Departmental Head: Armah, Stephen Emmanuel (PhD)

Head of Department of Business Administration

Senior Lecturer
Business Administration Department
searmah@ashesi.edu.gh

Courses Taught

Microeconomics, Macroeconomics, Development Economics, Econometrics, Mathematics for Economists and Leadership 1, Leadership 3, and Africa and the Oil Industry

Professional Biography

Dr. Stephen E Armah is an econometrician by training and is currently a Senior Lecturer and Head of the department of Business Administration at Ashesi University College. He is the author of several published articles in development economics especially on the subject of inflation, foreign aid and the economics of the cocoa sector. He is considered an expert in econometrics, foreign aid and cocoa. Stephen also serves as an associate editor of several USA-based journals in addition to being the chief editor of Ashesi University’s Economic Lecture Series Journal. Dr. Armah regularly contributes to economic discourse in Ghana through the release of Economic Policy Briefs by Strategy 3, an economic think-tank where he is also the director of economic policy analysis.

Qualifications:

Ph.D Agricultural Economics, University of Illinois
M.A. Economics, Emory University
BSc. Engineering, Swarthmore College

Areas of Interest

Econometrics, Growth and Development, Economics of Competition (Antitrust), Corruption, Oil and Gas, Media and Telecoms, Economics of Higher Education and Foreign Aid

Publications

Wendy Akinny and Stephen E Armah (2017) Investigating the Desirability and Feasibility of the “Old People’s Home” as a Viable Business in Ghana" Journal of Business Diversity Vol. 17(3/4). pp 73-90, 2017
Stephen E Armah and Nana Araba Apt (2016), Eds, Ashesi Economic Lecture Series Journal, Volume 2, Issue 1, London: Mot Juste Publishers.
Stephen E Armah and Nana Araba Apt (2012), Eds, Ashesi Economic Lecture Series Journal, Volume 1, Issue 1, London: Mot Juste Publishers.
Armah, Stephen (2016) “Strategies to Stimulate Ghana’s Economic Transformation and Diversification. The Ashesi Economic Lecture Series Journal, Volume 2 (1): 9-16.
Samuel Seglah and Stephen Armah, (2016) “Going regional: internationalisation strategies of Ghanaian service, companies within the ECOWAS market. The Ashesi Economic Lecture Series Journal, Volume 2 (1): 49-60.
Daniel Torku and Stephen Armah (2016). “Are Ghana’s current policies sufficient to avoid the resource curse?” The Africa Media and Democracy Conference Journal, Vol 3, Issue 1, 2016.
Senoo, J and Stephen Armah (2015). “Assessing the Effectiveness of Ghana’s Local Content in the Oil and Gas Industry” Journal of Energy and Economic Development, 1(1): 22-61.
Akpagloh, F., S. Armah and A. Osei-Owusu, 2014. Evaluating the Financial Implication of Power Harmonics on Electricity Corporation of Ghana (ECG)’s Distribution Networks and Customers. Int. J of Emerging Science and Engineering (IJESE), 2, Issue-6, 6-20.
Armah Stephen and J. Amegatcher (2014). “Investigating Anti-Competitive Behavior in Ghana’s Bourgeoning Telecom Industry: Is there a Need for the Enactment of Anti-trust laws?” in Amoah, Lloyd (2014) (Ed) “Impacts of the Knowledge Society on Economic and Social Growth in Africa” London: IGI Global Publishers
Apronti Marian and Stephen Armah (2014). An Evaluation Of Governmental Policies Used In The Management of Natural Resources: A Focus on Botswana and Nigeria and Lessons for Ghana” Monograph Publication. London, Mellon: Publishers, Forthcoming
Osiakwan, R and S. E. Armah (2014) “The Fashionable Inflation and "Food Inflation" Rhetoric in Ghana: Is there any substance behind all the hype?” International Journal of Agriculture and Economic Development, 1(1), 1-36, Dec. 2013 1
Osei-Owusu Alexander and Stephen E Armah (2014) "Investigating the Applicability of Dynamic Pricing to Ghana’s Telecom Infrastructure Market International Journal of Emerging Science and Engineering (IJESE), Volume-2, Issue-5, March 2014.
Osiakwan, R and S. E. Armah (2014) “Clearing the Muddy Waters: An attempt to decompose the impacts of inflation on the welfare of Ghanaian citizens in light of recent political rhetoric on inflation” Journal of Economic Development, Management, IT, Finance and Marketing, 5(2), 32-65 Sept 2013
Armah S. E. A., Garcia, P and C. Nelson (2014) "Optimal Hedging under Joint Price and Production Uncertainty: Rolfo Re-visited" Journal of Developing Areas, 2014, accepted, forthcoming
Armah, S.E and Apt, N.A. (2012), eds. Ashesi Economics Lecture Series Journal. London: Mot Juste Publishers for Ashesi University College.
A. Pinnamang-Tutu and S.E. Armah (2011) “Cost-Benefit Analysis of Moving up the Cocoa Supply Chain: The Case of Ghana Cocoa” Journal of Marketing and Management, 2 (1), 27-50, May 2011.
Armah S. E. A. (2010) "Establishing the Feasibility of Using the Futures Market for Risk management" Journal of Marketing and Management, 1 (1), 21-48, November 2010
Armah, S.E.A (2010) "Does Political Stability Improve the Aid-Growth Relationship? A panel evidence on selected Sub-Saharan African countries" The African Review of Economics and Finance, Vol 2, No 1.
Armah S. E. and L. G. Adu Amoah (2010) “Media Freedom and Political Instability in SSA” Journal of Econ Development, Management, IT, Finance and Marketing, 2(2): 41-67, September 2010.
Armah S. E. A. (2009) "Will the Internet Stimulate Growth in Sub-Saharan Africa: A Dynamic Panel Analysis" Journal of Economic Development, Management, IT, Finance and Marketing. 1 (1): 78-102.
Armah S. E. A. (2009) "Investigating the Influence of Political Stability on the Aid-Growth Relationship in Sub-Saharan Africa: A Panel Data Approach" Journal of Economic Development, Management, IT, Finance and Marketing. 1 (1): 35-56.
Armah S. E. A. (2009) " Explaining Ghana’s Recent Good Cocoa Karma: A Reverse Smuggling Incentive Argument" International Journal of Global Business June 2009, 1 (2): 127-128.
Armah S. E. A. (2008) "Should Cocoa Exporters Hedge Cocoa Price Risk: A Focus on Over-looked Factors" International Journal of Global Business 1 (1): 101-128.
Armah, S.E.A. (2007). "Strategic Risk Management for Cocoa Exporters" Journal of Global Management Research Dec 2007 3(2): 45-52.
Armah, Stephen E., 2007. "An Empirical Analysis of Recent Changes in US Beef Marketing Margins," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 9354, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

Recent Presentations [with working papers]

Armah, S.E.A (2017) "A Comparison of productivity differences between foreign and locally trained lecturers in Ghana’s higher educational Sector" Annual meeting of the Illinois Economics Association. Dates: October 14 and 15, DePaul University, 1 East Jackson Blvd., Chicago, Illinois, USA.
Stephen E Armah (2016) “A Critical Investigation into the Problem of Quality Control in Private Graduate Institutions in Ghana” Paper to be Presented at the International Conference on Education Research for Development in Africa (ICERDA), Alisa hotel, Accra, Ghana, October 4-6, 2016.
Stephen E Armah (2016) “Investigating the Influence of Culture on the Corruption-Development Link” Discussion Forum at the Africa Network Annual Conference Dubbed “The State of African Studies” To be held 30 September-2 October 2016, at Denison University, Granville, Ohio.
Affum Alhassan and S. E. Armah (2016). “Investigation the Relationship between Foreign Direct Investment (FDI) and the National Debt” Paper Presented at Ashesi University’s Economic Lecture Series, Berekuso, E/R, Ghana. February, 17th, 2016.
Armah, Stephen (2016) “ Institutional Challenges for Transforming Ghana” Paper Presented at Kohlberg Hall, Swarthmore College, Jan 7, 2016, Swarthmore
Samuel Seglah and Stephen E Armah (2016) "Going Global: The Internationalization Strategies of Ghanaian Service Companies within the ECOWAS Market” Triennial Ghana Studies Association. Concurrent Panel X. Global Trade, Local Practices and Economic Development, 6-10th July, Univeristy of Cape Coast, Ghana.
Jenifer Emefa Senoo and Stephen E Armah (2016) "Assessing the Effectiveness of Ghana’s Local Content Policy in the Oil and Gas Industry” Triennial Ghana Studies Association. July 6-9, 2016. Concurrent Panel X. Global Trade, Local Practices and Economic Development, 6-10th July, Univeristy of Cape Coast, Ghana.
Armah Stephen (2016). Panel Co-convenor and Chair. Biennial Conference of the Ghana. Studies Association. Round Table Panel Discussion. Topic: Ensuring Quality in Higher Education in Ghana, the Case of Private Post Graduate Education. July 6-9, 2016. Venue: University of Cape Coast, Cape-Coast, Central Region, Ghana.
Armah, Stephen (2016) “Institutional Challenges for Transforming Ghana” Paper Presented at Kohlberg Hall, Swarthmore College, Jan 7, 2016, Swarthmore College, Swarthmore, PA 19081.
Armah, Stephen (2016) Panel Convener and Chair: Sustainable and Inclusive Growth, A Second look at Fundamental Economic Relationships for the Ghanaian Case. Panel convened at the 2016 University of Ghana School of Social Science International Conference, held April 14-15, 2016 at the Campus of the University of Ghana. Theme: The Social Sciences, Good Governance and Sustainable Development Goals. Panel presenters (all of Ashesi University): Allhassan Affum, Esther Akoto, Richard Dogbey, Kennedy Kwarasey, John Allotey and Martin Forson
Armah Stephen (2016) Panel Member of Panel titled: MDGs, SDGs and Ghanaian Social Science: Synchrony, Departure(s) and New Vista(s). Panel Chair Lloyd Amoah. Panel convened as part of the Sustainable and Inclusive Growth Conference organized by the University of Ghana School of Social Science, held April 14-15, 2016. Theme: The Social Sciences, Good Governance and Sustainable Development Goals. To be held at the Campus of the University of Ghana.
Armah, S.E.A (2016) (2016) "Strategies to Facilitate the Transformation of Developing Countries: A focus on Ghana" Global Studies Seminars, Dennison University, University Room, Slaytor Hall, 4th Floor, October 31, 2016, Granville, OH, USA.
Armah, S.E.A (2016) (2016) "A Critical Investigation into the Problem of Quality Control in Private Graduate Institutions in Ghana" Annual meeting of the Illinois Economics Association. Dates: October 14 and 15, DePaul University, 1 East Jackson Blvd., Chicago, Illinois, USA.
Wendy Akinny and Stephen E. Armah (2016) "Investigating the Desirability and Feasibility of "Managed Long Term Elderly Care" as a viable business in developing Countries" Annual meeting of the Illinois Economics Association. Dates: October 14 and 15, Depaul University, 1 East Jackson Blvd., Chicago, Illinois, USA.
Stephen Armah (2016) "Ensuring Quality in Private Post Graduate Education" The 7th African Network for Internationalization of Education (ANIE) Annual Conference Accra, Ghana. 5th to 7th October 2016.

Older Research Presentations [with working papers]

Armah, Stephen (2015) “Next Steps for Transforming Ghana” Paper Presented at the Wooster Lecture Series, October, 10th, The College of Wooster, Wooster, Ohio
Assan-Biney K and S. E.A. Armah (2015) “TV White Space Technology for Rural Broadband Connectivity & User Experience” Paper Presented at Ashesi Economics Lecture Series, Motulsky Lab, Engineering Building, Ashesi University, Berekuso, E/R, Ghana, November 11th.
Seglah Sam and S E Armah (2015) “Going Regional: The Internationalization Strategies of Ghanaian Service Companies within the ECOWAS Market” Paper Presented at Ashesi University’s Economic Lecture Series, Berekuso, Ghana, September, 16th, 2015.
Assan-Biney K and S. E.A. Armah (2015) “TV White Space Technology for Rural Broadband Connectivity & User Experience” Paper Presented at the Illinois Economics Association Conference, Depaul University, Chicago, IL, October 16th-17th, 2015.
Seglah, S and S. E. A Armah S.E.A (2015) “Going Global: The Internationalization Strategies of Ghanaian Service Companies within the ECOWAS Market” Paper Presented at the Illinois Economics Association Conference, Depaul University, Chicago, IL, October 16th-17th, 2015.
Armah, Stephen (2015) “Strategies to help Ghana Develop” Paper Presented at Ashesi University’s Economic Lecture Series, Berekuso, Ghana, February, 11th, 2015.
Armah, Stephen (2015) “Strategies to help Ghana Develop” Paper Presented at the Eastern Economics Association Conference, Feb 26, Sheraton New York Times Square Hotel, N, USA.
Armah, Stephen (2015) “Strategies to help Ghana Develop” Paper Presented at the Ghana Academy of Arts and Science Distinguished Lecture Series, The British Council Hall, Accra, Ghana
Torku, D and Armah S.E.A (2014) “Are Ghana’s Current Policies Sufficient to avoid the Resource Curse?” Paper Presented at Ashesi University’s Economic Lecture Series, Berekuso, Ghana, October, 1st, 2014.
Torku, D and Armah S.E.A (2014) “Are Ghana’s Current Policies Sufficient to avoid the Resource Curse?” Paper Presented at the Illinois Economics Association Conference, Depaul University, Chicago, IL, October 1st, 2014
Osei-Owusu Alexander and Stephen E Armah (2014) "Investigating the Applicability of Dynamic Pricing to Ghana’s Telecom Infrastructure Market" 3rd GTUC – CMI International Conference. Application of Mobile Communications in Africa: Challenges and Prospects. Conference jointly hosted by Aaborg University, Denmark and Ghana Technology University. Presented at the Florence Onni Auditorium, GTUC campus, Tesano, Accra, Ghana.
Osei-Owusu Alexander and Stephen E Armah (2014) "Investigating the Applicability of Dynamic Pricing to Ghana’s Telecom Infrastructure Market" Paper Presented at the Ashesi Economics Lecture Series, Berekuso, Ghana.
Ayepah, Francis, Osei-Owusu Alexander and Stephen E Armah (2014) "Investigating the causes of Network Outages and it cost implications of the Telco’s in Ghana “The case of MTN”." 3rd GTUC – CMI International Conference. Application of Mobile Communications in Africa: Challenges and Prospects. Conference jointly hosted by Aaborg University, Denmark and Ghana Technology University. Presented at the Florence Onni Auditorium, GTUC campus, Tesano, Accra, Ghana.
Osiakwan, Rita and Stephen Armah (2014) “Is the Fuss about Low Inflation in Ghana Worth the Hype” Paper to be presented at the Western Econ Association Int. Conference, Denver, CO, June 27-July 1 2014.
Felix Akpagloh and Stephen Armah (2014) “Evaluating the Financial Implication of Power Harmonics on ECG’s Distribution Networks And Customers” Paper Accepted for the Mac 2014 Conference dubbed "Managing Inclusive Growth and Harmonious Development in Africa" Johannesburg 20-25 October 2014 Gauteng Conference Centre, Sandton, Johannesburg, South Africa.
Daniel Torku and Stephen E Armah (2014) "Avoiding the Resource Curse: Is there a Role for Ghana’s Media Daniel Torku" Paper Accepted for "Africa Media and Democracy Institute's Accra Conference Dubbed: Media Development and Democracy", Kofi Annan Centre for ICT, Gamel Abdul Nasser Road, Ridge, Accra, Ghana. August 6th-9th 2014.
Osei-Owusu Alexander and Stephen E Armah (2014) “Investigating the Applicability of Dynamic Pricing to Ghana’s Telecom Infrastructure Market” Paper accepted at the World Conference on Business, Economics and Management Polytechnic, Koforidua, E/R, Ghana, July 7 – 9, 2014.
Osei-Owusu Alexander and Stephen E Armah (2014) “Investigating the Applicability of Dynamic Pricing to Ghana’s Telecom Infrastructure Market” Paper accepted for presentation at the Eastern Economics Association Conference, Boston, MA, March 6 – 9, 2014.
Osei-Owusu Alexander and Stephen E Armah (2014) “Investigating the Applicability of Dynamic Pricing to Ghana’s Telecom Infrastructure Market” Paper accepted for presentation at the Global Development Network (GDN) and the United Nations Economic Commission on Africa (UNECA)’s 2014 Annual Conference, June 18-24, Accra, Ghana
Osiakwan, R and S. Armah (2014) “Clearing the Muddy Waters: An attempt to decompose the impacts of inflation on the Ghanaian economy and on the welfare of Ghanaian citizens” South-Western Social Science Association Conference, April 2014, San Antonio Texas.
Osei-Owusu Alexander and Stephen E Armah (2013) “Investigating the Applicability of Dynamic Pricing to Ghana’s Telecom Infrastructure Market” Paper presented at the Ashesi Economics Lecture Series, Ashesi University College, Berekuso, Ghana. October, 2013.
Osiakwan, Rita and Stephen Armah (2013) “Is the Fuss about Low Inflation in Ghana Worth the Hype” Academic and Business Research Institute (ABRI) Conference, Las Vegas, NV, October 2013.
Sarah Oti Sarkodie and Stephen Armah (2013) “The Impact of Microfinance Services on Poverty Reduction in Accra: A Case Study of UniCredit Ghana Limited”. Paper Presented at the African Finance Journal Conference Durban, South Africa on the 30^th of April.
Nketsia, N. and S. Armah (2013), “Investigating Competition in Ghana’s Banking Sector: Is there a Case for Antitrust Laws?” International Conference on Global Business (ICGB). Dearborn Michigan. May 2013.
Anim-Dankwah, Esther and Stephen Armah (2013), “Evaluating the Effectiveness of Non-Governmental Organization (NGO)-Based Aid in Ghana: A Case Study of Actionaid International Ghana and Christian Children’s Fund of Canada” Ghana Studies Association Conference: Kumasi, Ghana, April 2013.
Victoria Animwaa Anim and Stephen Armah (2013), “An Evaluation of the Socio-Economic Implication of Funerals on the Lives of Ghanaians” Ghana Studies Association Conference: Kumasi, April 2013.
Marian Apronti and Stephen Armah (2013), “An Evaluation of Governmental Policies Used in the Management of Natural Resources: A Focus on Botswana and Nigeria and Lessons for Ghana” Ghana Studies Association Conference: Kumasi, April 2013.
Sarah Oti Sarkodie and Stephen Armah (2013) “The Impact of Microfinance Services on Poverty Reduction in Accra: A Case Study of UniCredit Ghana Limited. Ghana Studies Association Conference: Kumasi 2013.
Stephen Armah and Daniel Torku (2013) “Can Ghana’s Policies on Oil help her to avoid the Resource Curse?” Ghana Studies Association Conference: Kumasi, April 2013.
Apronti M. and S Armah (2013) “An Evaluation Of Governmental Policies Used In The Management of Natural Resources: A Focus on Botswana and Nigeria and Lessons for Ghana” Paper accepted for presentation at ECAS 2013: The 5th European Conference on African Studies and African dynamics in a multipolar world to be held in June in Lisbon Portugal.
Torku, D and S Armah (2013) “Are Ghana’s Current Policies Sufficient to Avoid the Resource Curse: An Objective Analysis” Paper accepted for presentation at ECAS 2013: The 5th European Conference on African Studies and African dynamics in a multipolar world to be held in June in Lisbon Portugal.
Aidoo, J. and Armah S. E. (2012) “The impact of rural banking and their microfinance products on poverty alleviation in Ghana” Paper accepted for presentation at the “African Economics Conference: Fostering Inclusive and Sustainable Development in Africa in an Age of Global Uncertainty 30 October -2 November 2012. Kigali, Rwanda.
Anim-Dankwah, E. and Armah S. E. (2012) “Evaluating the effectiveness of Non-Governmental organization based aid in Ghana: A case study of Actionaid international Ghana and Christian Children’s fund of Canada” Paper accepted for presentation at the “2012 Annual Meeting of the Stanford Forum for African Studies to be held at Stanford University, CA. October 26-27, 2012.
Anim-Dankwah, E. and Armah S. E. (2012) “Evaluating the effectiveness of Non-Governmental organization based aid in Ghana: A case study of Actionaid international Ghana and Christian Children’s fund of Canada” Paper presented at the “2012 Global Development Finance Conference held at the Crystal Towers Hotel in Cape Town, SA, 20-22 November 2012.
Aidoo, J. and Armah S. E. (2012) “The impact of rural banking and their microfinance products on poverty alleviation in Ghana” Paper presented at the “2012 Global Development Finance Conference held at the Crystal Towers Hotel in Cape Town, SA on the 20-22 November 2012.
Armah S. E. and Lloyd Adu-Amoah (2012) “Media Freedom and Political Stability in Sub-Saharan Africa?" Paper accepted be presented at the Africa Media and Democracy Conference 15th-18th August 2012, Accra – Ghana.
Aidoo, J. and Armah S. E. (2012) “The impact of rural banking and their microfinance products on poverty alleviation in Ghana” Paper accepted for presentation at the “International Conference on Global Economy, Policy challenges & Market Responses. University of London, 17 September 20. London, United Kingdom.
Anim-Dankwah, E. and Armah S. E. (2012) “Evaluating the effectiveness of Non-Governmental organization based aid in Ghana: A case study of Actionaid international Ghana and Christian Children’s fund of Canada” Paper accepted for presentation at the “International Conference on Global Economy, Policy challenges & Market Responses. University of London, 17 September 20. London, United Kingdom.
Apronti, M.O. and Armah S. E. (2012) “An Evaluation of Governmental Policies Used In The Management of Natural Resources: A Focus on Botswana and Nigeria And Lessons For Ghana Paper Accepted for Presentation At The “9th International Conference of the Global Academy of Business and Economics Research to be held on October 4-5, 2012 in the Sheraton LaGuardia, New York.
Amegatche, J and Armah S.E.A (2012) “Investigating Anti-Competitive Behavior in Ghana’s Bourgeoning Telecom Industry: Is there a Need for the Enactment of Anti-trust laws?” Paper Presented at Ashesi University’s Economic Lecture Series, Berekuso, Ghana, 27^th March, 2012.
Amegatche, J and Armah S.E.A (2012) “Investigating Anti-Competitive Behavior in Ghana’s Bourgeoning Telecom Industry: Is there a Need for the Enactment of Anti-trust laws?” Paper Presented at Oxford University’s CSAE Conference, St Catherine’s College, Oxford, UK, 17-21 March, 2012
Amegatche, J and Armah S.E.A (2012) “Investigating Anti-Competitive Behavior in Ghana’s Bourgeoning Telecom Industry: Is there a Need for the Enactment of Anti-trust laws?” Paper accepted for presentation at the International Conference on Applied Economics (ICOAE 2012) held at the Swedish University of Agricultural Sciences Undervisningshuset, Almas alle 10, Uppsala. Upsalla, Sweden. June 28-30, 2012.
Armah S. E. (2012) “Why Ghana Needs Anti-Trust Laws if it Serious About Development? "Invited Speaker at the 7^th International Conference on ICT for Development, Education and Training Le Palais de Congres de Cotonou, Cotonou, Benin 23-25 May 2012.
Armah S. E. (2012) “Hedging Joint Price and Production Risk: The Case of Ghana Cocoa?"Paper accepted for presentation at the 2012 Hawaii International Conference on Social Sciences, Honolulu, Hawaii, USA, 2 June 2012.
Armah S. E. and Lloyd Adu-Amoah (2012) “Media Freedom and Political Stability in Sub-Saharan Africa?" Paper presented at the University of Ghana Economics Department Lunch Seminar Series. University of Ghana, Legon, Accra, Ghana. 14 March 2012.
Armah S. E. (2012) “Identifying the previously forgotten "New" Growth Drivers of Sub-Saharan Africa's (SSA)'s Resurgence: An Econometric Investigation "Paper accepted for presentation at the African Finance Journal and African Growth Institute Conference held at the Panari Hotel in Nairobi, Kenya, April 19-20, 2012.
Armah S. E. (2012) “Identifying the previously forgotten "New" Growth Drivers of Sub-Saharan Africa's (SSA)'s Resurgence: An Econometric Investigation "Paper presented at the University of Warsaw – University of North Florida 2012 International Business Research Conference. University of North Florida, FL, SA. 09-10, 2012.
Armah, S and L. Adu-Amoah (2011) "Media Freedom and Political Stability in Sub-Saharan Africa: A Panel Data Study" Paper Accepted for Presentation at the International Conference: Africa and People of African Descent: Issues and Actions to (Re)-Envision the Future: September 14-16, 2011. Howard University Washington, DC (USA).
Amegatche, J and Armah S.E.A (2011) “Investigating Anti-Competitive Behavior in Ghana’s Bourgeoning Telecom Industry: Is there a Need for the Enactment of Anti-trust laws?” Paper accepted for presentation at the Expectations for Ghana as a Middle Income Economy Conference Organized by the Kwame Nkrumah University of Science and Technology (KNUST). September 19 -20, 2011, KNUST Campus, Kumasi, Ghana.
Amegatche, J and S.E.A Armah (2011) Investigating ‘Anti-Competitive’ Behavior in Ghana’s Bourgeoning Telecom Industry: Is there a Need for the Enactment of Anti-Trust laws? Paper accepted for presentation at the International Conference on International Trade and Investment, to be held on 19- 21st December 2011 at Le Meridien Hotel, Reduit, Mauritius.
Armah S. E. (2011) “Hedging Joint Price and Production Risk: The Case of Ghana Cocoa" Paper presented at The Canadian Economics Association (CEA) Conference at the University of Ottawa in Ottawa, Ontario, Canada. Thursday, June 2, 2011 - Sunday, June 5, 2011.
Pinnamang-Tutu and S. E. Armah (2011) “Cost-Benefit Analysis of Moving up the Cocoa Supply Chain: The Case of Ghana Cocoa” Paper to be presented as a poster at the American Applied Economics Association (AAEA) Conference in Pittsburgh, PA. July 24–July 26.
Armah S. E. and L. Amoah (2011) "Media Freedom and Political (In) Stability in SSA (SSA): A Panel Data Study” Paper to be presented as a poster at The American Applied Economics (AAEA) Conference in Pittsburgh, PA. July 24–July 26.
Armah S. E. (2011) “Hedging Joint Price and Production Risk: The Case of Ghana Cocoa" Paper to be presented at The American Applied Economics Association (AAEA) Conference in Pittsburgh, PA. July 24– 26.
Armah S. E. (2011) “Is Hedging Ghana's Cocoa Export Revenue Risk Beneficial?” Paper presented at the Ashesi Economics Lecture Series, Ashesi University, March, 2011, Cantonments, Accra-Ghana.
Armah S. E. (2011) “Is Hedging Ghana's Cocoa Export Revenue Risk Beneficial?” Paper presented at the 4th European Conference on African Studies 15-18 June, 2011 in Uppsala, Sweden and incorporated into Panel 126: Positioning Ghana: Challenges and Innovation .
Armah S. E., and Lloyd Adu-Amoah (2011) “Media Freedom and Political (In) Stability in Sub-Saharan Africa (SSA): A Panel Date Study” Paper presented at the Conference on Economic Development in Africa Organized by Center for the Study of African Economies (CSAE) at Oxford University 18th – 22^nd March 2011, St Catherine's College, Oxford, UK.
Pinnamang-Tutu and S.E. Armah (2011) “Cost-Benefit Analysis of Moving up the Cocoa Supply Chain: The Case of Ghana Cocoa” Paper presented at the Economics and Business History Conference at the Hyatt on the Capitol Square, April 14-16, 2011, Columbus, Ohio, USA.
Armah S. E., and Lloyd Adu-Amoah (2011) “Media Freedom and Political (In) Stability in Sub-Saharan Africa (SSA): A Panel Date Study” Paper to be Presented Paper presented at the Economics and Business History Conference at the Hyatt on the Capitol Square, April 14-16, 2011, Columbus, Ohio, USA.
Pinnamang-Tutu and Armah and S. E. Armah (2010) “Cost-Benefit Analysis of Moving up the Cocoa Supply Chain: The Case of Ghana Cocoa” Paper Presented at the Illinois Economics Conference, De-Paul University, October 15th-16^th, Chicago, Illinois, USA.
Armah and Amoah (2010) "Media Freedom and Political Stability in Sub-Saharan Africa: A Panel Data Study" Paper accepted for Presentation at the International Conference: Africa and People of African Descent: Issues and Actions to (Re)-Envision the Future. Howard University Washington, DC (USA). September 14-16, 2011
Armah S. E., and Lloyd Adu-Amoah (2010) “Media Freedom and Political (In) Stability in Sub-Saharan Africa (SSA): A Panel Date Study” Paper Presented at the Africa in the Age of Globalization Conference. Brantford Campus of Simon Laurier University, October 27-31, 2010, Brantford, Ontario, Canada.
Armah S. E. (2010) “Investigating the Effects of Endogeneity and Political Stability in Aid-Growth Regressions” Paper Presented at the Departmental Economics Seminar, University of Ghana, March, 2010, Legon, Accra-Ghana.
Armah S. E. (2010) “Investigating the Effects of Endogeneity and Political Stability in Aid-Growth Regressions” Paper Presented at the Ashesi Economics Lecture Series, Ashesi University, May, 2010, Cantonments, Accra-Ghana.
Armah S. E., and Carl Nelson (2009) “An Empirical Analysis of Recent Changes in U.S. Beef Marketing Margins” Paper Presented at the Africa Forum, University of Illinois, March, 2009, Urbana-Champaign, IL.
Armah S.E. and Carl Nelson (2008) “Is Foreign Aid Beneficial for Sub-Saharan African Countries? Addressing the Question of Aid Effectiveness with Panel Data Techniques” Paper presented at the American Applied Economic Association Conference, July 2008, Orlando, FL.
Armah S.E. and Carl Nelson (2008) “Explaining the Current Cocoa Boom in Ghana: A Smuggling Incentive Argument” Selected Poster Presented at the American Applied Economic Association Conference, July 2008, Orlando, FL
Armah S.E. and Carl Nelson (2008) “Foreign Aid and growth in Sub-Saharan African Countries” Paper presented at the International Policy and Dev (IPAD) Seminar, March 2008, Champaign, IL
Armah S.E (2008) “Establishing the Presence of a Risk Premium in the NYBOT Futures Market” Paper presented at the American Applied Econ Association Conference, July 2008, Orlando, FL.
Armah S.E. and Carl Nelson (2008) “Establishing the Presence of a Risk Premium in the NYBOT Futures Market” Paper presented at the Int. Policy and Dev Seminar, May 2008, Champaign, IL
Armah S. E and Carl Nelson (2008) “Do Needy Countries Need Foreign Aid? A Panel Data Study” Paper Presented at the South-Western Economics Association, March 2008, Las Vegas, NV.
Armah S. E and Carl Nelson (2008) “Do Needy Countries Need Foreign Aid? A Panel Data Study” Paper Presented at the Minorities in Agriculture Natural Resources and Related Science (MANNRS) Regional Conference, Michigan State University, East Lansing MI.
Armah S. E (2008) “Explaining the Current Cocoa Boom in Ghana: A Smuggling Incentive Argument” Paper presented at the South-Western Economics Association, March 2008, LV, NV.
Armah S. E (2008) “Will the Internet help Africa Grow” Paper Presented at the South-Western Economics Association, March 2008, Las Vegas, NV
Armah S. E (2008) “Hedging Joint Production and Price Risk-Rolfo Re-Visited” Paper Presented at the Illinois Economics Association, Chicago, IL, October 2008
Armah S. E (2008) “Accounting for Political Stability in the Aid-Growth Relation” Paper Presented at the Illinois Economics Association, Chicago, IL, October 2008
Armah S. E (2008) “Can Sub-Saharan Africa’s Cocoa Exporters Use the Cocoa Futures Market to Manage Cocoa Price Risk?” Paper Presented at the Illinois Economics Association, Chicago, IL, October 2008
Armah S. E (2008) “Explaining the Current Cocoa Boom in Ghana. An application of the Error Correction Model” in Proceedings of the Conference on Economic Development in Africa Organized by Center for the Study of African Economies (CSAE) at Oxford University 16th - 18th March 2008, St Catherine's College, Oxford, UK.
Armah S. E (2008) “Should Cocoa Exporters Hedge Price Risk: A look at Overlooked Factors. Paper Presented at the First International Business Conference Aug 7-9, 2008 Dearborn Hyatt, MI, USA.
Armah S. E (2008) “Should Cocoa Exporters Hedge Price Risk: A look at Overlooked Factors. Paper Presented at the Africa Forum, University of Illinois, June, 2006, Champaign, IL.
Armah S. E (2008) “Establishing the Presence of a Time-Varying Risk premium in the NYBOT Cocoa Futures Market?” In Proceedings of the Second International Conference for Small Economies in a Globalized World, Wilfred Laurier University, Waterloo, Ontario, Canada
Armah S. E (2008) “Explaining Ghana's Good Cocoa Karma: A Smuggling-Incentive Reversal Argument” In Proceedings of the Second International Conference for Small Economies in a Globalized World, Wilfred Laurier University, Waterloo, Ontario, Canada
Armah S. E (2007) “Is There a Time-Varying Risk premium in the NYBOT cocoa Futures Market?” Paper presented at 1st Africa-US Business Conference, November, 2007, Detroit MI.
Armah S. E (2007) “Explaining the Current Cocoa Boom in Ghana: A Smuggling Incentive Argument” Paper presented at 1st Africa-US Business Conference, November, 2007, Detroit MI.
Armah S. E (2007) “A Dynamic Panel Analysis of the Contribution of the Internet to Sub-Saharan Africa’s Dev” Paper Presented at the Illinois Economics Association, Chicago, IL, October 2007
Armah S. E., and Carl Nelson (2007) “An Empirical Analysis of Recent Changes in U.S. Beef Marketing Margins” Paper Presented at the American Applied Economic Association Conference, July 2007, Portland, OR.
Armah S. E., and Carl Nelson (2007) “Relative Market Power in U.S. Beef Marketing Margins” Paper Presented at the International Policy and Dev Seminar, May 2007, Champaign, IL.
Armah S. E (2007) “Will the internet Help Africa Grow?” Paper Presented at the Illinois Economics Association, Chicago, IL, October 2007
Armah S. E (2007) “Explaining Ghana’s Good Cocoa Karma: A Smuggling-Incentive-Reversal Argument” in proceedings of Second International Symposium on Economic Theory, Policy and Applications, Athens, Greece 6-9 August 2007.
Armah S. E (2006) “A Dynamic Panel Analysis of the Contribution of the Internet to Sub-Saharan Africa’s Dev?” Paper Presented at the Africa Forum, University of Illinois, June, 2006, Champaign, IL.
Armah S. E (2006) “Explaining Ghana’s Cocoa Boom” Paper Presented at the Africa Forum, University of Illinois, June, 2006, Champaign, IL.
Armah S. E. (2005) “Do Needy Countries Need Foreign Aid? A Panel Data Study” Paper Presented at the South-Western Economics Association Conference, March 2005, New Orleans, LA, USA.
Armah S. E (2004) “How does the Aging US population affect the US Current Account”? Paper Presented at Emory University Economics Department Seminar, Atlanta, GA, 2004
Armah S. E (2004) “Will the Internet Help Africa Grow”? Paper Presented at the Emory University Economics Department Seminar, Atlanta, GA, 2004
Armah S. E (2004) “A Consumption Smoothing Hypothesis Test: The Effect of the Aging US Population of the Current Account”? Paper Presented at the Emory University Economics Department Seminar, Atlanta, GA, 2004.

Upcoming Research Presentations [with working papers]

Armah Stephen E (2018). Panel-Co Chair with Kairn Klieman, for the panel: Re-Theorizing the “Resource Curse” in an Age of Energy Transitions:
Case Studies from Africa and the Caribbean (With a View to the Future). The African Studies Association Conference, Atlanta, Ga. November 28th-December 2nd
Armah Stephen E (2018) "Envisaging Life After Oil: The challenge facing African countries in an era on energy transitions" The African Studies Association Conference, Atlanta, Ga. November 28th-December 2nd
Armah, Stephen (2016) “A Discussion of Foreign Aid” Invited Speaker at Michigan State University (MSU) East Lansing, Michigan. November 7th, 2016.
Armah, Stephen (2016) “Child Labor, Land Degradation and Socioeconomic Challenges in Ghana's Cocoa and Gold Mining Sectors” Distinguished Guest Speaker at the Arrupe Scholars Forum. November 14^th, 2016. John Carroll University, University Heights, Ohio.
Akua Anyidoho and Stephen Armah (2016). Panel Co-conveners of the Special Panel on Higher Education in Africa. 59th Annual Conference of the African Studies Association of the United States. Dates: 1-3 December, 2016. Venue: Washington DC, USA.
Armah, S.E.A (2016) "Ensuring the Quality of Post-Graduate Higher Education in Ghana" Global Studies Seminars, Dennison University, University Room, Slaytor Hall, 4th Floor, November 14, 2016, Granville, OH, USA.
Wendy Akinny and Stephen Armah (2016). "Investigating the Desirability of the ‘Old People’s Home’ as a Viable Business in Ghana" African Finance Association Conference Section of the American Economics Association (AEA)Conference Dates: 7 January. Venue: Hyatt Regency Chicago, Ogden, USA.

Other Recent Research Activities

Stephen E Armah (2016), Session Chair, “On Pedagogy in Africa” panel at the Africa Network Annual Conference Dubbed “The State of African Studies” 30 September-2 October 2016, held at Denison University, Granville, Ohio.
Member of the Local Organizing Committee, the Annual Conference of the African Review of Economics and Finance Journal. Theme: Natural Resources, Institutions and Economic Developmentin Africa. 11- 12th August 2016, Kumasi, Ghana
African Review of Economics and Finance, Editorial Board (2015-present):
The Ashesi Forum on the NDPC's 4-year development plan for Ghana: Forum Convenor and Chair (2015)
The Ashesi Faculty Seminar Series, Presenter (2015). Topic: Ensuring Quality in higher Education in Ghana. Seminar held at the residence of the Provost, Marcia Grant.
Ashesi Lecture Series Journal, Editor (2012-present).
The Ashesi Economics Lecture Series: Director (2009-present)

Committee Membership (Past and Present)

The Ashesi Academic Council
The Ashesi Academic Programs Committee (APC)
The Academic Standing Committee
The Ashesi Library Committee
The Ashesi Human Subjects Review Committee (also known as the IRB)
The Ashesi Research Committee
The Ashesi Strategic Planning Committee
The Ashesi Judicial Council (AJC)

Research Summary

My research is interdisciplinary and focuses on addressing the problems that plague developing countries in their quest for development. This includes inflation, access to capital, access to reliable power, institutional challenges, foreign aid, how to graduate from primary resource dependence to a diversified economy, how to foster competition where it is absent and corruption.

Awards & Honors

Distinguished Visiting Scholar, Economics Department, Denison University, Granville, Ohio [2016]
Award for Dedicated and Quality Teaching, Long Service, and Loyalty, Ashesi University College [2014]
Fellow, Global Strategic Management Institute (GSMI), USA. [2010-2013]
Top Paper, Center for the Center for African Studies (CSAE) Conference, Oxford University, United Kingdom. [2011]
Top paper, Africa in the Age of Globalization Conference, Simon Laurier, Brantford, Ontario, Canada. [2010]
The Ralph Joseph Mutti Dissertation Award, University of Illinois at Urbana-Champaign [2009]
Best Doctoral Research Award, First International Business Conf, Dearborn, MI. [2008]
Graduate School Recognition for Significant Leadership in an Academic Discipline, ACE UIUC. [2008]
Best Graduate Student Paper, Illinois Econ Assoc. Grad Paper Contest [2008]
Best Grad Student Paper, Southwestern Economics Grad Paper Contest [2008]
Recognition for Outstanding Service to Minorities in Agriculture (MANNRS) [2007]
Recognition for High Achievement in Agriculture, Gamma Sigma Delta [2006]
Black Cultural Centers Directors’ award for Leadership, Swarthmore. [2001]
Graduate Fellowship for Academic Achievement (Emory University). [2001,2002]
Scott B Lily Award for academic excellence, Swarthmore College. [2000, 2001,2002]

Theses Supervised [Undergraduate Theses (Ashesi University College)]

CLASS OF 2010

Pinnamang Tutu -"A Cost-Benefit Analysis of Moving Up the Cocoa Supply Chain"
N. Adoley " Trade Liberalization and its effects on locally manufactured goods: The case of PZ Cussons Ghana Limited"

CLASS OF 2011

Abdul, H. K. (2011) "Ghana's Emerging Oil Industry and the Effect on FDI. Ashesi University Dissertation
Korley, H (2011). "An Investigation into Strategies and Policies to expand the Textile Industry in Ghana: A Case Study using Akosombo Textile Limited (ATL) and Ghana Textile Product (GTP)." Ashesi University Dissertation
Akatue, E. A. (2011)."Investigating the Sustainability of the National Health Insurance Scheme: The Role of Financial Management." Ashesi University Dissertation
Amankwah-Asiamah, A. (2011) "The Pros and Cons of Monetary and Economic Integration in the West African Sub- Region." Ashesi University Dissertation

CLASS OF 2012

Anim Victoria Animwaa (2012) “An Evaluation Of The Socio – Socio-Economic Implication of Funerals On The Lives of Ghanaians Ashesi University Dissertation
Anim-Dankwa Esther (2012) “Evaluating The Effectiveness Of NGO-Based Aid: A Case Study Of Actionaid International Ghana And Christian Children’s Fund” Ashesi University Dissertation
Apronti Marian Ohui (2012) "An Evaluation Of Governmental Policies Used In The Management Of Natural Resources: A Focus On Botswana Nigeria And Lessons For Ghana" Ashesi University Dissertation
Asiedu Nana Serwaa (2012) "The Role Of State Driven Capitalism In Ensuring Economic Development In Ghana; A Case Study Of The Asian Tigers Ashesi University Dissertation
Bremang Joshua Asante (2012) "An Investigation Into The Determinants, Problems And Consequences Of Low Savings In Developing Countries: A Case Study Of Ghana Ashesi University Dissertation
Garbrah Marie Louise (2012) "Evaluating Ghana’s Vulnerability To The Dutch Disease: An Investigation Into Optimal Policy Options To Maximize Benefits From The Oil Find" Ashesi University Dissertation
Nketia Nana Yaw (2012) "Evaluating The Need For Anti-Trust Laws In The Ghanaian Banking Sector" Ashesi University Dissertation.
Eyra Lydie Gnanih (2012) Investigating The Effect Of The Public Procurement Law On The Ghanaian Educational Sector Ashesi University Dissertation

CLASS OF 2013

Abigail Boamah Osei (2013) “Evaluating the effectiveness of Ghana’s Juvenile Justice System in Restoring the Nation’s Human Capital” Ashesi University Dissertation
Bridgette Awuah (2013) “What are the Optimal strategies/Policies that Ghana can use to Attract more Foreign Direct Investments” Ashesi University Dissertation
Emerald Arthur (2013) “Scaling-up from Start-up to Big Business: Analysis of Major Challenges for Ghanaian Firms”. Ashesi University Dissertation
Nii Okai Nunoo (2013) “Accounting for the Informal Sector in Ghana’s Pension Scheme”. Ashesi University Dissertation
Nana Oye Ofei Kwapong (2013) “The New Pension Scheme in Ghana” Ashesi University Dissertation
Rita Otopea Osiakwan (2013) “Understanding the Implication of Changing Levels of Inflation on Standard of Living in Ghana”
Reginah Afumwah Oppong (2013) “Microfinance: The Impact on the Urban Poor in Ghana” Ashesi University Dissertation
Salamatu Shamsuudeen (2013) “Lessons for stimulating manufacturing output in Ghana” Ashesi University Dissertation
Omaima Halabi (2013) “An investigation into the reasons for low attendance at Glo Premier League Matches in Ghana: A Focus on Accra Sports Stadium” Ashesi University Dissertation

CLASS OF 2014

Rita Addah (2014) “Assessing the Impacts of Galamsey Operations on the Socioeconomic Activities of Rural Mining Communities: A Case Study of Ayanfuri” Ashesi University Dissertation
Alida Ines Oandji (2014) “Investigating the Impact of Technical and Vocational Education and Training (TVET) on Unemployment and Productivity in Ghana” Ashesi University Dissertation
Jenifer Emefa Senoo “Assessing the Effectiveness of Ghana’s Local Content in the Oil and Gas Industry. Ashesi University Dissertation
Christelle Ayele Ahoussi “Policies that need to be in place for Crowdinvestment to work in Ghana” Ashesi University Dissertations

CLASS OF 2015

Melanie Ocran (2015) “Lessons for Development from comparing a planned to an Un-panned settlement: A comparison of Tema and Ashaiman” Ashesi University Dissertation
Ekow Adaquay (2015) “Investigating the Impact of High Speed Rail Unemployment and Productivity in Ghana” Ashesi University Dissertation
Aaron Ayamgah “Is investment in education in Education cost effective for the highly skilled Ghanaian Sportsman” Ashesi University Dissertation
Nana Ama Boa-Amponsem “Possible contribution of the Kwabenya – Kitase road to economic development of the area and Ghana as a whole” Ashesi University Dissertation
Justina Etteh “Designing a Functional Application to Improve Customer Retention at CIT Sys Co Limited” Ashesi University Dissertation

CLASS OF 2016

Bartels-Kodwo, Kuukua (2016) “Assessing Passenger Railway Transportation In Accra: The Current State Of Passenger Rail And The Benefits From Improving It” Ashesi University Dissertation
Evita Fiawoo (2016) “The effects of Load Shedding on Businesses in the Central Business District, Accra and its Effects on the Growth of the Country” Ashesi University Dissertation
Felicia Akyaa (Owusu) “The role of capital flight in Africa’s development and the way forward: The case of Ghana and Nigeria. Ashesi University Dissertation
Victor Kafui Vorgbe (2016) Exploring the role of social enterprise in solving market failures in developing nations: A case of household solid waste management in Accra, Ghana. Ashesi University Dissertation
Shedrack Akesse (2016) “Exploring the benefits of strengthening institutions to Ghana’s economy: the case of downstream full petroleum sector deregulation in Ghana. Ashesi University Dissertation
Wendy Akinny (2016) “Evaluating The Feasibility of the Old People’s Home as a Business Concept/ Business Opportunity in Ghana”. Ashesi University Dissertation

CLASS OF 2017

Selorm Haligah (2017) “An Investigation into the Challenges Plaguing Ghana’s Agricultural Sector” Ashesi University Dissertation
Susana Kodau Abraham (2017) “A Comparison of productivity differences between foreign and locally trained lecturers in Ghana’s higher educational Sector" Ashesi University Dissertation
Prince Kennedy Kwarasay (2017) “Analysing Trends in Agricultural Output in Ghana 1995 - 2015: Underlying Causes and Options for Sustainable Growth” Ashesi University Dissertation