Governor of Bank of Ghana delivers 2020 Alumni Lecture

On Thursday 17 December 2020, the Governor of Bank of Ghana and an alumnus of the University of Ghana, Dr. Ernest Addison, delivered the 2020 Alumni Lecture on the topic “Pandemic, the Economy and Outlook” at the Great Hall of the University of Ghana. The lecture, streamed live on the University of Ghana web portals, was chaired by the Vice-Chancellor, Prof. Ebenezer Oduro Owusu.

In the lecture, Dr. Addison noted that the 3rd quarter contraction of this year’s economy reflected the Central Bank’s economic recovery projection; and that new data from the Ghana Statistical Service indicate that the value of goods and services produced in the 3rd quarter of 2020 declined by 1.1% compared to previous year’s.

He disclosed that business confidence has improved, although the indices remain below pre-lockdown levels. This is corroborated by a recent report from the International Growth Centre (IGC), which shows employment rates and working hours reverting to pre-COVID levels. Headline inflation has also declined to a single digit at 9.8% as at November 2020.

On the impact of Covid-19 on the banking sector, Dr. Addison disclosed that recent findings have revealed that, overall, the sector was robust and largely resilient to the shocks of the pandemic. He gave the assurance that the sector remains liquid and well-positioned to support growth, having benefitted significantly from the recent reforms.

The Vice Chancellor, Prof. Ebenezer Oduro Owusu who chaired the lecture, expressed his concern about the ensuing COVID-19 pandemic.  “As a university we are concerned about the job losses and further restrictions that the pandemic and numerous containments or containment measures imposed on the growth drivers of our economy which limits the chances of our graduates finding decent and sustainable employment” he said.

In brief remarks, Mr. Richard Obeng Okrah, Chairman of Council of the University of Ghana Alumni Association, bemoaned the negative impact of the COVID-19 pandemic on the Association’s pre-pandemic strategic plans, including a Mega Fund-Raising initiative to solicit funds from a critical mass of at least 150,000 alumni of the University, in collaboration with Stanbic Bank. The initial target was to raise GH¢250 million to enable the Association partner with the University of Ghana Enterprise LTD (UGEL) to invest in Hostels to improve the student accommodation deficit on campus. He was happy to announce that UGEL’s capacity to enter into financial arrangements with the Alumni Association has been enhanced by the University through a restructuring of the Company. Despite the setbacks of the pandemic, however, the Association was able to raise funds through the support of EPP Books Ltd. to re-roof the Children’s ward of the University Hospital after it had been damaged by a severe rainstorm.

He further announced the Association’s resolution to upgrade the Regional Learning Centres into well-resourced extra-mural campuses.

On behalf of the Alumni Association, Mr. Okrah expressed his heartfelt appreciation to the Bank of Ghana, other corporate sponsors, and alumni for sponsoring this year’s Alumni Lecture and certain monumental projects on campus.

In attendance were members of the University's Senior Management, Alumni, officials from the Bank of Ghana, dignitaries from all sectors of the economy as well as the mass media.


Please click here to access the video of the lecture

Please click here to access the photo gallery of the lecture