Cross-border trade and vehicular risk mitigation
By Prof. Samuel Lartey
Introduction
PRIVATE universities in Ghana are playing an increasingly pivotal role in shaping economic development, particularly in the context of cross-border trade and risk management.
In Ghana, Regent University College of Science and Technology has emerged as a key institution dedicated to researching the complexities of cross-border trade and mitigating vehicular risks.
With Ghana’s cross-border trade activities contributing significantly to the region’s economy, $16.6 billion in exports recorded in 2023, there is a growing need for research-driven and skill-oriented education.
Educational Initiatives Tailored to Cross-Border Trade
Regent University College of Science and Technology has tailored its educational programs to equip students with the research knowledge, tools, techniques and skills required that directly impact cross-border trade efficiency.
A hallmark of Regent’s curriculum is the emphasis on experiential learning. The university’s Research Lab simulates real-world research operations and prepares students to navigate customs regulations, supply chain disruptions, and transportation challenges.
This lab has already trained students, many of whom have become influential players in Ghana’s human, logistics risk management and digital security sectors. This practical approach ensures that graduates are ready to contribute meaningfully to regional trade and risk management.
Research and Policy Contributions
Regent University has also taken a leading role in research that informs trade and risk mitigation policies.
In recent years, the university’s Business and Leadership Department has conducted in-depth study on the economic impact of vehicular risks on Ghana’s trade sector.
The research revealed that road transport inefficiencies, including frequent accidents, resulted in a GDP loss of approximately 1.6% in 2023.
This alarming figure has sparked conversations among policymakers, with Regent’s research serving as a foundation for potential legislative reforms aimed at improving road safety and logistics efficiency.
The university’s Trade Policy Impact Dialogues held, serves as a platform to discuss these research findings and advocate for policy change. The forum attracts participants, including government officials, industry leaders, and international organizations. The forum has become a critical event for shaping policies that improve trade efficiency and risk management across West Africa.
Partnerships with the Insurance Sector
The collaboration between Regent University and the insurance industry has been instrumental in addressing vehicular risks. Given that road transport is the backbone of cross-border trade in Africa, the insurance sector plays a crucial role in mitigating financial losses from accidents and cargo damage.
The insurance industry in Ghana, and the ECOWAS Brown Card Secretariat, worked with Regent to provide students with a comprehensive understanding of risk management. These educational services deliveries have allowed students to engage directly with industry experts, learning about the intricacies of claims management and risk assessment
Experiences and Success Stories
Regent University’s emphasis on applied learning has led to notable successes. Graduates have gone on to occupy significant roles in the logistics and risk management sectors.
Winfred Dodzih, a PhD student of Regent and ECOWAS Brown Card Permanent Secretary, shared how his education prepared him to handle complex cross-border operations and management.
Addressing Vehicular Risks in Africa
Vehicular risks remain one of the most pressing challenges for cross-border trade in Africa. The Ghana Police Service reported over 13,000 road accidents in 2023, highlighting the urgent need for effective risk management strategies. Regent University has addressed this through programs that focus on road safety and transportation efficiency.
Key Takeaways
1. Ghana’s cross-border trade accounted for $16.6 billion in exports in 2023.
2. Vehicular risks result in a GDP loss of 1.6%, according to research by Regent University.
Conclusion
Private universities like Regent University College of Science and Technology are playing a crucial role in facilitating education and awareness of cross-border trade and mitigating vehicular risks in Africa.
Through a combination of research, industry partnerships, and experiential education, Regent is preparing the next generation of professionals to address these challenges. As Africa continues to harness the economic potential of regional trade, the contributions of private universities will be indispensable in achieving sustainable growth and risk management.
