ghanaopendata/ghanaian-research-english huggingface dataset:
Financial literacy and retirement preparedness: a case study of workers at Takoradi Technical University

The main objective of the study was to assess the financial literacy and retirement preparedness of this study was to examine the effect of financial literacy on retirement planning among workers in the Takoradi Technical University of Ghana. The study adopted quantitative research approach. The main populations would comprise the workers at the Workers at Takoradi Technical University. Primary data was the main source of data for the study. Structured questionnaires were used to obtain primary data. SPSS version 23 was utilized for the data analyses. The study found a significant difference between respondent’s financial knowledge and having a retirement plan. There was significant difference between respondent’s household expenses and having a retirement plan. This suggests that decision to have retirement plan rather varies on house hold expenses. There was significant no difference between having bank account and having a retirement plan. There was significant difference between number of time respondents reconcile their bank activities and having a retirement plan. There was significant no difference between having personal budget and having a retirement plan. The study found no significant difference between respondent’s gender and having a retirement plan. The study concludes that public universities workers have working knowledge on financial literacy which could be enhanced. The study therefore recommends that the university’s workers should be educated through workshops/seminars to enhance their academic curriculum financial literacy in their current financial status. The level of workers knowledge on finances was moderately low as noticed from the study’s results, which restricts them from taking critical financial decisions. The university must assist workers in acquiring foundational skills that will improve on their financial wellbeing and hence financial literacy education must be treated as a dynamic construct.

Source: KNUST
Financial literacy, investment and personal financial management nexus: a case study of private sector employees in ga east municipal assembly

The major goal of the study was to better understand how investment decision influence workers' individual financial literacy and their personal financial management. To accomplish the goals outlined in the study, the researcher employed a quantitative technique using a descriptive and explanatory research design. The participants in the study were workers at SMEs in the Greater Accra Region. To gather primary data, the researcher employed a convenience sample strategy. The information was gathered from 400 employees of SMEs in the Greater Accra Region using a well-structured questionnaire. Descriptive statistics and a normality test were performed on the data. The researcher utilised SmartPLS 4 and SPSS version 26 to analyse the data. The study's conclusions showed that investment decisions and personal financial management are significantly and positively impacted by financial literacy. The findings also demonstrated that investment decision significantly affect personal financial management. Additionally, it was shown that investment decision mediates the link between financial literacy and personal financial management. The results imply that people's financial management may be improved by increasing their understanding of financial literacy and investing decision. The study recommended that financial literacy training programmes and their providers give thorough knowledge on borrowing and investments.

Source: KNUST
FINANCIAL MANAGEMENT IN SELECTED CHARISMATIC CHURCHES IN KUMASI METROPOLIS

The study sought to unearth the financial management in selected charismatic churches in Kumasi Metropolis. The objectives are to find out the financing decisions of the church, the investment decisions of the church, the reward systems of the church and the challenges faced by the church in achieving the financial obligations. The target population for the research comprised church members (both pastors or general overseers and leaders as well as members of the church) of the five selected charismatic churches in Kumasi metropolis. These churches are Global Evangelical Church, Faith Covenant Chapel (FCC), Great Life Int. Ministries, Revival Life Outreach Ministry, and House of power. Purposive and simple random sampling techniques were used to select forty (40) respondents. Questionnaires were used as an instrument for collecting data. A thorough library search was embarked upon to collect relevant data for the review of related literature to establish theoretical and empirical framework of the study. From the study, it was revealed that the major sources of funds for the charismatic churches in Kumasi Metropolis are through fund raising activities, tithes and offerings. Rewarding or motivating church leaders with Vehicle and maintenance allowances encourages them to work and refusal to pay tithes and other church levy, absenteeism of church members, maintenance of church properties, huge amount of money paid for rented apartment for church service, mismanagement of church funds and purchase of flashy cars by some pastors were the major challenges faced by the church in achieving the financial obligations. Conclusions were drawn from the findings. Based on the above it is recommended that churches should be able to employ the services of a qualified or well-trained accountant to handle the accounting aspect of the church and churches should be encouraged to invest, in the lucrative business to enable the church to make money for developmental projects such as expansion of church or building, providing scholarships etc.

Source: KNUST
Financial literacy, risk tolerance and stock market participation in sekondi-takoradi metropolitan

The main aim of the study is to investigate the effects of financial literacy and risk tolerance on stock market participation of households in the Sekondi Takoradi Metropolitan. The study specifically sought to; Examine the effects of financial literacy on participation on the stock market of households in the Sekondi Takoradi Metropolitan; Examine the effects of tolerance for risk on participation on the stock market of households in the Sekondi Takoradi Metropolitan; and examine the mediation effects of tolerance for risk in the relationship between financial literacy and participation on the stock market of households in the Sekondi Takoradi Metropolitan. The study was a quantitative analysis where data was collected from 399 household heads in the Sekondi Takoradi Metropolitan through convenience sampling. The study employed the use of mediation and multiple regression analysis with the SPSS v 23 as the main data processing tool. The study found that any changes in their level of financial knowledge will lead to a 67.4% increment in their participation in the stock market. Also, the level of financial behavior and financial attitudes of these participants will lead to 29.1% and 62% respective declines in the level of participation on the stock market by these household heads. However, financial awareness levels have no significant negative effects on the level of participation on the stock market by these household heads. Also, the current level of tolerance for risk reduces these household heads’ participation in the stock market by an estimated 25.7%. The outcome of the Sobel test indicated that tolerance for risk has a significant negative mediation effect in the relationship between financial literacy and investment decisions of household heads in the Sekondi Takoradi Metropolitan. The study recommends that, the Ghana Stock Exchange inform the public about the securities traded there, what they do, what their purpose is, and how crucial the exchange is to economic progress. This will go a long way toward raising public awareness and encouraging involvement in the process.

Source: KNUST
Financial Management of the District Assemblies: A Case Study of Birim South District Assembly of the Eastern Region of Ghana

This research aims at assessing the how efficient and effective do District Assemblies manage their finances in the course of working at their set goals and objectives. The research question assess the Assemblies adherence to the guiding principles and laws governing their operations, application of their internal control system and the Assemblies’ position as far as financial management is concern. The literature review, apart from summarizing the modern approaches to theories, identifying the principles of financial management, the reforms adopted in the public sector, shows that these research questions are also important in assessing the Assembly’s position in financial management Data was triangulated from three sources: questionnaires, one-to-one interviews and a past conducted survey on financial management in local governance. The findings from these data showed that Assemblies are not managing the finances effectively and efficiently. They are not doing things according to the prescribed guidelines, laws and procedures governing their operations. And finally, it was concluded that the central government and the Assemblies should insist on the reforms at the Assemblies adherence to the laid down procedures Based on these findings, this study concludes that there is inefficiency and ineffectiveness in the financial management at the District Assemblies. This study closes with the identification of its limitations and some suggestions for further research in this area.

Source: KNUST
Financial Management Knowledge among Entrepreneurs in the Poultry Industry: A Case of the Dormaa Municipality

This study is important because available literature indicates that, most poultry businesses tend to collapse some few years after being set up (Bank of Ghana, 2008; Tham-Agyekum & Appiah, 2010). The situation has been attributed to limited knowledge in financial management practices employed by farmers. This therefore necessitates a study to find out the financial management of the poultry industry in order to propose measures to streamline the situation. Despite the importance of professional financial management to the growth of a poultry business, farmers often consider it as a difficult task (Loggia, 2006) and therefore the decisions they make are guided by vague estimates and guesses based on their past experience of farming (Johl & Kapur, 2001). In the light of the above challenges, this study seeks to investigate the financial management knowledge among farmers in the poultry industry: using Dormaa Municipality as a case study. The research would be a survey with the use of a qualitative method of analysis. Primary and secondary data were used for the study and these emphasized on information collected through questionnaire and books/journals respectively. The study showed that the poultry industry in Ghana and for that matter Dormaa Municipality is contributing effectively the growth and development through the provision of food, employment and taxes to the economy. Many of the farmers are particular about productivity and making profits. As such, farmers employ all means to ensure efficiency however the use of effective financial management practices has been minimal. The study recommends National service personnel should be posted to the sector to assist the farmers in financial management practices.

Source: KNUST
Financial management practices and profitability of business enterprises in Obuasi

Business enterprises play a key role in the growth of the Ghanaian economy. These enterprises contribute to the creation of jobs. However, to ensure survival and efficient operations, firms need to make enough profit on capital invested and ensure financial management practices. This study therefore investigates the impact of financial management practices on the profitability of business enterprises in the Obuasi Municipality. The study focused on two financial management practices, working capital and capital budgeting management. Primary data was collected by using questionnaire from ninety-eight enterprises. The study found that business enterprises profitability (measured by using return on sales) is related to financial management practices. The study also revealed that working capital management has a positive and significant effect on the profitability of business enterprises. The study recommends financial managers or owner managers should pay much attention to their financial management practices due to its positive effect on profitability of the firm.

Source: KNUST
Financial management policies and practices in Ghana Education Service. A study of Nkawkaw Senior High School, Eastern Region.

Currently, there have been frequent reports on financial irregularities persisted in a lot of Senior High Schools in Ghana simply because of negligence in controls and disregard of financial rules, regulations and practices. Financial Management control practices are aimed at achieving desired return on investment. Heads of institutions use financial statements such as budget and other financial tools to exert financial controls in the form of applying policies and procedures established by institutions for managing, documenting and reporting of financial transactions. The study was undertaken to ascertain the financial policies and practices in Ghana Education Service, a study of Nkawkaw Senior High School in Eastern Region. It explored the main sources and usage of funds in the Senior High Schools, the financial control system utilization, and identified the financial management challenges in public schools. Five sets of questionnaires were designed. The first set of the questionnaire went to the Headmaster and Assistant Headmasters. The second set was apportioned to the Accounts Officers, another set also went to the Board of Governors, the fourth set of the questionnaire went to the PTA executives and lastly the final set also went to the student executives. To the other side of these, a deeply interactions with the respondents and the researcher was enhanced. The survey brought to light two main sources of funds for the school, the government of Ghana budget line account and internally generated funds (IGF). The School has instituted effective control practices such that financial transactions were supported by the appropriate supporting documents. It is recommended that, there should be periodic in-service training for the account personnel to improve knowledge, skills and abilities, a budget committee be instituted in the school.

Source: KNUST
FINANCIAL MANAGEMENT PRACTICES AND PROFITABILITY OF SMALL AND MEDIUM-SCALE ENTITIES IN THE TAMALE METROPOLITAN AREA

Small and Medium-sized Entities (SMEs) are very important to the economic growth and development of a nation. Unfortunately, a large number of SMEs in Ghana do not survive for a long period. This study believes that Prudent Financial Management Practices can help SMEs become profitable and for that matter stay in business for a long period of time. This study assessed the impact of financial management practices on the profitability of SMEs in the Tamale Metropolitan area of Ghana with a view to establishing a coherent model directed at improving profitability of SMEs in Ghana. The study used a sample of two hundred and thirty-two (232) SMEs operating in Tamale. The study was a cross sectional survey which used primary data predominantly. Multiplicative linear regressions together with Pearson‟s correlation co-efficient were used to analyse the data. The findings indicate that financial management practices such as working capital management, Financing, Investing, Financial reporting and Accounting Information Systems (AIS) impact positively on the profitability of SMEs, accounting for 77.4% of the variances in profitability of SMEs. The results further indicate that the application of Accounting Information Systems has the highest effect on profitability since a one percent (1%) increase in the application of Accounting Information Systems increases profitability by 0.39%. The study strongly recommends higher adherence to financial management practices. Policy makers, developments partners, owners, and managers of SMEs may use these findings to appreciate the importance of financial management practices to the sustainability of SMEs in Ghana.

Source: KNUST
Financial management practices of micro, small and medium Enterprises in the Obuasi Municipality.

This study was done to assess the of financial management practices in Micro, Small and Medium Enterprises (MSME’s) in the Obuasi Municipality. The objectives of the study were; to determine the extent of financial management employed by SMEs as to these dimensions: to evaluate how MSME’s acquire their financial resources, to examine how MSME’s anticipate their financial needs, to identify how MSME’s allocate funds in their business, and to explore the challenges faced by MSME’s in financial management practices. Questionnaires were appropriated to participants and were the ones utilized for examination. The study used retrospective and prospective designs together with descriptive design. The study notes that the most practiced financial management practices by MSME’s in Obuasi Municipal are periodical budget estimations, activity-based budgeting and financial analysis. This includes computation of financial ratios and comparing their values with other business. The study notes that some important financial management practices are not undertaken by the SMEs such as drawing of financial statements on regular basis. The study reports that MSME’s operating in the Obuasi Municipality perform some monitoring and control activities which include recording of transactions of the businesses. The study brought up new knowledge on how MSME’s apply financial management practices and the weaknesses that were found out in their current operations hindering their efficiency in terms of profitability and business growth. The recommendations from the study included; the Ministry of Finance and Economic Planning, Bank of Ghana should provide a favourable platform for MSME’s to access financing that can enable them to run their businesses at a reasonable cost of financing and sensitize also, owners of MSME’s on the relevance of bookkeeping, financial reporting and analysis. The study brought up new knowledge on how MSME’s apply financial management practices and the weaknesses that were found out in their current operations hindering their efficiency in terms of profitability and business growth.

Source: KNUST
Financial management practices and profitability of business enterprises in Obuasi.

Business enterprises play a key role in the growth of the Ghanaian economy. These enterprises contribute to the creation of jobs. However, to ensure survival and efficient operations, firms need to make enough profit on capital invested and ensure financial management practices. This study therefore investigates the impact of financial management practices on the profitability of business enterprises in the Obuasi Municipality. The study focused on two financial management practices, working capital and capital budgeting management. Primary data was collected by using questionnaire from ninety-eight enterprises. The study found that business enterprises profitability (measured by using return on sales) is related to financial management practices. The study also revealed that working capital management has a positive and significant effect on the profitability of business enterprises. The study recommends financial managers or owner managers should pay much attention to their financial management practices due to its positive effect on profitability of the firm.

Source: KNUST
Financial model for projecting educational expenditure for primary schools in Ghana

There is no gainsaying that the provision of quality education in Africa to be specific Ghana requires adequate funding. Budgets of the various Ministries, Departments and Agencies [MDA's] are woefully inadequate due to underestimated budgets submitted to Government. The Ghana Education Service underestimates their budgets towards the Primary education in Ghana. This trend continues year after year. This project aims at getting a desired model for the educational expenditure in Ghana. The Linear Regression Model was used to get a suitable educational expenditure to overcome this barrier of always underestimating budgets presented to the Ministry of Finance.

Source: KNUST
Financial performance appraisal of Atwima Kwanwoma Rural Bank

Rural banking system in Ghana has been the major if not only source of financial services to the rural majority. Atwima Kwanwoma Rural Bank (AKRB) has been recognized as one such bank that is making impressive performance in the sector. However, since no bank can be too big to fail, this study was conducted to appraise the financial performance of AKRB and its potential to stand the test of time and competition which has taken a new level altogether in the industry. Financial statements for the last eight years (2000 - 2007) were use to appraise the bank’s performance in the light of the research objectives. Financial ratios were derived from the financial statements for the purpose of the appraisal. However, explanatory information was sought by means of an interview with the bank’s manager. Findings from the study showed that the bank is doing well in profitability, assets quality, and liquidity and improving upon its infrastructure as well. But the bank’s capital adequacy has not been attended to with any cautious effort. The study arrived at conclusion that the bank has potential for growth given the quality nature of its assets and profit performance It was recommended that the bank had to pay critical attention to capital adequacy and the caliber of its human capital to enable it face the current trend in the sector fully.

Source: KNUST
Financial Performance Appraisal of Asante Akim Rural Bank from the Year 2003 To 2007.

The purpose of this study is to look at the financial performance appraisal of the Asante Akyem rural bank from 2003 to 2007. It became necessary that an in-depth study is conducted into the performance of the bank because of the fact that the financial systems across the world, more especially in the United States of America, has been bedeviled with a lot of problems, which puts the profitability of most banks also in question. In an * attempt to review the performance of the Asante Akyem rural bank, the operations of rural banks both in and outside Ghana was looked at. Financial performance in general was exploited to give weight to this research. Again, other pertinent issues in the chain of activities of the banking business as well as financial ratios and their importance were critically examined. The performance of the bank was analysed using data from both electronic and print media including institutional reports, published and unpublished materials as well as an interview of key personnel. Through the analysis of the data it was realized that the bank, in general, achieved growth in its profitability within the study period, with year 2007 being the most outstanding. In spite of this, it was however revealed that the bank would not be able to withstand heavy financial shocks. Issues like poor management and weak internal controls as well as loan repayment default were identified as some of the factors undermining the efficiency of the bank. After analysis and identification of these problems, some recommendations were made. These included the need to embark on an intensive education on the importance of savings, training of staff in business strategy and organizational management and techniques in credit management to reduce risk of default. The bank also needs to increase loans and overdraft to customers, engage in profitable investments, intensify the introduction of more innovative banking products and employ mechanisation to increase profitability.

Source: KNUST