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This paper investigates the total and net directional connectedness of the energy market and currency market amid volatilities (local and international) of BRICS for the period May 7, 2012 to March 31, 2022. The Time-varying parameter Vector Autoregression (TVP-VAR) connectedness approach is specifically employed. We reveal that the average value of the total connectedness index (TCI) is 46.91%, for the specific network of energy commodities, currency rates, and volatilities. Also, from the averaged dynamic connectedness, the global energy commodity index demonstrated the most transmitter of shocks. Conversely, BRICS currency markets (except for Brazilian Rubble) and most implied energy volatilities and realised exchange rate volatilities were net receivers of shocks. Moreover, the total connectivity indices were seen to vary significantly during the study sample period with strong susceptibility to crisis periods, especially, the COVID-19 pandemic. We advocate that most volatilities were consistent net transmitters across time as indicated by the net directional connectedness. The findings imply that in a network of energy commodities, exchange rate, and volatilities, risk minimisation is elated to boost investors’ confidence across time.

We investigate the multi-scale information transmission between two implied volatilities in the energy markets (crude oil volatility and volatility in the energy market) and energy commodities returns (global energy commodity, brent, heating oil, natural gas and petroleum). The Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (CEEMDAN) based Rényi transfer entropy approach is employed to accomplish the research objective. The study’s outcome underscores that information flow between implied volatilities and energy commodities is negative with significance being scale-dependent. Especially, significant negative information flow is found at specific intrinsic mode functions (IMFs) such as IMF1, and from IMFs 6-9 suggesting short-, upper medium and long-term energy markets dynamics. Comparatively, we find profound negative information flow with the crude oil implied volatility than the volatility in the entire energy market implying the former’s strong hedging benefits. Investors and policymakers should have knowledge about the dynamics of implied volatilities, particularly, the crude oil implied volatility when designing strategies for the energy commodities markets.

Research background: The contagious impact of the COVID-19 pandemic has heightened financial market's volatility, nonlinearity, asymmetric and nonstationary dynamics. Hence, the existing relationship among financial assets may have been altered. Moreover, the level of investor risk aversion and market opportunities could also alter in the pandemic. Predictably, investors in the heat of the moment are concerned about minimizing losses. In order to determine the level of hedge risks between implied volatilities in the COVID-19 pandemic through information flow, it is required to take into account the increased vagueness of economic projections as well as the increased uncertainty in asset values as a result of the pandemic. Purpose of the article: The study aims to examine the transmission of information between the VIX-implied volatility index for S&P 500 and fifteen other implied volatility indices in the COVID-19 pandemic. Methods: We relied on daily changes in the VIX and fifteen other implied volatility indices from commodities, currencies, and stocks. The study employed the improved complete ensemble empirical mode decomposition with adaptive noise which is in line with the heterogeneous expectations of market participants to denoise the data and extract intrinsic mode functions (IMFs). Subsequently, we clustered the IMFs based on common features into high, low, and medium frequencies. The analysis was carried out using Rényi transfer entropy (RTE), which allowed for the evaluation of both linear and non-linear, as well as varied distributions of the market dynamics. Findings & value added: Findings from the RTE revealed a bi-directional flow of negative information amid the VIX and each of the volatility indices, particularly in the long term. We found this behavior of the markets to be consistent at varying levels of investors' risk aversion. The findings help investors with their portfolio strategies in the time of the pandemic, which has resulted in fluctuating levels of risk aversion. Our findings characterize global financial markets to be ?non-linear heterogeneous evolutionary systems?. The results also lend support to the emerging delayed volatility of market competitiveness and external shocks hypothesis.

The information flow between BRIC and relevant volatilities constitutes a complex network, which needs comprehensive analysis. We provide a rigorous investigation of information flow among stock markets of BRIC and the US VIX in a frequency-domain paradigm. Henceforward, the variation mode decomposition-based entropy approach is employed for the examination of diverse investment horizons and market conditions. First, we find that under stressed market conditions (lower quantiles), significant negative information flow exists between the BRIC constituents and the BRIC composite index. Also, under benign market conditions, we reveal similar dynamics as found at the lower quantiles, which enhances diversification. However, during market booms, we document more positive information flow between the assets and relevant to the redeployment of portfolios. Second, at low probability events representing market stress, we document potential negative information flow amid the stock markets and the US VIX for most investment horizons. Notwithstanding, the US VIX has the potential of transmitting positive information to the stock markets. However, at high market performance, we find more positive information flow amid the BRIC markets and VIX, generally implying long-term efficiency. Investors, portfolio managers, risk managers, and policy-makers should be wary of the heterogeneous and adaptive behaviour of BRIC stock markets with the VIX.

PurposeThis study investigates information flow of market constituents and global indices at multi-frequencies.Design/methodology/approachThe study’s findings were obtained using the Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (I-CEEMDAN)-based cluster analysis executed for Rényi effective transfer entropy (RETE).FindingsThe authors find that significant negative information flows among sustainability equities (SEs) and conventional equities (CEs) at most multi-frequencies, which exacerbates diversification benefits. The information flows are mostly bi-directional, highlighting the importance of stock markets' constituents and their global indices in portfolio construction.Research limitations/implicationsThe authors advocate that both SE and CE markets are mostly heterogeneous, revealing some levels of markets inefficiencies.Originality/valueThe empirical literature on CEs is replete with several dynamics, revealing their returns behaviour for diversification purposes, leaving very little to know about the returns behaviour of SE. Wherein, an avalanche of several initiatives on Corporate Social Responsibility (CSR) enjoin firms to operate socially responsible, but investors need to have a clear reason to remain sustainable into the foreseeable future period. Accordingly, the humble desire of investors is the formation of a well-diversified portfolio and would highly demand stocks to the extent that they form a reliable portfolio, especially, amid SEs and/or CEs.

This paper examines the recent growth of experiential learning (EL) and the university-community (or so-called town-gown, TG) connections created as a result of this expansion. The research is framed by critical scholarship on the nature and role of the university and the place of liberal education specifically, as well as policy drivers aimed at social and economic impacts from EL. Two subthemes are also examined: first, the role of the arts, humanities and social sciences disciplines in EL expansion and, second, the extent to which TG connections focus on the university's local host community as opposed to more distant and even international arrangements. Mixed research methods including public document analysis and key informant interviews are used to document and interpret EL developments across nine varied universities in Ontario, Canada. The results underline broad sector commitment to EL that in turn creates new and different TG connections for the university. Rapid expansion has brought a variety of challenges identified both by universities and community EL partners. The paper concludes with discussion of policy implications and consideration of the future of EL in light of the 'digital pivot' of the COVID-19 pandemic.

We examine the time-frequency lead-lag relationships and degree of integration between crude oil price returns and stock returns of six oil-producing countries in Africa–Nigeria, Egypt, Ghana, Tunisia, South Africa and Morocco. The study employs daily data from January 2011 to October 2020, inclusive of the COVID-19 pandemic period, using bivariate and multiple wavelet. Generally, there is low interdependence between crude oil price returns and stock returns. We advocate that in periods of crude oil price shocks on other stock markets, African stocks provide diversification opportunities. Thus, a portfolio with African stocks offers immunity to global oil price shocks. © 2021 Informa UK Limited, trading as Taylor & Francis Group.

An increase in globalization and financial integration has induced countries to depend on each other to survive. This has facilitated trade and investments among economies across the globe. It is expected that countries’ international economic activities would contribute to the rate of exchange between the countries. However, uncertainties may alter the dynamics of exchange rate movements, thereby minimizing the contribution of its economic activities at various market conditions. In this regard, we examine the influence of variations in prices of commodities on nominal exchange rate in Ghana. Hence, we employ quantile regression with monthly data spanning from September 2007 to December 2020 for the variables — nominal exchange rate, cocoa, gold and Brent crude oil prices. We find a significant connection among the variables for most quantiles. Also, the study reveals that an upsurge in the price of crude oil corresponds to an appreciation of the Ghana Cedi during turbulent conditions. Conversely, cocoa price tends to appreciate the Ghana Cedi for both normal and extreme market conditions. We recommend that for the country to enjoy favorable exchange rate at all market conditions, there is a need for the producers of these exported commodities to be incentivized by the government in the form of subsidies, new technological equipment and education in order for the producers to increase their efficiency and add value to these commodities while effective inflation targeting policies are deployed. Implications for the study are further provided.

BackgroundSickle cell disease (SCD) is the commonest monogenic haemolytic disorder in Africa. It continues to be a major public health burden. Newborn screening of SCD has been implemented in Kumasi, Ghana, since 1995 and SCD patients identified have been enrolled into the paediatric SCD clinic. The Sickle Pan African Research Consortium (SPARCo) which commenced in 2017 comprises of the Hub in Tanzania with two collaborating sites in Ghana and Nigeria has established a SCD patient consented database. Despite strides made in managing SCD, a significant proportion of patients are hospitalized from the various complications of the disease. This study set out to describe the main causes and outcomes of hospitalizations among paediatric patients with SCD at the Komfo Anokye Teaching Hospital (KATH) in Kumasi. MethodsProspectively, all patients in the database who were hospitalized over the 12-month period between April 2019 and March 2020 at the Paediatric Emergency Unit of KATH were followed up. Indications and outcomes of the hospitalizations were recorded. The data was exported to STATA/SE version 14.0 for analysis. ResultsA total of 201 hospitalizations were recorded over the period. Majority of the patients were males (57.2%, 95%CI: 50.1 - 64.2), in the age group 5-10 years (34.3%, 95%CI: 27.8 -41.3) and of phenotype SCD-SS (83.1%, 95%CI: 77.2 - 88.0). The common causes of hospitalization were VOPE (n=81, 40.3 %), ACS (n=52, 25.9 %), and infections (n=25, 12.4 %). Highest number of admissions was observed in November 2019 (n=34, 16.9 %) followed by June 2019 (n=25, 12.4 %). Six patients (3.0%, 95%CI: 1.1 - 6.4) died and the median (IQR) length of stay was 6 days (4-10). Comparing SCD-SS to SCD-SC, the case fatality was 2.5% and 0.5% respectively (p=0.985) ConclusionVaso-Occlusive Pain Events (VOPE), Acute Chest Syndrome (ACS) and infections were observed as the most common causes of hospitalizations among the SCD patients.

The study proffers the need to strengthen supply chain resilience toward the minimization of disruptions. We investigate the financial performance of agricultural commodities' supply chain amid external uncertainty shocks in both time and frequency dimensions. The wavelet techniques are employed for the analysis. Specifically, both the Windowed Scalogram Difference (WSD) and Wavelet Multiple techniques are utilized. First, the study finds from the WSD that disruption which we proxy with global economic policy uncertainty (GEPU) hurts all the agricultural commodities in the medium and long terms. For instance, we find high comovements between agricultural raw material (ARM) and GEPU. This is similar to the comovements between rice and GEPU. Additionally, high potential comovements between 2005 and 2016 in the medium and long term for fertilizer, maize, and possibly wheat with the GEPU are found. Generally, there seem to be fewer comovements between soybeans and the GEPU which is indicative of a resistance to shocks. Second, we find from the Wavelet Multiple approaches that most of the agricultural commodities are highly integrated, except rice. Findings from the study imply minimization of diversification, hedge, or safe haven benefits with regard to market conditions among the commodities. The findings have important inferences for policymakers, supply chain actors of agricultural commodities, and investors to extensively examine the heterogeneous and adaptive dynamics of the commodity markets. We advocate that supply chains of agricultural commodities must be borne with dynamic capacities to manage vulnerabilities in an uncertain environment, necessitating resilience capabilities to thrive in the long run. Also, investors should hedge against the portfolio risk present in these agricultural commodities. This study is the first to provide insights into the supply chain of agricultural commodities from a financial perspective through time and/or frequency analysis.

We rely on daily changes in implied volatility indices for the US stock market (VIX), developed markets excluding the US (VXEFA), stock markets in Brazil (VXEWZ), Russia (RVI), India (NIFVIX), China (VXFXI), and the overall emerging market volatility index (VXEEM) to examine the degree of information flows among the markets in the coronavirus pandemic. The study also employs the complete ensemble empirical mode decomposition with adaptive noise (CEEMDAN) to decompose the data into intrinsic mode functions (IMFs). Subsequently, we cluster the IMFs based on their level of frequencies into short-, medium-, and long-term horizons. The analysis draws on the concept of Rényi transfer entropy (RTE) to enable an assessment of linear as well as non-linear and tail-dependence in the markets. The study reports significant information flows from BRIC volatility indices to the overall emerging market volatility index in the short-and medium-terms and vice versa. We also document a mixture of bi-directional and uni-directional flow of high risk information and low risk information emanating from emerging equity markets and from the developed markets. We find that the transmission of high risk information is largely dominated by the developed markets (VIX and VXEFA). In the midst of high degree of contagion, our findings reveal that investors can find minimal benefits by shielding against adverse shocks from the developed markets with a combination of stocks from India and other equities in the emerging markets in the short-term, within 1–15 days. For as low as 1–5 days, the empirical evidence indicates that a portfolio consisting of stocks from Russia and Brazil also offer immunity to shocks from the VXEFA. Our study makes an important empirical contribution to the study of market integration and contagion among emerging markets and developed markets in crisis periods.

The study aims to shed new lights on the lead-lag relationships between the financial sector (RFSI) and economic growth (GDP) in the midst of global economic policy uncertainty (GEPU) shocks for BRICS economies. Hence, the bivariate, partial, and wavelet multiple correlations techniques are employed. From the bivariate analysis, we document positive bi-directional causality between the RFSI and economic growth over the sample period. The partial wavelet reveals that GEPU shocks distort the significance and directional comovements between the RFSI and GDP. Moreover, the outcome from the wavelet multiple cross correlations (WMCC) indicates that the RFSI is a first mover at most time scales for the BRICS economies. This is followed by GEPU which either leads or lags for most scales, especially for South Africa. The impact of GEPU on RFSI and GDP is worst for South Africa in about four cases in the medium-, and long-terms. This signifies that South Africa’s financial markets and economic growth are vulnerable to GEPU. However, the impetus for GEPU to drive the comovements between the financial sector and economic activity was less pronounced in the pre-COVID analysis conducted with the WMCC. The study supports both the supply-leading and demand-following hypotheses. Our findings also underscore the need for policymakers, investors and academics alike to incessantly observe the dynamics between finance and growth across time and periodicity while considering adverse shocks from global economic policy uncertainty in tandem.

Sickle cell disease (SCD) is the most common clinically significant hemoglobinopathy, characterized by painful episodes, anemia, high risk of infection, and other acute and chronic complications. In Africa, where the disease is most prevalent, large longitudinal data on patients and their outcomes are lacking. This article describes the experiences of the Kumasi Center for SCD at the Komfo Anokye Teaching Hospital (KCSCD-KATH), a Sickle Pan-African Research Consortium (SPARCO) site and a SickleInAfrica Consortium member, in establishing a SCD registry for the evaluation of the outcomes of patients. It also provides a report of a preliminary analysis of the data. The process of developing the registry database involved comprehensive review of the center's SCD patient medical records, incorporating data elements developed by the SickleInAfrica Consortium and obtaining ethical clearance from the local Institutional Review Board. From December 2017 to March 2020, 3,148 SCD patients were enrolled into the SCD registry. Enrollment was during the SCD outpatient clinic visits or through home visits. A significant proportion of the patients was from the newborn screening cohort (50.3%) and was males (52.9%). SCD-SS, SCD-SC, and Sβ

The performance of the Ghana Stock Exchange (GSE) over the years has been susceptible to both crises and country-specific factors reflected in its macroeconomic fundamentals. Accordingly, the GSE composite index (GSECI) has experienced rapid fluctuations across time, coupled with a declining market capitalisation from a reduction in the number of existing firms. The plunge in the number of firms is partly linked to the banking sector clean-up in 2017, which induced the collapse and consolidation of some financial institutions as well as weaknesses in other macroeconomic variables. This ignites an investigation into whether the synergistic impact of listed firms that represent the financial sector and the soundness of the banking sector measures are dominant factors that could drive or respond to shocks. Hence, the study investigates the lead-lag relationships and degree of integration among two indicators of the GSE—GSECI and GSE financial index (GSEFI), seven banking financial soundness indicators and eight interest rate measures. The wavelet approaches (biwavelet and wavelet multiple) are utilised to address the research problem. The DCC-GARCH connectedness approach is then employed as a robustness check. We found high interconnectedness between the indicators of the GSE and banking sector financial soundness, relative to the interest rates. Notwithstanding, the Treasury bill measures drive the GSE indicators in the short-, and medium-terms. In comparison with the two indicators of the GSE, significant comovements are dominant between the GSEFI and the two forms of selected macroeconomic variables. We advocate that the comovements among the indicators of the GSE, banking sector financial soundness and interest rate measures are heterogeneous and adaptive, especially during crises, but more significant comovements are germane to the GSEFI. The study provides further implications for policy, practice, and theory.

We examine the time-frequency spillovers, contagion, and pairwise interrelations between the BRIC index and its constituents, and between BRIC and G7 economies. The extent of interdependencies between market blocs and their constituents needs to be ascertained in the time-frequency domain for efficient asset allocation and portfolio management. Accordingly, the Baruník and Křehlík spillover index is employed with daily data between 11th December 2015 and 28th May 2021. We find the overall and net spillovers between BRIC and G7 to be significant in the short-term, with France, Germany, and the UK transmitting the greatest shocks to BRIC markets. We find no significant evidence of any sporadic volatilities for the studied markets in the COVID-19 period across all frequencies. However, we reveal contagious spillovers between the BRIC and G7 economies across all time scales in 2017 and 2019, which respectively reflect the persistent effect of Brexit and the US-China trade tension. Our findings divulge that in the short-term (mid-to-long-term), France and the UK (Canada and the US), are the sources of contagion between the BRIC and G7 markets. From the net-pairwise spillovers, we report high connectedness between the BRIC index and its members. BRIC countries are found to be transmitters of net-pairwise spillovers to the G7 markets excluding Japan. We recommend portfolio diversification using BRIC and G7 stocks in the intermediate-to-long-term horizon, where spillovers are less concentrated. Additionally, since individual markets are impacted by their unique shocks, investors should pay close attention to these shocks when distributing assets. In the interim, policy-makers and governments across the globe should ensure effective liberalisation of their economies to encourage international trade flows to boost portfolio diversification.

This study explores how global economic policy uncertainty (EPU) shocks comove with stock returns (SR) of eight African countries—Botswana, Ghana, Kenya, Morocco, Namibia, Nigeria, South Africa, and Zambia. The study employed daily data from December 2010 to December 2019 using wavelet coherence analysis. The results showed that global EPU comoves with most of the SR of African markets and was concentrated in the longer term, especially during the period between 2011 and 2019, although not substantially. The findings indicate that short-term investments in African stocks are less susceptible to global economic policy uncertainty. It is recommended that foreign investors could hedge agaist policy uncertainties by investing in stock listed in African Stock exchanges while appropriate country-level policies are deployed to manage long-term effect of EPU.

App-based ride-hailing, as an alternative to traditional taxis, has attracted a lot of interest recently. Ride-sourcing has changed the local passenger transport industry and is seen as a threat to traditional taxis which are mostly, station based or obtained by outstretched arm on the street. Ride-hailing, in contrast, uses the customer's smartphone to detect their location, and instantly connects the customer to the nearest available driver. Little data, however, exists on travellers’ use of ride-sourcing in Ghana. This study aims at examining the spread and use of ride-hailing among the demographic most likely to use it, amidst the complaints of commercial vehicle drivers that ride-hailing is disrupting their business. A stratified random sampling survey was conducted on the campus of the Kwame Nkrumah University of Science and Technology (KNUST) with the aim of understanding the use of these services among young people in Ghana. Four hundred (400) questionnaires were answered and results analyzed using descriptive and chi-square tests to assess statistical significance. Interviews with taxi and ride-hailing drivers were also conducted to ascertain the levels of priority they respectively gave specific factors that influenced travellers in their mode choice. From the results, it can be inferred that young people are inclined towards ride-sourcing because it is convenient and presents a cost advantage over conventional taxis. However, their use of ride-hailing services was not on a regular basis since few reported using the services as their primary mode of transport (7.1%). Respondents also used these services for social trips and more on weekends; suggesting a limited use. Use of ride-hailing overall can be described as consistent with previous studies among young people. It is recommended that to remain competitive, drivers of conventional modes of transport innovate by including ride-matching technologies and prioritizing passenger convenience to remain relevant to younger clientele. Keywords: Ride-sourcing, Conventional taxi, Public transport, Transportation network companies, Ghana

BackgroundThe Plasmodium falciparum pre-erythrocytic stage candidate vaccine RTS,S is being developed for protection of young children against malaria in sub-Saharan Africa. RTS,S formulated with the liposome based adjuvant AS01(E) or the oil-in-water based adjuvant AS02(D) induces P. falciparum circumsporozoite (CSP) antigen-specific antibody and T cell responses which have been associated with protection in the experimental malaria challenge model in adults.MethodsThis study was designed to evaluate the safety and immunogenicity induced over a 19 month period by three vaccination schedules (0,1-, 0,1,2- and 0,1,7-month) of RTS,S/AS01(E) and RTS,S/AS02(D) in children aged 5-17 months in two research centers in Ghana. Control Rabies vaccine using the 0,1,2-month schedule was used in one of two study sites.ResultsWhole blood antigen stimulation followed by intra-cellular cytokine staining showed RTS,S/AS01(E) induced CSP specific CD4 T cells producing IL-2, TNF-α, and IFN-γ. Higher T cell responses were induced by a 0,1,7-month immunization schedule as compared with a 0,1- or 0,1,2-month schedule. RTS,S/AS01(E) induced higher CD4 T cell responses as compared to RTS,S/AS02(D) when given on a 0,1,7-month schedule.ConclusionsThese findings support further Phase III evaluation of RTS,S/AS01(E). The role of immune effectors and immunization schedules on vaccine protection are currently under evaluation.Trial registrationClinicalTrials.gov NCT00360230.

BACKGROUND The target delivery channel of RTS,S candidate malaria vaccines in malaria-endemic countries in Africa is the World Health Organisation Expanded Program on Immunization. As an Adjuvant System, age de-escalation and schedule selection step, this study assessed 3 schedules of RTS,S/AS01(E) and RTS,S/AS02(D) in infants and young children 5-17 months of age in Ghana. METHODOLOGY A Phase II, partially-blind randomized controlled study (blind to vaccine, not to schedule), of 19 months duration was conducted in two (2) centres in Ghana between August 2006 and May 2008. Subjects were allocated randomly (1:1:1:1:1:1) to one of six study groups at each study site, each defining which vaccine should be given and by which schedule (0,1-, 0,1,2- or 0,1,7-months). For the 0,1,2-month schedule participants received RTS,S/AS01(E) or rabies vaccine at one center and RTS,S/AS01(E) or RTS,S/AS02(D) at the other. For the other schedules at both study sites, they received RTS,S/AS01(E) or RTS,S/AS02(D). The primary outcome measure was the occurrence of serious adverse events until 10 months post dose 1. RESULTS The number of serious adverse events reported across groups was balanced. One child had a simple febrile convulsion, which evolved favourably without sequelae, considered to be related to RTS,S/AS01(E) vaccination. Low grade reactions occurred slightly more frequently in recipients of RTS,S/AS than rabies vaccines; grade 3 reactions were infrequent. Less local reactogenicity occurred with RTS,S/AS01(E) than RTS,S/AS02(D). Both candidate vaccines were highly immunogenic for anti-circumsporozoite and anti-Hepatitis B Virus surface antigen antibodies. Recipients of RTS,S/AS01(E) compared to RTS,S/AS02(D) had higher peak anti-circumsporozoite antibody responses for all 3 schedules. Three dose schedules were more immunogenic than 2 dose schedules. Area under the curve analyses for anti-circumsporozoite antibodies were comparable between the 0,1,2- and 0,1,7-month RTS,S/AS01(E) schedules. CONCLUSIONS Both candidate malaria vaccines were well tolerated. Anti-circumsporozoite responses were greater with RTS,S/AS01(E) than RTS,S/AS02(D) and when 3 rather than 2 doses were given. This study supports the selection of RTS,S/AS01(E) and a 3 dose schedule for further development in children and infants. TRIAL REGISTRATION ClinicalTrials.gov NCT00360230.