Economic Policy Management Programme (near UG Post Office or UGCS), UG - Legon
This course discusses the conceptual and analytical tools needed for understanding the core sequence in microeconomic thinking. Focus will initially be on the fundamental principles of microeconomics: briefly on supply and demand; production and cost functions; the theory of market structures; labour and capital markets; the theory of distribution and factor returns; and marginal productivity theory. Other topics to be comprehensively discussed are markets, optimization and consumers, and theory of the firm and industrial organization.
Lipsey, R.G. and Chrystal, K. A. (2015). Economics (13th Edition), Oxford University Press.
Nicholson, W. (2011). Microeconomic Theory: Basic Principles and Extensions, 11th Edition, The Dryden Press.
Pindyck, R.S. and Rubinfeld, D.L. (2015). Microeconomics, 8th Edition, Pearson.
Varian, Hal R. (2014). Intermediate Microeconomics: A Modern Approach, 9th Edition, Norton and Company.
Perloff, Jeffrey (2016). Microeconomics, 7th Edition, Pearson Education.
The objective of this course is to prepare students to understand the principles of present-day macroeconomic thinking needed for research. There will be a review of the principles of macroeconomics: topics include national income accounting; aggregate demand and aggregate supply, simplest versions of classical and Keynesian models; the quantity theory of money; the banking system and the function of central banks; the international monetary system; Keynesian and monetarist theories of unemployment, of inflation, and their policy implications etc. Some of the topics to be dealt with include: 1) Measurement and interpretation of economic aggregates; 2) Modelling of economic aggregates; 3) Central Bank operations and monetary control; 4) International financial linkages; 5) Macroeconomics theory (when markets do not clear); 6) Inflation and Hyper-inflation; 7) Unemployment and Economic Growth.
Froyen, R.T. (2013). Macroeconomics, Theories and Policies 10th Ed, Macmillan Publishing Company, New York.
Romer, D. (2006). Advanced Macroeconomics, 3rd Edition McGraw-Hill Publishing Company, New York.
Sachs, J. D. and Larrain, F. B. (1993). Macroeconomics in the Global Economy. Pearson Education, New Jersey.
Mankiw, G. M. (2012). Principles of Macroeconomics (6th Edition), South-Western
Dornbusch, R. (1993). Policy Making in the Open Economy, Oxford University Press.
Ross, A.C. (1991). Economic Stabilization for Developing Countries, Edward Elgar.
This course is intended to equip students with the theory and practice of policy analysis and decision-making. It is critical for policy analysts and public managers who need to make a choice between which services to prioritize, which to offer and evaluate whether the programs designed to provide such services will be effective and efficient. The course is organized around three modules with the following specifics: Module 1: Foundations of development policy; Module 2: Special aspects of policy in developing countries; Module 3: Cost-benefit analysis and economic project evaluation.
Anderson, J. (2015). Public Policy Making, 8th Edition. CBS College: New York.
Ayee, J.R.A. (2000). Saints, Wizards, Demons and Systems: Explaining the Success of Public Policies and Programmes in Ghana. University of Ghana Press: Accra.
Ayee J.R.A. (1994). An Anatomy of Public Policy Implementation. Avebury; Aldershot:
Bardach, E. and Patashnik, E.M. (2016). A Practical Guide for Policy Analysis, 8th Edition, Chatham House Publishers, New York.
Denhardt, R.B and Denhardt, J.V. (2006). Public Administration: An Action Orientation, 5th edition. Tomson Wadsworth. Belmont, USA.
This course explores the fundamental principles underpinning various aspects of personal, interpersonal, business, organisational and mass communication. The course addresses the processes involved in communication, the skills needed for effective communication, how communication works within businesses and organisations and how that relates to the way the mass media works. Topics to be covered include Understanding communication as a concept; Understanding communication as a process; Organisational communication; Public Relations; Crisis Communication; Developing a Communication Plan; and Communicating Policy.
Adler, R. & Elmhorst J. M. (2010). Communicating at Work: Principles and Practices for Business and the Professions (10th). New York, NY: McGraw Hill
Gamble, T. K. & Gamble, M. (2012). Communication Works (11th ed.). New York: McGraw-Hill.
Lesikar, R. Pettit, J. Jr. & Flatley, M. E. (1999). Lesikar’s Basic Business Communication. Boston, Mass.: Irivin/McGraw-Hill
Pamela, A. (2007). Business Communication Design: Strategy and Solutions. (2nd ed.). Boston, Mass.: McGraw-Hill/Irvin
Pearson, J. Nelson, P., Titsworth, S., Harter, L. (2012). Human Communication. (5th ed.). New York, NY: McGraw-Hill
The goal of the course is to: enable participants to apply strategic management concepts to organizations in both developing and industrialized contexts and to understand the dynamics of managing strategic change in complex organizations; examine how human resource management and industrial relations can improve employee motivation and organizational performance. This is supposed to improve participants' negotiation skills. Topics to be covered include: Evolution and approaches to strategic management; Strategic Decision Making in Practice; Internal Appraisal of Organisations; and The Tasks of Strategy Implementation.
Reading List:
De Witt, B. and Meyer, R. (2010). Strategy: Process, Content and Context, 4th edition, Cengage Learning EMEA.
Grant, R. and Jordan, J. (2012). Foundations of Strategy. First Edition, NY: John Wiley & Sons, Ltd.
Hitt, M., Ireland, D., Hoskisson, R. (2014). Competitive Strategy: Competitiveness and Globalization, 11th Edition, South-Western College Publishers.
Lynch, Richard (2005). Corporate Strategy, 4th edition, Financial Times/ Prentice Hall.
Thompson, A.A. and Strickland, A.J, (2003). Strategic Management: Concepts and Cases. 13th Edition, McGraw Hill.
This course aims to provide skills useful for economic research and a foundation for a more rigorous econometric analysis. It introduces students to the art of research and methods of research. It familiarizes students with basic statistical techniques and their application to field of Economics, and the use of statistical package in research analysis. The course will equip students with the skills of spotting a research problem, and the elements of statistical methods used in collecting, organising, summarising, presenting, analysing and interpreting data. It provides students with the foundation for their study of Quantitative Methods in the Second Semester.
Reading List:
Bluman, Allan G. (2004). Elementary Statistics, 5th Edition, McGraw Hill Inc., NY.
Bouma, G.D. and Ling, R. (2004). The Research Process. Fifth edition. Oxford University Press, South Melbourne.
Creswell, J. W. (2009). Research design: Qualitative, quantitative and mixed methods approaches. 3rd Ed. Thousand Oaks, CA: Sage, 2009.
Greenlaw, Steven A. (2006). Doing Economics: A guide to understanding and carrying out economic research. Boston: Houghton Mifflin.
Singh, J. (2006). Accompanying Study Guide: The Research Process. Revised Edition. Oxford University Press, South Melbourne.
This objective of this course is to equip students with the mathematics and statistics required for later work in the programme. Topics to be covered include; Functions: Linear functions; Algebraic solution to systems of simultaneous linear equations: Non-linear functions (quadratic and exponential); Indices and logarithms; Economic applications Basic matrix operations; Determinant of a matrix; Inverse of a matrix; Matrix solution of system of linear equations; Applications. Derivative of a function; Differentiation (functions of one variable); Optimization of functions of one variable (stationary points - maximum and minimum points); Partial differentiation (functions of several variables); Differentials; Unconstrained and constrained optimization; Lagrange multipliers; Applications; Data Presentation Measures of Central Tendency Measures of Dispersion Elementary Probability Theory; Statistical inference:
estimation and hypothesis testing.
Reading List:
Barrow, Michael, (2009). Statistics for Economics, Accounting and Business Studies, Fourth Edition, Pearson Education Limited
Wainwright, K and Chiang, A. C. (2005) Fundamental Methods of Mathematical Economics, 4th Edition, McGraw Hill.
Dowling, E. T. (2001). Introduction to Mathematical Economics, 3rd Edition, Shaum’s Outline Series, McGraw-Hill Inc.
Spiegel, M.R. and Stephens, L.J. (1999). Theory and Problems of Statistics, Third Edition Schaums Outline Series, McGraw- Hill.
Sydsaeter, K. and Hammond, P. (2006). Essential Mathematics for Economic Analysis, 2nd Edition, Prentice Hall.
SECOND SEMESTER
This course is designed to provide a survey of applied quantitative analysis for participants. As a review, participants will be taken through some concepts, tools and skills of mathematics and statistics essential for understanding and applying analytical methods to policy issues in economics. Focus, will however, be on the general classical linear regression model and its properties, Statistical inference in the standard linear regression model, maximum likelihood estimation (MLE), restricted least squares estimation and tests of linear restrictions; Violation of the assumptions of the general classical linear regression model and further problems in multiple regression; Distributed lag models; Koyck and Almon Polynomial lag models with qualitative and/or approaches (Probit and Logit models) and Input-Output analysis.
Baum, F. Christopher (2006). An Introduction to Modern Econometrics Using Stata; Stata Press
Gujarati, Damodar (2004). "Basic Econometrics" Fourth Edition, McGraw Hill.
Pindyck R. and Rubinfeld D.L. (1998). Econometric Models and Economic Forecasts, 4th Edition, McGraw-Hill
Stock, J.H. and Watson, M.W. (2016) Introduction to Econometrics, 3rd Edition, Addison-Wesley.
Wooldridge, Jeffrey (2002). Econometric Analysis of Cross Section and Panel Data, MIT Press.
This course is designed to equip students with the various theories of economic development and their applicability to developing countries. Topics to be taught include Economic Growth versus Economic Development; Structure of developing economies; Domestic economic issues: growth; Poverty, population, urbanization, migration, income distribution, education and human resources development; Macroeconomic and Sectorial policy issues; Trade and development; The Debt issues; Balance of payments problems; and Adjustment to internal and external imbalances.
Reading List:
Agenor P. and Montiel P. J. (1999) Development Macroeconomics, Princeton University Press.
Basu, K. (2001). “On the Goals of Development” in G. Meier and J. Stiglitz (eds), Frontiers of Development Economics: the Future in Perspective, World and Oxford University Press.
Devarajan, S., Dollar, D. R. and Holmgren, T. (2001). Aid and Reform in Africa: Lessons from Ten Case Studies, Washington, D. C.: World Bank.
Fosu, A.K. (2014), ‘Ghana’s Economic Development Record: Importance of the
Washington Consensus and Governance’, in Twerefou et al. (eds), Readings on Key Economic Issues in Ghana, University of Ghana Readers, Digi Books, Accra.
Meier, Gerald M. (2000). Leading Issues in Economic Development, 7th Edition, Oxford University Press, New York, and Oxford.
Nafziger, E. W. (1997). The Economics of Developing Countries, Upper Saddle River, N.
J.
Todaro, M.P. and Smith, S.C. (2011). Economic Development, 11th Edition. Boston: Addison-Wesley.
This course considers the problems of business financial management and their relation to other functions and to general policy. The topics to be discussed include: the finance function; the analysis and budgeting of funds; management and investment in receivables and inventories; planning of debt policy and capital structure; choice of securities; sale of securities; time value of money, risk/return model; capital costs and capital budgeting; mergers and acquisitions; recent developments in the theory of finance. The course is intended to bring together the major dimensions of financial practices and policies. All these topics will be taught within the context of the need to facilitate the development of Africa and (LDC) business institutions, government and non-government bodies to function more effectively in the wider global economy.
Reading List:
Brealey, R., Myers, S. and Allen, F. (2013). Principles of Corporate Finance, 11th Edition, McGraw Hill/Irwin.
Keown, J., Martin, J. D., Petty, J. W. and Scott, D. F. (2005). Financial Management – Principles and Applications, Pearson Education Ltd.
Mensah, S. (2014). Securities Markets and Investments: A Ghanaian Primer, Smartline Limited, Accra.
Ross, S. A., Westerfield, R. W. and Jordan, B. D. (2009) Corporate Finance, IRWIN.
Van Horne, J. C. and Wachowicz, Jr., J. M. (2005) Fundamentals of Financial Management, FT Prentice Hall.
This course will acquaint participants with the basic role of government and implementation of public expenditures in a mixed economy. Particularly, focus will be on the principles of taxation, incidence and allocative efficiency of taxes; Tax design, structure of indirect and income taxation; optimal taxation, policy instruments and stabilization; as well as public expenditure and its dynamic implications in developing countries.
Reading List:
Connolly, S. and Munro, A. (1999). Economics of the Public Sector, 1st Edition, Financial Times Press.
Brown, C. V. & P. M. Jackson (1990) Public Sector Economics, 4th Ed. Black well Publishers, Oxford.
Feldstein, Martin S. (1976). On the Theory of Tax reform, Journal of Political Economy, 6 July-August pp 77-104.
Garrett, T. A., and R. M. Rhine, (2006), 'On the Size and Growth of Government', Federal reserve Bank of St. Louis Review, 88(1), pp. 13-30
Herber, B. P (1999) Modern Public Finance 5th Ed. AITBS Publishers, India.
ISSER (various). State of the Ghanaian Economy Report for 2007, Institute of Statistical Social and Economic Research, Legon, Various issues.
The main objectives of this course are to provide a practical approach to the management and evaluation of projects, programmes, and portfolios as well as full appreciation of project cycle and the groups of processes. There are two main sections to the course. Section 1 is on the key management and knowledge areas (Portfolio, Programme and Project Management) Topics to be covered include: the nature of projects; the project life cycle including financial appraisal, project evaluation, risks analysis, implementation, planning, control and monitoring; project management tools and modeling techniques. Section 2 focuses on Project Appraisal, Evaluation and Impact Assessment/Analysis, including public-private partnership (PPP) as well as Expression of Interest (EOI) and Request for Proposal (RFP) for Works, Goods and Services (Consultancy) (including analysis of Similarities and Differences).
Reading List:
Gray, C.F. and Larson, E.W. (2003). Project Management: The Managerial Process. (2nd Edition) McGraw Hill: New York.
Kerzner, H. (2003). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 8th Edition. New Jersey: John Wiley & Sons, Inc.
Ofori, D. (2006). Problems of Project Management: Theory, Opinion & Evidence from Ghana. Monograph: Ghana Universities Press: Accra
Ofori, D. and Sakyi, E. Kojo (2006). Eds. Proceedings of the Workshop Series on Project Management and Development. (Volume 1) Woeli Publishers: Accra
Pinto, J.K. (2007). Project Management: Achieving Competitive Advantage, Pearson/Prentice Hall: USA
Project Management Body of Knowledge (PMBOK) (2000, 2004, 2008, 2013) Edition, Project Management Institute, Pennsylvania, USA
The focus of the course will be on basic accrual accounting method with focus on the recording of transactions using double-entry principle; books of original entry, ledger accounts, and trial balance; Preparation of financial statements; Accounting method as applied to resolve problems of incomplete records of business and non-profit making organizations; Discounted cash flows; and Consignments, joint ventures and an introduction to financial statements.
Reading List:
Dyson, J. R. (2007). Accounting for Non-Accounting Students – 7th Edition, Pearson Education, Harlow.
Gyasi, K. (2013). Accounting for Non-Accountant Manager. Kwabotwe Hill Publishers. Stickney, C. P. et al. (2009). Financial Accounting: An Introduction to Concepts, Methods and Uses, 13th Edition, South-Western Publishers.
Wayne L. (2013). Accounting for Non-Accountants, 3rd Edition, Sourcebooks Inc. Naperville, Illinois.
Wood, F. and Sangster, A. (2009). Business Accounting, Vol. 1, 11th Edition, Pearson Education, Harlow.
This course will familiarize participants to important facts on the global economy with focus on the pure theories of international trade; comparative advantage and the gains from trade; major trade theories; theory of protection; regional economic integration; trade policy; new theories of trade; imperfect competition, differentiated products and strategic trade policy; international finance and foreign exchange markets; balance of payments; fixed flexible and crawling-pet regimes; price and income approaches to balance of payments; exchange disequilibrium and adjustment; the world monetary and financial system and the theory of optimum currency areas.
Reading List:
Appleyard, D. R. and Field, A. J. (1998). International Economics, 3rd Edition, IrwinMcGraw-Hill.
Caves, R.E., J.A. Frankel and R.W. Jones (2007). World Trade and Payments: An Introduction, 10th Edition, Pearson-Addison Wesley.
Krugman, P. and M. Obstfeld (2003). International Economics, 6th Edition, Pearson Addison-Wesley.
Pugel, T.A. (2009) International Economics, 14th Edition, McGraw-Hill, Irwin.
Salvatore, D. (1993). International Economics, 4th Edition, Macmillan
This course aims at developing the competence of participants with regards to the role of money and financial institutions in an economy. Topics to be discussed include: Controversies in monetary theory: classical, Keynesian, monetarist and new classical theories; demand for money by individuals and firms; stability of the demand for money implications for monetary policy; Money supply: appropriate definition of monetary stock; regulation and deregulation of the banking system and implications for monetary control; Inflation, unemployment and the Phillips curve; Interest rate theories and the term structure; Monetary policy and the transmission mechanism; Money in an open economy and Theory of financial institutions.
Reading List:
Bawumia, M. (2010). Monetary Policy and Financial Sector Reform in Africa: Ghana’s Experience. Combert Impressions Ghana Ltd, Accra.
Government of Ghana, (2012). Financial Sector Strategic Plan (FINSSP), Ministry of Finance and Economic Planning, Accra.
Jhingan, M.L. (2011). Monetary Economics, Vrinda Publications Ltd, Delhi, India, 7th Edition.
Laidler, David W. (1993). The Demand for Money: Theories, Evidence, and Problems, 4th Edition, Harper-Collins, New York.
Mishkin, F.S. (2009). The Economics of Money, Banking and Financial Markets, Addison-Wesley, Business School Edition.
Ritter, L., Silber, W. and Udell, G. (2008), Principles of Money, Banking and Financial Markets, Addison-Wesley, 11th edition.
Sackey, F.G. and Nkrumah, E.M. (2012) ‘Financial Sector Deepening and Economic Growth in Ghana’. Journal of Economics and Sustainable Development, Vol.3, No.8
The objective of the course is to introduce students to the nature and structure of the rural economy in developing countries. The course covers the following topics: Definition and Scope of the Rural Economy; The Importance of the Rural Sector in an Economy; Agricultural and Rural Development; Rural Economic Organizations and Institutions; Special Issues in Rural
Development: Gender Dimensions in the Rural Development Process, Women’s Role in the Rural Economy, Poverty Effects and Poverty Reduction in Rural Development; Technology Choice and Technical Change; Rural Households and Rural Labour Supply; Financial Intermediation in the Rural Economy: Micro Financial Institutions (MFIs); Measuring Policy Impacts on Rural Development.
Reading List:
Duncan, B. (2004). Women in Agriculture in Ghana. Frederick Ebert Stifung. Accra. Ghana.
Eicher, C. K. and Staatz J. M. (1990). Agricultural Development in the Third World. 2nd Edition. John Hopkins Univ. Press. Baltimore, USA.
Stevenson, W.J. (2005). Operations Management (8th Edition). McGraw Hill. Boston. USA.
FAO and World Bank (2001). Farming Systems and Poverty: Improving Farmers' Livelihoods in a Changing World. Rome, Italy, & Washington D. C, USA.
Monke, E. A. and Scott R. P. (1989). The Policy Analysis Matrix for Agricultural Development. Cornell University Press. Ithaca, USA.
World Bank (2003). A User's Guide to Poverty and Social Impact Analysis. Washington D.C. USA.
Yaron, J., Benjamin Jr., M. P. and Piprek, G. L. (1991). Rural Finance: Issues, Design, and Best Practices. The World Bank. Washington, D.C. USA.
ADDITIONAL SECOND SEMESTER REQUIREMENTS
Each student shall write a research project on a policy related topic of his/her choice subject to the approval of the Coordinator of the Programme. The research project must consist of substantive chapters including an introduction, intervening chapters and a concluding chapter as determined by the departmental format which has been deposited with the School of Graduate Studies. The references style shall follow the departmental format which has been deposited with the School of Graduate Studies. The research project shall not exceed 80 pages excluding bibliography, figures, tables, photographs, and appendices.
The economic policy seminar is intended to expose students to various policy issues, both domestic and international. The course involves a 3-credit seminar presentation by students based on topics of their choice selected from the following policy areas: Structural Adjustment Policy; Resource Mobilization for Development; Unemployment Problems; Poverty and Inequality; Development and regulation of capital markets; International finance for development; Public-Private Partnerships; Managing public service reform; goals, process, and results; Structure and process in national development strategies; Education policy; Health policy; HIV/AIDS; Globalization; Gender Issues; Food Security; Climate Change.