By Prince Acquah
Cape Coast, Sept 10, GNA – The Alumni Association of the School for Development Studies (SDS) of the University of Cape Coast (UCC) has officially been launched, to contribute to the development of the school and the nation.
The UCC-SDS Alumni Association, would be a network for mentorship, collaboration, and learning to help harness the expertise of members, to drive national development and support the university.
Among other interventions, the Association would raise funds for several development projects, lead digital innovations for academic work, and support postgraduate training, research, and capacity building for members and the school.
Mr Stephen Adjei, the pioneering President of the Association, said an alumnus was an indispensable part of the university community, as their professional experiences and expertise were needed to drive the progress of the institution.
He stated that the past students of the University had the duty to actively involve themselves in the development of the School for Development Studies.
“We must build a network that inspires, empowers, and elevates every member, making a tangible difference in society,” he said.
The launch of the Association also featured a roundtable discussion on the economy themed: “Monetary policy responses to exchange rate volatility in Ghana: Implications for cost of living.”
Dr Philip Abradu-Otoo, the Director of Research at the Bank of Ghana (BoG), underscored the need for urgent structural reforms to address bottlenecks in the Ghanaian economy, to build resilience for the country’s currency.
He highlighted the dire impact of excessive volatility of the currency on inflation, pricing behaviour and the cost of living, urging practical interventions that would boost the real economy, promote increase export activities and build more foreign reserves.
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Dr Abradu-Otoo said the structure of Ghana’s economy was a major determinant of the exchange, indicating that import-dependent countries were more susceptible to currency depreciation and high cost of living.
He explained that businesses often shifted extra costs induced by the currency depreciation to consumers, pushing the cost of goods and services up.
“The central bank is mandated to stabilise inflation, not necessarily the exchange rate. However, excessive volatility, whether appreciation or depreciation, creates uncertainty that affects investment, competitiveness, and cost of living,” he said.
Professor Samuel Kwaku Agyei, the Dean of the School of Business, corroborating the impact of exchange rate instability on livelihoods, urged swift and measured monetary policy responses to mitigate inflation.
He stated that exchange rate instability invariably contributed to inflationary pressures, affecting prices of essential goods such as food, transport, and utilities.
“In Ghana, even a tomato seller attributes price hikes to the dollar. This shows how deeply exchange rate volatility trickles down to households,” he said.
Prof. Agyei observed with concern that many businesses and traders had failed to reduce their prices in response to the recent appreciation of the cedi, for which reason many consumers were not feeling the real impact of the transformation in their pockets.
He urged market players to complement the government’s efforts by ensuring that price reductions reflected in the pockets of households.
GNA
Edited by Alice Tettey/ Christabel Addo