Cape coast: The Alumni Association of the School for Development Studies (SDS) of the University of Cape Coast (UCC) has officially been launched, aiming to contribute to the development of the school and the nation. The UCC-SDS Alumni Association is envisioned as a network for mentorship, collaboration, and learning to harness the expertise of its members to drive national development and support the university.
According to Ghana News Agency, the Association plans to raise funds for various 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, emphasized the indispensable role of alumni in the university community, underscoring that their professional experiences and expertise are crucial for the institution’s progress.
The launch event 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, Director of Research at the Bank of Ghana, highlighted the urgent need for structural reforms to address economic bottlenecks and build resilience for the country’s currency. He noted the significant impact of currency volatility on inflation, pricing behavior, and the cost of living, advocating for practical interventions to boost the real economy, promote increased export activities, and build foreign reserves.
Dr. Abradu-Otoo explained that Ghana’s economic structure significantly influences exchange rates, with import-dependent countries being more vulnerable to currency depreciation and high living costs. He remarked that businesses often pass on the extra costs induced by currency depreciation to consumers, increasing the cost of goods and services.
Professor Samuel Kwaku Agyei, Dean of the School of Business, supported the discussion on the impact of exchange rate instability on livelihoods, urging prompt and measured monetary policy responses to mitigate inflation. He pointed out that exchange rate instability contributes to inflationary pressures, affecting prices of essential goods such as food, transport, and utilities. Prof. Agyei expressed concern that many businesses and traders had not reduced prices despite the recent appreciation of the cedi, resulting in consumers not experiencing the full benefits of the currency’s strength. He called on market players to ensure that price reductions are reflected in household expenditures.