Thirty-three young African scientific researchers are attending a four day workshop on Stochastic Optimal Control and Application (SOCA) workshop with Schools at Biriwa in the Central Region.

The workshop is being organised by the African Institute for Mathematical Sciences (AIMS) Ghana, under the auspices of the Alexander von Humboldt and the German Ministry of Education and Research.

It is being attended by researchers in disciplines related to probability theory, financial and actuarial mathematics, insurance, mathematics, statistics and economics from thirteen African countries.

The workshop is focused on initiating collaborative research among researchers at the universities in Ghana and beyond as well as strengthening existing collaborations and initiatives.

The overall aim is to bring new insight in research directions of financial mathematics and find solutions to new problems arising in financial and actuarial mathematics.

Participants would be taken through topics such as introduction to stochastic control with applications to mathematical finance, optimal portfolio with risk constraint and the language method and controlability results for non local impulsive among others.

Speaking at the opening ceremony, Professor Francis Kofi Allotey, President of AIMS, Ghana, said the study of financial and actuarial mathematics was low in the Sub Saharan Africa.

He said the workshop was to help raise the field of financial mathematics to a high level where African youth would appreciate and become part of it adding that it is important and very essential, especially for those in the insurance industry.

Professor Allotey said AIMS as a mathematical sciences institution, taught students mathematics related to finance, industry and the academia such that whoever passed through the institution would be equipped enough to continue a career in any of those directions.
Dr Olivier Menoukeu Panem, the Chairman of the Endowed Humboldt Research of AIMS Ghana, said the workshop would include a mini course, research talks and poster presentations in stochastic control theory.

He said it would also provide industry with new information about the model used to price products and financing management risks involved in their investment.

Dr Panem said the insurance industry for instance, was embattled with numerous challenges such as failure to pay claims to clients because they failed to employ persons with proper actuarial knowledge to make actuarial calculations on the premium of their clients.
He said the field of financial mathematics was not well developed in the Sub Saharan Africa due to lack of resources and appealed to African governments to invest in it.

Dr Panem advised young Africans to demystify the notion that mathematics was a difficult subject and take up courses in mathematical sciences.

Professor Bernt Oksendal of the University of Oslo, Norway said financial mathematics is very essential in the finances of a country adding that it is important for all countries to deal with their finances in a professional way.

In the insurance industry for instance, he said, was embattled with numerous challenges such as failure to pay claims to clients because they failed to employ persons with proper actuarial knowledge to make actuarial calculations on the premium of their clients.

Professor Oksendal urged African governments not to ignore what he described as the ‘new mathematics’ because it had a high potential of improving their economies.

Source: GNA/Newsghana.com.gh