Prof. Ebenezer Bugri Anarfo

Department

Department of Accounting and Finance

Ebenezer Bugri Anarfo is an Associate Professor of Finance at the GIMPA Business School, Ghana Institute of Management and Public Administration and a consultant at Corporate Support Group (CSG). Prior to joining GIMPA Business School, he served as a Research Assistant at the Crops Research Institute (CRI) where he undertook numerous consultancy research projects including surveys. He also served as a Graduate Teaching and Research Assistant at GIMPA Business School whiles he was a master’s student. He had his PhD in Finance from University of Ghana in 2018. He obtained his Master of Science degree in Business Administration (Finance Option) from Ghana Institute and Management and public Administration in 2013 and a bachelor’s degree in Economics and Sociology from University of Ghana in 2006. His research interests are in the areas of financial inclusion, financial sector development, monetary policy, financial regulation, remittances, food security, FDI, economic growth, capital structure, mental health and environmental management systems. His works on these areas of interest have been published in reputable journals. His areas of teaching interest include International Finance, Econometrics, Microeconomics, Macroeconomics, Corporate Finance, Investment Management, Contemporary Issues in Development Finance, Financial Management, Risk Management in financial institutions, Managerial Economics, Business Research Methods and Quantitative Methods.

PhD. Finance: Department of Banking and Finance, University of Ghana, Ghana (July, 2018)
MSc Finance: Department of Accounting & Banking, Ghana Institute of Management and Public Administration, Ghana (July, 2013)
BA (Hon.) Economics and Sociology, Department of Economics, University of Ghana, Ghana (May, 2006)

Corporate Finance
Investment Management
Managerial Finance
International Finance
Contemporary Issues in Development Finance
Financial Management
Risk Management in financial institutions
Econometrics
Microeconomics
Macroeconomics
Managerial Economics
Business Research Methods
Quantitative Methods.

Financial Inclusion
Financial Sector Development
Monetary Policy
Financial Regulation
Remittances
Food Security
Foreign Direct Investment
Economic Growth
Capital Structure
Banking
Corporate Governance

Ghana Economic Transformation Project (GETP)- Survey on Investor Perceptions of Ghana’s Investment Climate and Investment Promotion GH-MOFEP-315989-CS-LCS
Sponsors: World Bank through Ministry of Finance (MoF) and Ghana Investment Promotion Centre (GIPC)
Quantifying the dividends of climate adaptation and resilience interventions: the case of the GARID project in Ghana
Sponsors: World Resources Institute (WRI) through their Resilience and Adaptation Mainstreaming Program (RAMP)

Master’s/Doctoral Level Course, GIMPA Business School, GIMPA, Accra, Ghana

FIN701B: Investment Theory & Research
FIN702B: Corporate Finance Theory & Research
GMAF 702: Corporate Finance & Governance
GMAF 706: Investment & Digital Finance
DFI712A: Corporate Finance & Investment
DFI700A: Contemporary Issues in Development Finance
FIN 704B: Advanced Corporate Finance
GMAF 704: International Finance & Global Economy
FINC 704: International Finance
FIN702A: Investment Management

Undergraduate Level Course, GIMPA Business School, GIMPA, Accra, Ghana

ECO221B: Managerial Economics
GBUS 301A: Business Research Methods
FINC 400: Investment Management
FINC 403A: International Financial Management
GBUS 204A: Financial Management
FINC401: Financial Risk Management

Selected Publications
Peer reviewed book chapters

Anarfo, E. B., Abor, J., Donkor, G. N., & Mugo-Waweru, F. (2023). The Market for Crude Oil. The Economics of the Oil and Gas Industry: Emerging Markets and Developing Economies. Routledge -Taylor and Francis
Amoah, L., Adjasi, C. K. D., Soumare, I., Osei, K. A., Abor, J. Y., Anarfo, E.B., Amo-Yartey, C., & Otchere, I. (2020). Finance, economic growth, and development. In Contemporary Issues in Development Finance (pp 20-50). Routledge -Taylor and Francis
Anarfo, E.B., Ntuli, M., Boateng, S.S., Abor, J.Y. (2022). Financial Inclusion, Banking Sector Development, and Financial Stability in Africa. In: Abor, J.Y., Adjasi, C.K.D. (eds) The Economics of Banking and Finance in Africa. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-04162-Springer

Peer reviewed journal articles

Nsor-Ambala, R., & Anarfo, E.B. (2022). A vector autoregression (VAR) analysis of corruption, economic growth, and foreign direct investment in Ghana. Cogent Economics & Finance, 10(1), 2146631. Taylor and Francis Group

goba, A. M., Anarfo, E. B., & Awudu Sare, Y. (2022). Harnessing the synergies of independent central banks and human capital for enhanced financial sector development in Africa. Cogent Economics & Finance, 10(1), 2128585. Taylor and Francis Group
Blankson, N., Anarfo, E. B., Amewu, G., & Doabil, L. (2022). Examining the Determinants of Bank Efficiency in Transition: Empirical Evidence from Ghana. Heliyon, e10156. Elsevier
Sulemana I, Anarfo E.B, Doabil L. (2022). Migrant Remittances and Food Security in Sub-Saharan Africa: The Role of Income Classifications. International Migration Review. doi:10.1177/01979183221107925. Sage Publications
Andoh, J. A., Abugri, B. A., & Anarfo, E.B. (2022). Board Characteristics and performance of listed firms in Ghana. Corporate Governance: The International Journal of Business in Society, (ahead-of-print). https://doi.org/10.1108/CG-08-2020-0344 Emerald Group Publishing
Blankson, N., Amewu, G., & Anarfo, E. B. (2022), The banking crisis in Ghana: Causes and remedial measures. African Review of Economics and Finance | ISSN 2042-1478 |
Anarfo, E.B., Agoba, A.M., Sare, Y.A. and Gameti, D.K. (2021), “Energy access and foreign direct investment in an emerging market: The Ghanaian perspective”, International Journal of Energy Sector Management. Emerald Group Publishing
Abdullahi, A. Z., Anarfo, E. B., & Anyigba, H. (2020). The impact of leadership style on organizational citizenship behavior: does leaders’ emotional intelligence play a moderating role? Journal of Management Development. Emerald Group Publishing
Issaka Jajah, Y., Anarfo, E. B., & Aveh, F. K. (2022). Financial inclusion and bank profitability in Sub‐Saharan Africa. International Journal of Finance & Economics, 27(1), 32-44. Wiley & sons
Anarfo, E. B., Amewu, G., & Dzeha, G. C. (2020). Financial inclusion and migrant remittances in Sub-Saharan Africa: a panel VAR approach. International Journal of Social Economics. Emerald Group Publishing
Anarfo, E. B., Abor, J. Y., & Osei, K. A. (2020). Financial Regulation and Financial Inclusion in Sub-Saharan Africa: Does Financial Stability Play a Moderating Role? Research in International Business and Finance, 101070. Elsevier
Sulemana, I., Doabil, L., & Anarfo, E. B. (2019). Psychological distress in Ghana: Are unemployed people more afflicted? Journal of Health Psychology, 1359105319883911. Sage Publications
Sulemana, I., Anarfo, E. B., & Doabil, L. (2019). Unemployment and self-rated health in Ghana: are there gender differences? International Journal of Social Economics. Emerald Group Publishing
Anarfo, E. B., Abor, J. Y., Osei, K. A., & Gyeke-Dako, A. (2019). Financial inclusion and financial sector development in Sub-Sahara Africa: a panel VAR approach. International Journal of managerial Finance. Emerald Group Publishing
Anarfo, E. B., Abor, J. Y., Osei, K. A., & Gyeke-Dako, A. (2019). Monetary Policy and Financial Inclusion in Sub-Sahara Africa: A Panel VAR Approach. Journal of African Business, DOI: 10.1080/15228916.2019.1580998 pp1-24. Routledge -Taylor and Francis
Obi, P., Anarfo, E. B., & Obi, G. (2019). Revenue Dampening Effect of the Oil–Dollar Inverse Relationship for Sub-Saharan African Economies. Journal of African Business.DOI: 10.1080/15228916.2019.1580997 Routledge -Taylor and Francis
Sulemana, I., Doabil, L., & Anarfo, E. B. (2019). International Remittances and Subjective Wellbeing in Sub-Saharan Africa: A Micro-Level Study. Journal of Family and Economic Issues, 1-16. – Springer
Sulemana, I., Anarfo, E.B, & Quartey, P. (2019). International remittances and household food security in Sub-Saharan Africa. Migration and Development, 1-17. DOI: 10.1080/21632324.2018.1560926. Routledge -Taylor and Francis
Anarfo, E. B., Agoba, A. M., & Abebreseh, R. (2017). Foreign direct investment in Ghana: The role of infrastructural development and natural resources. African Development Review, 29(4), 575-588-Wiley & sons
Anarfo, E. B. (2015). Determinants of capital structure of banks: Evidence from sub-Sahara Africa. Asian Economic and Financial Review, 5(4):624-640. Published by Asian Economic and Social Society. http://www.aessweb.com/journals/5002
Famiyeh, S., Kuttu, S., & Anarfo, E. B. (2014). Challenges of environmental management systems implementation in Ghanaian firms. Journal of Sustainable Development, 7(1), 105. Vol. 7, No. 1; 2014 ISSN 1913-9063 E-ISSN 1913-9071-Canadian Center of Science and Education

Associate Professor of Finance and Director of Academic Planning and Quality Assurance
UN Block, Room 12
Email: eanarfo@gimpa.edu.gh