UGBS Hosts the 2nd Emerging Countries International Conference on Business, Finance and Economics.
The University of Ghana Business School (UGBS) hosted the 2nd Emerging Countries International Conference (ECIC) from 3rd to 5th December 2024, at the school’s Graduate Campus. The three-day event, themed “The Intersection between AI, Productivity, and Growth in Emerging Countries,” brought together stakeholders, academics, PhD candidates, editors, politicians, and research enthusiasts to discuss the transformative role of Artificial Intelligence (AI) in emerging economies. The event was in partnership with the University of Mauritius and Stellenbosch University. The keynote speaker was Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana and Chair of the University of Ghana’s College of Humanities Board.
In his opening remarks, Dr. Opoku-Afari applauded the sponsors for fostering critical discussions on AI and its role in driving economic transformation. “For me, this discussion on the intersection between AI, productivity, and growth in emerging market economies is a second-order symposium that closes the loop on how AI impacts inflation, monetary policy responses, the real economy, productivity, and growth,” he said.
Dr. Opoku-Afari explained how AI revolutionises various sectors, including finance, healthcare, education, agriculture, and transportation. “This is a revolution that cannot be stopped. It is taking place organically, and we must focus on leveraging it to complement human work and improve efficiencies.” He added.
According to him, ‘’Banks are using AI for credit scoring”. He also advocated for school curricula to be advanced to increase AI use and explained how revenue authorities handle data transfer when a participant raised a concern. He however acknowledged the challenges faced by emerging markets in accessing AI’s full potential, citing low data availability, ethical concerns, and inadequate regulatory frameworks.
A panel discussion moderated by Prof. Michael Graham, Stellenbosch University and Prof. Elikplimi Komla Agbloyor, UGBS further explored AI's implications. Mr. Kwame Oppong, Head of Fintech and Innovation at the Bank of Ghana, spoke on data protection and the role of AI in enhancing decision-making processes within financial institutions. “The Bank of Ghana has established a model to track customer data effectively, enhancing loan granting and ensuring compliance with the Data Protection Act,” he revealed.
Prof. William Coffie, Head of the Department of Accounting and Acting Dean expressed his appreciation to the speakers and all participants for their engagement. “AI is actually transforming the world, and it is necessary to learn how to use it,” he said. A question-and-answer session followed, providing clarification and facilitating interactive learning among participants.
The conference continued with presentations by researchers and PhD candidates from participating universities. Each presenter had designated discussants who offered recommendations, corrections, and suggestions for improvement.
On the second day, discussions focused on research methods for doctoral students, led by Prof. Jones Odie-Mensah, Editor-in-Chief, University of Witwatersrand. He emphasised originality in research, noting that “doctoral research should meaningfully extend the boundaries of human knowledge.” He provided guidance on best practices, including effective literature reviews, data analysis, and the importance of adhering to formatting guidelines to avoid desk rejection. He advised them to focus on skill development as the foundational element since it empowers researchers and demonstrates professionalism. Additionally, he introduced them to the appropriate cover letter writing process and its relevance. Renowned researchers present also contributed to the discussions.
A forum on Fintech, AI, and digital finance moderated by Dr. Baa Aye Kusi, UGBS also followed. This session featured contributions from Mr. Edem Quintin Dzorkpata, Manager of Fintech Business at Cal Bank Ghana, and Prof. Agbloyor. They discussed AI’s applications in financial services, including fraud detection, credit scoring, and mobile money innovations.
Prof. Agbloyor provided a historical perspective on Fintech, citing examples such as agro-trading and mobile money. He also gave an overview of AI, tracing its evolution from the 1950s to the present day. He noted that the 1970s and 1980s were characterised as the AI winter; a period during which little progress was made. He explained various AI techniques, including supervised learning, unsupervised learning, reinforcement learning, and robotics. He discussed AI applications in areas such as visa decisions, medical fields, computer vision, finance, and sentiment analysis. He further advocated for the global adoption of mobile money, enabling seamless transactions across borders.
Mr. Dzorkpata discussed the transformative power of Fintech. He spoke about the importance of Fintech in driving credit scoring, digital payments, and fraud detection. According to him, AI has become essential for financial institutions, enabling them to develop algorithms, question bots, and robust cybersecurity measures. He emphasised the need for talent development programmes that keep pace with AI advancements and for monitoring mobile and internet use among AI illiterates to minimise potential dangers.
The conference concluded with a closing ceremony where Prof. Graham, announced that Stellenbosch University would host the third ECIC in 2025. Certificates were awarded to participants whose research papers met the conference’s rigorous standards. Prof. Agbloyor and Dr. Emmanuel Joel Aikins extended gratitude to all attendees. On the final day, participants embarked on a trip to Cape Coast, Ghana to encourage connections and provide a memorable conclusion to the event.
The Emerging Countries International Conference is a global platform for intellectual exchange and collaboration to shape the future of research and innovation. The Co-Chairs of the conference are Prof. Michael Graham, University of Stellenbosch, Prof. Elikplimi Komla Agbloyor, University of Ghana Business School, and Prof. Boopen Seetanah, University of Mauritius.
The UGBS organising committee includes Dr. Emmanuel Joel Aikins (Chairman), Prof. Mohammed Amidu, Dr. Mawuena A. Cudjoe, Dr. Baah Kusi-Ayeh, Dr. Godfred Amewu, Dr. Daniel Ofori-Sasu, and Dr. Jabir Mohammed.