (AFCFTA) holds for Ghana and Africa. He argued that African leaders must change their mindset and pursue policies that resonate with African realities. Prof. Turkson stated that conflicts will be minimised if African leadership has the mindset to support youth employment. He also mentioned that AFCFTA working efficiently is dependent on politicians. Prof. Turkson also called on the African Union (AU) to establish a fund to support poor countries to open up their economies.
In a session on FinTech in Ghana, Prof. Agbloyor provided an overview of the evolution of FinTech and the incorporation of AI and Machine Learning. He gave some applications of AI in the banking sector, including predicting loan faults, fraud detection, and sentiment analysis on social media. He stated that as AI evolves, it is essential to consider its potential risks, especially in security.
On electronic money transactions, Mr. Paapa Osei, Head of Legal and Reputation Management, MTN Mobile Money, provided a historical perspective on the ecosystem of mobile money transactions. Mr. Osei mentioned that the birth of mobile money transactions was to promote financial inclusion by reaching underserved populations without access to traditional banking services. He said that FinTech has the potential to enable cross-border transactions, making it easier to send money across Africa and beyond.
Mr. Edem Dzorpkata, Head of FinTech at CalBank PLC, stated that FinTech companies are not competitors of banks but are complementary entities that can enhance the financial sector. He hoped for a better tax regime regarding the levy on electronic transactions to ensure customers enjoy the full benefits of FinTech services.
Emmanuel Asare, Head of Automation Development, at CalBank PLC, noted that banks face challenges in embracing FinTech, particularly in investing in technological infrastructure and human capital. He pointed out that for banks to remain competitive, they must make a deliberate effort to leverage technology to drive banking processes and offer personalised customer services.
Mr. Daniel Nyarko, Deputy Head of Innovation, the Bank of Ghana (BoG) recalled that FinTech companies were not recognized as independent entities before 2020. With the establishment of the BoG’s Fintech and Innovation Office, he noted that regulatory frameworks have been put in place to create a safe and innovative financial ecosystem for fintech companies, banks, and other stakeholders.
On the discussion of ‘Debt Sustainability in Africa: Ghana’s Domestic Debt Exchange Programme’. Dr. Richard Atuahene, Banking Consultant, attributed Africa’s debt crisis to excessive spending and mismanagement without corresponding revenues. He said that good reasons for borrowing are driven by economic incentives to reduce recession, and bad reasons for borrowing are driven by political failure and overspending, especially during an election period.
Prof. Agbloyor mentioned that the government must ensure value for money in government contracts and projects. He noted that corruption and inefficiencies inflate public sector wage bills, affecting essential services like healthcare and education. Prof. Agbloyor noted that economic decisions should be based on sound economic principles rather than political considerations.
Dr. Charles Gyamfi Ofori, Policy Lead, ACEP, mentioned that state-owned enterprises, particularly the power sector, are inefficient and rely on government support, contributing to the debt crisis. He called for effective monitoring and tracking mechanisms to ensure loans are utilised efficiently.
With Ghana’s debt crisis, Dr. Dennis Nsafoah, Assistant Professor of Economics at Niagara University, asserted that Ghana had no choice but to restructure its debt to achieve macroeconomic stability. Dr. Nsafoah raised that domestic debt exchange programmes are not measures you use when you want to sustain your debt level rather, they are measures put in place when you realize that there is no way you can sustain your debt level. Though he criticized the approach taken, he suggested that external debt restructuring could have eased the burden on Ghanaian households.
In a discussion on "The Role of Venture Capital in Promoting Innovation in Africa," Dr. Benjamin Amoah, Department of Finance, defined venture capital as "early seed funding that supports Small and Medium Enterprises (SMEs) in becoming viable enterprises." Mr. Philip Danquah, an Investment Consultant, explained that venture capital provides funding to businesses that lack access to bank loans, without requiring collateral. Dr. Amoah emphasised that venture capital supports SME innovations, particularly in agriculture, technology, and climate resilience.
Mr. Danquah noted that the venture capital market in Africa is growing, however, entrepreneurs are not open to venture capital. He therefore suggested the need for more education to change the mindset of entrepreneurs. Dr. Amoah mentioned that African entrepreneurs must be ready and bold to take risks. He added that investing in women entrepreneurs is crucial to inclusivity, benefiting society.
Prof. James Abugre, Department of Organisation and Human Resource Management, spoke on ‘Culture and Negotiation Global Leadership and Cross-Cultural Management’. Prof. Abugre defined a global leader as anyone who looks at the perspective of everyone and cross-manages. He mentioned that Africans are not developing because of their incapability to internationalise their companies. Prof. Abugre encouraged participants to adapt to cross-cultural connections by being culturally competent and intelligent to foster business growth globally.
Dr. Edwin Provencal made a presentation on ‘The Governance of State-Owned Enterprises in Africa’. Dr. Provencal noted that in State-Owned Enterprises (SOE), the political economy can be managed by balancing interests, minimising political interference in operations, and through transparent communication and improved stakeholder management. He noted that every problem in an organisation is dependent on leadership and not the people. Dr. Provencal stated that State-Owned Enterprises can give back to society if run by strong leadership.
Beyond the seminar discussions, participants engaged in various activities, including games, a tour of the UGBS Innovation and Incubation Hub, the University of Ghana campus, the Ghana Stock Exchange, the Ghana Investment Promotion Centre, the AFCFTA Secretariat, and the Kwame Nkrumah Mausoleum.
