ghanaopendata/ghanaian-research-english huggingface dataset:
Financial irregularities and inadequate educational resources in Ghana: a case of secondary schools in Kwahu

The purpose of the study is to analyse the impact of financial irregularities on educational resources of secondary schools in Kwahu Zone, Eastern Region of Ghana. Eighteen (18) out of twenty-one (21) schools in the Zone were used for the study. The study adopted both quantitative and qualitative data collection sources. Quantitative data were obtained from the Auditor General Reports (2014 - 2018) while questionnaire was used to collect qualitative data from thirty-nine (39) school management members, twelve (12) internal auditors and six (6) external auditors. The data collected through the questionnaire were coded and fed into the Statistical Package for Social Sciences (SPSS) software version 26. The study revealed that financial irregularities among the second cycle institutions are caused by management inability to comprehend with all the relevant content of the legal and regulatory framework of school resources and weak internal control systems in the schools. Again, it was revealed that, financial irregularities have contributed immensely to numerous challenges and inadequacy of educational resources facing the schools. These findings suggest that the level of adequacy of school resources will be enhanced if mechanism are instituted to reduce the degree of financial irregularities in the school. It is therefore recommended that, continuous education and training should be given to school management especially Headmasters and Accountants to be abreast with the applicable laws and regulations governing the use of school resources. This will enable them to do away with the difficulties in comprehending and complying with the financial laws on educational resources.

Source: KNUST
Financial irregularities and the performance of the Ghanaian economy

The broad objective of this research is to examine the performance of financial irregularities on the overall economic growth and development of Ghana through the application of regression and correlation models to examine the elements of changes and interruptions in irregularities in finances and growth of economy using secondary data obtained from the Ghana Statistical Service and the Auditor General Reports covering the period 2003 to 2019. The results of the analysis of economic growth (GDP) in Ghana revealed a steady significant growth from 2003 to 2019 indicating that the GDP has grown with years, which meant that the performance of the economy has been impacted positively since no particular year saw a decrease. The financial irregularities in Ghana were found to be low and better still minimal within sometime and thereafter fluctuated. A moderately strong positive statistically significant relationship was found between financial irregularities over the time period. The relationship between GDP and financial irregularities revealed moderately strong positive statically significant relationship, with the correlation and coefficient of determination implying financial irregularities accounted for about moderate of the change in GDP by financial irregularities and GPD has been projected to observe a reduction in the near future as a result of financial irregularities. The study concludes that no form of economic setback such as fraud or irregularity, recession did affect negatively the pattern of growth of the economy of Ghana despite the fact that financial irregularities and economic growth were positively related in moderate form thereby allowing predictions. It is recommended that macroeconomic policies pursued to retain the increasing in GDP and to curb financial irregularities and as well as including other factors in future studies.

Source: KNUST
Financial inclusion and the threat of collapsing microfinance institutions in Kumasi Metropolis

The frequent collapse of microfinance institutions in the country raises eyebrows about the sustainability of such institutions in Ghana. This study however assessed the concept of financial inclusion and the threat of collapsing microfinance institutions in the Kumasi Metropolis. Through an exploratory survey design, eighty-eight respondents participated in the study. The findings of the study proved that the respondents have had transactions with microfinance institutions within the Kumasi Metropolis for a considerable number of years. However, respondents also have other accounts with other commercial banks within the Kumasi Metropolis. Further, respondents had either heard or witnessed the collapse of microfinance institutions in the Metropolis which has affected their mindset about the operations of microfinance institutions negatively. Because of the negative perceptions that respondents have about the collapse of microfinance institutions, they are not willing to recommend them to other people and moreover respondents are not willing to continue transacting business with them because of their frequent collapse. The study also found that, the collapse of microfinance institutions in the country has also affected the operations of microfinance institutions because consumers are afraid of investing their money into the operations of microfinance institutions for fear of losing them. That notwithstanding, it was evident that, microfinance institutions are constantly putting measures in place to attract the rural and urban poor to do business with them by enticing them with attractive packages that will motivate them to save and also acquire loans for their businesses. The study therefore recommended the need for Bank of Ghana to publish a list of microfinances that are operating with required license so that consumers will be able to identify the bad nuts which are not operating with licenses and hence avoid transacting business with them.

Source: KNUST
Financial literacy among health workers at Asante Akyem North, Ghana

Financial literacy is perceived as vital and as a practice to be encouraged among both financially literate and illiterate personal. The main aim of this study is to ascertain the level of financial literacy of health workers in the health facilities in Asante Akyem North District. This study adopted explanatory and descriptive research design. A target population of 314 health workers was identified and a sample of 104 was selected using stratified and convenience sampling. Questionnaire was used as a research instrument to administer 31 items self-administer questions in the areas of personal data, overall knowledge in finance, knowledge in savings and borrowings, knowledge in insurance, Knowledge in investment, knowledge in retirement planning and personal financial management practices. The relationship between financial literacy and demographic characteristics of the health workers is examined by employing analysis of variance (ANOVA) and logit regression. The findings on the overall financial literacy of health workers indicated a mean correct percentage score of 51.86% showing that health workers in the district have inadequate or low financial literacy level. The low level of knowledge will limit health workers ability to make informed decisions. Health authorities can have as part of their activities financial literacy workshops or seminars for their workers as a means of improving their existing financial literacy level.

Source: KNUST
Financial literacy among petty traders. Evidence from the Kumasi metropolis.

In recent times governments of developed, developing, under developing countries as well as policy analyst have given much attention to financial literacy because of its relevance to the growth and development of every economy. Financial literacy is defined as the ability to use ones financial skill and knowledge to make well informed financial decisions with respect to money management, saving and borrowing, budgeting and investment in both the short and long term so as to achieve financial well-being. This study was conducted to determine the level of financial literacy among petty traders in the Kumasi Metropolis. The study employed both explanatory and descriptive research design. A purposive technique was used to select the population of study which was grouped into five (5) markets. A total sample size of 200 petty traders was selected to participate in the study. Convenient sampling technique was used to select the respondents. Descriptive statistic, Logit regression model, ANOVA and independent t-Test were used in the analysis of the data. The results revealed that majority of the respondents had low knowledge in money management that is savings and borrowings and investment. The study also found out that educational background and age were basic determinants of financial literacy of petty traders in the Kumasi Metropolis. The study also revealed that there is no significant difference in level of knowledge among petty traders with exception of the hawkers. Finally, more financially literate petty traders are more likely to show positive attitudes toward personal finance opinions and financial management practices.

Source: KNUST
Financial Literacy among University Staff – A Case Study of Kwame Nkrumah University of Science and Technology

Research indicates that financial literacy impacts decision-making that is related to finances. (Lusardi et al, 2008). The financial world gets complex by the day with the influx of financial Institutions with a variety of financial packages and services on the financial market on offer. Since individuals are now in charge of their own financial security, it is therefore a must to be knowledgeable to enable one make a safe, reliable and profitable choice. This research is to assess the level of knowledge and understanding of finance issues among university staff. A case of KNUST staff is studied by using a descriptive and explanatory research design. Primary data was gathered for this research through administering of questionnaires. The study showed that the overall financial knowledge of the university employees at KNUST was relatively medium with respect to Chen and Volpe benchmarks. Findings suggest also that participants' financial knowledge did not vary with their gender and category of staff but rather their age, level of education, status, experience, work type had significant impact on their financial knowledge. In light of these findings, an institutional strategy on monetary education should be embarked critically by the university through seminars, messaging to their mails, and telephones and a regular topic that would feature in every summer school to increase literacy levels.

Source: KNUST
Financial Literacy among SHS Teachers in the Tamale Metropolis

Literature on financial literacy has been explored extensively, however there still exist a gap in financial literacy among teachers in second cycle schools in Ghana. The financial literacy of Tamale's SHS teachers is examined in this study. The OLS regression estimation method was used in the study to estimate the influences of age, gender, and socio-economic status on financial literacy among 359 teachers from a variety of subject areas. Findings from the study show that men have more financial knowledge the women. It also shows that men and highincome earners have better financial behavior and financial attitude. We further find that younger people, high income earners and men have high financial literacy. We conclude that overall financial literacy among teachers is very low. The study recommends that government and other stakeholders must put in measures to train teachers in finance and finance related matters so they can better manage their financial lives. Financially literate teachers are better placed to guide their student in their formative years of studies.

Source: KNUST
Financial literacy among university students in ghana

Financial literacy plays a vital role in the lives of the individual and the nation as it impacts on savings, investments, borrowings and the management of money. Financial literacy contributes to better decision making on financial matters, help in the financial stability of household, individuals and the economy. The main objective of this study was to investigate the level of financial literacy among university students in Ghana. The was conducted using undergraduate students in KNUST, Kumasi. To achieve the study objectives, the study employed descriptive, quantitative, and questionnaires to gather data from a sample of 398 respondents. The study employed various statistical tools including SEM analysis, correlation and ANOVA for the data analysis. Regression analysis was employed to assess the impact of financial literacy on students’ financial behaviour. Results of the study revealed that the financial attitudes that are deemed important to the university students include control of monthly expenses, establishment of financial target for the future, saving money on a monthly basis and following a monthly expense plan. It was also revealed that the students go more than one month without balancing their personal expenses, and hardly save on a monthly basis. In addition, it was revealed that students with business background are more financially knowledgeable than the other students. Also, a significant positive impact was found between financial literacy and financial behaviour. Based on this, the study recommends to the various educational stakeholders to include some course in the curricula of non-business students to upgrade their level of financial literacy for their financial wellbeing. Students in the respective fields of non-business are also recommended to take short course on financial management to upgrade their financial literacy skills. The study further recommends to the stakeholders of the various universities to use their various platforms such as matriculations and orientations to educate students on the need for them to save and invest much of their income to meet unforeseen circumstances and prepare for the future.

Source: KNUST
Financial Literacy and Financial Behaviour of Postgraduate Students: The Moderating Effect of Financial Strain.

The study aimed to assess the levels of financial literacy and financial behavior, explore the relationship between financial literacy and behavior, and understand how financial strain moderates this relationship. A cross-sectional survey with 400 master's students from kunst was conducted, using a structured questionnaire to collect data on demographics, financial literacy, financial behavior, and financial strain. The findings indicate a diverse range of financial literacy levels among participants. While fundamental concepts like understanding ratios, investment, time value of money, and inflation impact received correct responses, there were mixed results in areas like simple interest, risk, and diversification. Overall, the study suggests that kunst master's students possessed a reasonable level of financial literacy. In terms of financial behavior, participants demonstrated positive trends, such as responsible bill payment and credit management. However, some areas, like cutting down on spending and debt record keeping, displayed lower scores. Furthermore, the study revealed a significant positive relationship between financial literacy and financial behavior. Financial literacy was associated with favorable financial behaviors, while financial strain had a negative impact on financial behavior. The moderating effect of financial strain on the relationship between financial literacy and behavior indicated that the influence of financial literacy on behavior is weakened by high levels of financial strain. Based on the findings the study recommends that educational institutions and financial organizations should collaborate to develop comprehensive financial literacy programs, focusing on both theoretical knowledge and practical application, to empower individuals with informed financial decision-making skills. Policymakers should prioritize the integration of financial education initiatives into national strategies.

Source: KNUST
Financial literacy and financial decisions among adults in Ghana; evidence from sekondi-takoradi metropolis

The objective of the study was to provide evidence of financial literacy and financial decisions among adults in Ghana, specifically the Sekondi takoradi metropolis of the western region. A cross-sectional research design with a quantitative research method was employed. A sample size of 100 was used. Convenience sampling techniques was used in selecting the respondents. Data was gathered with the help of a questionnaire designed by the researcher. Analysis was carried out with Statistical Packages for Social Sciences (SPSS). According to previous studies, level of financial literacy of a respondents does not affect his/her savings behaviour. A similar result was found for that of financial literacy and investment behaviour in this study. That is, the level of financial literacy of respondents does not have effect on financial decisions. The study also revealed that with the exception of age distribution, none of the demographic variables statistically influences savings habit. Additionally, the study indicates that with the exception of age distribution and household size, the other demographic variables do not statistically influence investment behaviour. This shows that only age distribution and household size of respondents have significant relationship on investment behaviour of people according to the data available, whiles for savings decisions, only age distribution is statistically significant in that regard. Finally, the results also indicate that the respondents are of the view that some of the major barriers to financial literacy are business news being often technical and difficult to understand by people, financial institutions professionals not often taking enough time explain financial staff, and finally, schools also not educating people well outside the business studies to be financially literate.

Source: KNUST
Financial literacy and growth of small medium enterprises in ghana: a case study of techiman municipality.

The prime objective of this study is to investigate the influence of financial literacy on the growth of smes. The study specifically employs a quantitative descriptive research strategy, with which it will gather quantifiable data for the population sample's statistical analysis. The population of the study includes smes in the Techiman Municipality. Smes in the services, manufacturing and trading sectors are used for the study. Since the population is large some of the smes are being sampled based on the Slovin formula. Therefore the sample size for the study is 140. In this investigation, a sample random sample method is utilised. To choose a sample, simple random sampling involves the use of randomly generated integers which is 140 for this study. The primary source of the data is collected in this study through questionnaires. Cronbach's alpha is used in SPSS to determine the validity of the research instrument. Based on the findings, this study draws the conclusion that, rather than bookkeeping and bookkeeping literacy, the level of debt management literacy has a significant impact on the growth of smes. The majority of smes typically use credit facilities before looking for information on debt management, and as a result, they frequently borrow money from both formal and informal sectors, which leads to debt accumulation. Additionally, it was shown that smes misuse money, which hinders their ability to expand. The majority of smes do not prepare the business annual budget, which results in business transactions being undertaken based on the current circumstances, which results in irrational spending, despite the fact that budgeting improves the coordination of various functions with the ultimate goal of meeting the agreed performance levels. It is recommended that it is essential to make a concerted effort to educate smes on budgeting techniques, how to create a budget, and how to maintain accurate bookkeeping in order to enable them to manage their enterprises with a view to fostering smes' growth.

Source: KNUST
Financial literacy and retirement planning among selected workers: a case study of Tarkwa Nsuaem Municipal District.

The economics of financial illiteracy can be felt across all sectors of the economy if it is allowed to persist. In modern economies, income earned in the form of either interest, rent, wage or profit is either spent or saved. Savings from households serve as a source of funds from which businesses and government can finance their investments. In economies where the flow of funds from surplus units to deficits units through financial intermediaries is not frequent, economic growth is distorted. Aside the national growth, it is important for workers to make proper preparation for retirement in order to reduce the dependency ratio of this country. This study examines financial literacy and retirement planning among selected workers in the Tarkwa Nsuaem Municipal Assembly. A total of 283 workers from public institutions were participated in this study. The respondents were quizzed on their knowledge in personal finance, savings and borrowing, insurance and investment. The findings of this study reveal that the financial knowledge of government workers in the study area is low. Public workers have higher knowledge in personal finance and savings and borrowing than investment and insurance. Demographic characteristics such as age, gender, work experience, educational background and occupation affect the financial literacy of government workers. Also this study documented a significant effect of financial literacy on the retirement planning of government workers

Source: KNUST
Financial literacy and sustainability of small and medium enterprise’s (sme’s) in ghana: a survey of selected sme’s in tema industrial region

The general objective of the study is to investigate how financial literacy promotes sustainability of SMEs in the Tema industrial region of Ghana.The research design adopted was survey research design. The study used a structured questionnaire to collect primary data. The sample size of the study was seventy (70). Quantitative method was adopted to analyze data collected. Descriptive research approach was adopted for presenting analyzed data. The findings of the study are presented using simple tables. Data collected was analyzed using the Statistical Package for Social Scientists (SPSS) to generate frequencies, percentages, and central measure of tendencies. The study found that respondents had knowledge of financial matters. The study also found that personal savings formed the major source of funding for SMEs. Results of the study further reveal that financial literacy has an effect on access to finance and credit for the operation of SMEs in Tema. Additionally, the study found that financial literacy plays a significant role in determining the long-term viability of SMEs based on the findings that were presented in the research.The report suggests managers recognize and actively manage their financial management education. This research also challenges academics and business managers to undertake a more comprehensive investigation of how and why financial capital and resource flexibility impact the performance results of small and medium-sized firms (SMEs), which depend on personal savings for survival. The government, via institutions like the Ghana Enterprises Agency (GEA), should also arrange and promote the introduction of training seminars and workshops for SME owners and managers, since most of them depend on them to enhance their financial literacy. Thus, all GEA training programs must include financial basics.

Source: KNUST