Kofi Bondzie Afful is a Senior Lecturer in the Department of Accounting and Finance at the GIMPA Business School. His area of specialization is in Economics and Finance.

He is currently a PhD (Economics) candidate at the University of the Witwatersrand, South Africa. He has a Master of Commerce (Economics) degree from the University of the Witwatersrand, South Africa. He also passed level 1 of the Chartered Financial Analyst exam administered by the CFA Institute, Virginia, USA.

Apart from lecturing, Mr Bondzie Afful was a coordinator for funding at the GIMPA Center for Impact Investment from 2013-2017.

Prior to joining GIMPA, Mr Bondzie Afful worked as the Research Director at Quantitative Finance Unit Limited. Before returning to Ghana, he worked at Benefit Advisory Research Ltd, South Africa as a consultant and economist. While there, he worked on consulting projects for Botswana Savings Bank, Citigroup South Africa, United Nations Economic Commission for Africa and Treasury Department of the government of South Africa.

• Economics
• Finance

• Anomalies
• Sub-Saharan Africa

2013 – 2014- Venture Capital Trust Fund (Ghana)

• Economics 1: School of Economics and Finance,
• Financial Management
• Business Economics 1 & 2
• Principles of Economics 1 & 2
• Investments
• Financial Statement Analysis
• Financial Markets
• Mathematics for Business
• Business Mathematics

Peer-reviewed journal articles

• “An Explanation of Non-Equilibrium Currency Bid-Ask Spreads”, International Journal of Theoretical and Applied Finance, Vol. 7, 531-540, 2004.
• “Payment Instruments and Economic Fundamentals”, Savings and Development, Vol. 29, 61-84, 2005 – co-authored with C. C. Okeahalam.
• “Considering Barriers to Investment in South Africa”, South African Journal of Economics and Management Sciences, Vol. 8, 225-237, 2005 – co-authored with C. C. Okeahalam.
• “Stock Markets, Development Indicators and Investment in Sub-Saharan Africa”, African Review of Money, Banking and Finance, Vol. 1, 39-60, 2006 – co-authored with Prof. C. C. Okeahalam.
• “Fiscal Policy, Interest Rate Spreads and Stock Markets in Sub-Saharan Africa, Business and Economics Journal, Vol. 81, 1-10, 2013 – co-authored with K. F. Asiedu.
• “Stock Markets Development in Sub-Saharan Africa: Business Regulations, Governance and Fiscal Policy”, International Journal of Economics and Finance, Vol. 6, No. 1, 15-31, 2014 – coauthored with K. F. Asiedu.
• “Dynamic Effects of Inflation and Interest Rate Risks on Stock Market Returns in Ghana: Exploring Non-linearities”, European Journal of Business and Management, Vol. 9, No. 12, 83-92, 2017.
• “Interest rate and Its Volatility Threshold on Stock Market Returns: Evidence from Ghana and South Africa”, Research Journal of Finance and Accounting, Vol. 8, No. 8, 81-96, 2017.
• “Sub-Saharan Africa’s Financial Market Development Gap: A Human Capital Deficiency? (Decomposition of Banking, Financial Sector Intermediation and Stock Market Failures)”, Journal of Economics and Sustainable Development, Vol. 8, No. 13, 134-145, 2017 – coauthored with Prof. K. F. Asiedu.
• “Sub-Saharan Africa’s Infrastructure Gap: A Failure of Financial Markets?”, Developing Country Studies, Vol. 7, No. 7, 28-42, 2017 – co-authored with C. C. Okeahalam and M. Ayogu.
• “Convertible Bond and the Price-Discriminating Monopolist”, Research Journal of Finance and Accounting, 13, 2-18, 2018.
• “Does the Structure of SSA Economies Explain their Low Stock Market Capitalization and Small Number of Listed Companies? A Dynamic Panel Analysis”, Journal of Economics and Sustainable Development, 9, 10, 2018.
• “Explaining Stock Market Returns in Sub-Saharan Africa Using an Alternate Uncovered Interest Rate Parity Framework”, International Journal of Emerging Markets, 2021, Coauthored with William Opoku.
• “Does Financial Innovation Influence Monetary Policy Instruments in Ghana? A VECM, IRF and Cointegration Analysis” Greenhill Journal of Leadership and Governance, 2020, Vol. 2, No. 1, 58-85, Co-authored with K. F. Asiedu.
• “The Nonprofit Sector’s Two-Tier Accountability System: Is it Optimal? A Game-Theoretical Analysis” Accountancy, Business and Public Interest, Vol. 20, 508-533, 2021 – Co-authored with and Awuah-Werekoh, K.
• “Financial structure gap and bank lending-deposit rate spread in Sub-Saharan Africa: A panel analysis”. Macroeconomics and Finance in Emerging Market Economies, 2022.
• “Sub-Saharan Africa’s Bank-Stock Market Gap and Macroeconomic Structure (Structural Transformation) Anomaly: A Panel Analysis”, Forthcoming.

Office: D-Block, Room 31

E-mail: kbafful@gimpa.edu.gh