ghanaopendata/ghanaian-research-english huggingface dataset:
Financial control practices and financial irregularities in senior high schools: a case study of selected second cycle institutions in the central region of ghana

The study assessed the nexus between financial control practices and financial irregularities among second-cycle institutions in the Central Region. Primary data were collected through a questionnaire distributed to 133 Head of Schools, Accountants, Matrons, Bursars and Administrators. The primary data was analyzed using both SPSS and the Partial Least Squares (PLS) estimation technique. The research design employed was explanatory. The findings of the study revealed that misappropriation of funds, embezzlement, fraudulent activities related to financial transactions, challenges in maintaining accurate financial records and procurement processes in school vulnerable to financial irregularities are the common form of financial irregularities in second-cycle institutions. Again, the study revealed that budgeting as a financial control mechanism help detect and control financial irregularities. Moreover, the study discovered that auditing is an important conduit in identifying and preventing financial irregularities. Furthermore, the study found that an increased account management procedure is linked to detection and control of financial irregularities. Therefore, the study recommended that the government should develop and implement robust internal controls and oversight mechanisms to address vulnerabilities identified in the study, particularly in areas prone to misappropriation of funds, embezzlement, fraudulent activities and challenges in financial records and procurement processes. Also, the head of schools should strengthen budgeting processes by ensuring they are comprehensive, transparent and aligned with the institution's goals and priorities. Besides, the authorities of second-cycle institutions and government should always conduct a thorough review of auditing protocols and procedures to ensure they are effective in identifying and preventing financial irregularities. Finally, the authorities of second-cycle institutions and government should invest in technology and systems that facilitate efficient account management procedures including robust financial software, automation and data analytics tools. They are also entreated to conduct regular training for staff involved in account management to ensure they are well-equipped to detect and respond to financial irregularities.

Source: UCC
Financial control practices of heads of public second cycle institutions in Cape Coast metropolis in Ghana

The purpose of this study was to investigate financial control practices in public second cycle schools in order to check whether there are financial irregularities in the use of school funds in the Cape Coast Metropolis. The study adopted cross-sectional survey with mixed methods design. Questionnaire and interview guide were used to collect data. The questionnaires were analysed using Statistical Product and Service Solution (SPSS) version 20.0. The interviews were also analysed using Nieuwenhuis’s (2007) guidelines to reduce, condense and group the contents of the interviews. The findings indicated that the heads managed funds in accordance with the school budget drawn. It was found out that the external and internal auditors were in charge of monitoring the heads financial management through their quarterly and annual financial statement analysis. It was also revealed that due to limited knowledge of the heads they delegated budget preparation to the accountants. The findings revealed that there was no segregation of financial duties and this may also lead to financial improprieties in the schools. It was concluded that the heads were caught in the web because they did not have the requisite skills to detect any underhand deals by the bursars/accountants. It was also concluded that there were weakness in external financial control mechanisms that influenced internal financial control practices in public second cycle schools due to inefficiencies and ineffectiveness in financial operations. It is recommended that the objectives of financial control in the schools should be achieved through SMART (specific, measurable, achievable, reliable and time-bound) principles. The SMART principles should also be achieved through goal settings

Source: UCC
Financial control practices of heads of public second cycle institutions in Cape Coast metropolis in Ghana

The purpose of this study was to investigate financial control practices in public second cycle schools in order to check whether there are financial irregularities in the use of school funds in the Cape Coast Metropolis. The study adopted cross-sectional survey with mixed methods design. Questionnaire and interview guide were used to collect data. The questionnaires were analysed using Statistical Product and Service Solution (SPSS) version 20.0. The interviews were also analysed using Nieuwenhuis’s (2007) guidelines to reduce, condense and group the contents of the interviews. The findings indicated that the heads managed funds in accordance with the school budget drawn. It was found out that the external and internal auditors were in charge of monitoring the heads financial management through their quarterly and annual financial statement analysis. It was also revealed that due to limited knowledge of the heads they delegated budget preparation to the accountants. The findings revealed that there was no segregation of financial duties and this may also lead to financial improprieties in the schools. It was concluded that the heads were caught in the web because they did not have the requisite skills to detect any underhand deals by the bursars/accountants. It was also concluded that there were weakness in external financial control mechanisms that influenced internal financial control practices in public second cycle schools due to inefficiencies and ineffectiveness in financial operations. It is recommended that the objectives of financial control in the schools should be achieved through SMART (specific, measurable, achievable, reliable and time-bound) principles. The SMART principles should also be achieved through goal settings.

Source: UCC
Financial deepening and economic growth in Ghana

This study investigated the relationship between economic growth and financial deepening for the case of Ghana using quarterly data from 1983 to 2008. Whereas financial deepening was proxied by credit to private sector/GDP and broad money/GDP, economic growth was measured by real GDP per capita. Other variables included gross fixed capital formation/GDP, interest rate and government spending/GDP. Employing the Johansen cointegration approach, vector error correction, vector autoregressive and Granger causality approaches, the results revealed a positive long run relationship between financial deepening as measured by credit to private sector/GDP and economic growth but no long run relationship when financial deepening was measured by broad money/GDP. The results of the forecast error variance decomposition indicated that the most important variable for economic growth was capital stock. For financial deepening and capital stock, the most influential variable was economic growth. For real interest rate, financial deepening was the most important variable. The study found support for the endogenous growth prediction when credit to private sector/GDP proxied financial deepening. However, evidence for the demandpulling hypothesis was found when financial deepening was proxied by broad money to GDP. The study recommended that the Bank of Ghana could consider enhancing the institutional, legal and regulatory framework to enable financial institutions perform their roles without friction. Government could also consider maintaining and pursuing a consistent development policy as well as ensure a continued implementation of the financial sector reforms.

Source: UCC
Financial Development and Exports in Ghana

ABSTRACT Using quarterly data from 1990 to 2015, this research explores the association between Financial Development (FD) and exports in Ghana using the Autoregressive Distributed Lag (ARDL) technique and the Granger causality test. The causal research design is employed in studying the variables. The study discovered a one-of-a-kind cointegration association between export and FD. FD, Real Effective Exchange Rate (REER), Foreign Direct Investment (FDI), foreign income and production level all had positive statistically significant influence on exports in both short and long term, according to the regression results. Furthermore, in both short and long run, inflation had a negative statistically significant impact on exports. Findings of the Granger causality test demonstrated bidirectional connection between exports and financial development. Thus, it is advised that the Government and Bank of Ghana are required to put effective financial systems in place to propel growth in exports and also maintain low inflationary rate. In addition, the government must give incentives to encourage FDI. Government must put in place effective macroeconomic policy measures to stabilize the exchange rate, attract more foreign income and increase GDP growth economy

Source: UCC
Financial Development and Governance Nexus: Evidence From Sub-sahara Africa

ABSTRACT Economies of Sub-Saharan Africa have been touted as possessing low levels of financial development with weaker institutional structures. The study examines the financial development and institutional quality nexus to examine whether the variables exhibit a bidirectional causality. An explanatory design was adopted for the quantitative study. This nexus was tested empirically on a panel data of 36 Sub-Saharan Africa countries from 2002 to 2017. Using an autoregressive distributed lag model based on the pooled mean group estimation (ARDL-PMG) and panel econometric methods, the study tested for cross sectional dependence, heterogeneity and the existence of long-run relationship to provide a justification for the model. The Persaran CD test and Blomquist Westerlund tests confirm the presence of cross-sectional dependence and heterogeneity respectively. Again, Persaran’s CADF, Madela - Wu and Westerlund panel bootstrap cointegration tests also report that the variables are stationary and cointegrated. Regarding the PMG panel ARDL, the study documents a bidirectional causality between financial development and institutional quality in the long-run. The study recommends governments in SSA to minimize cost of borrowing and induce access to funding so as to instigate and make the cost of instituting governance structures bearable.

Source: UCC
Financial Development and Private Investment in Ghana

The study sought to examine the effects of financial development on private investment in Ghana using data set for the period 1984 to 2018. The Vector Error Correction Model (VECM) approach to cointegration, a granger causality test, and an impulse response function were employed with annual data from WDI and the International Monetary Fund (IMF) database to estimate the results of the study. The study found that in the long run, financial development and private investment were negatively related but positively related in the short run. It was also found that there is a unidirectional causality between financial development and private investment in Ghana. Finally, financial development reactions to private investment innovations fluctuate in the short run but have a relatively stable negative impact on private investment in the long run in Ghana. Based on the findings, it is recommended that financial institutions and financial systems should be regulated to impact private investment positively in the long run. Again, the Ministry of Finance and Bank of Ghana as a matter of urgency intensify the development of the financial sector to promote private investment in Ghana. Any efforts or policies to develop the financial sector should include the provision of information and allocation of capital on investment opportunities as well as mobilization of savings and enabling exchange activities within the economy.

Source: UCC
Financial Development, Country-Level Corporate Governance, and Foreign Direct Investment in Sub-Saharan Africa

A well-functioning financial system and transparent corporate governance structures are crucial for attracting foreign direct investment (FDI). Investors are cautious about opaque governance practices at the firm and country levels due to the risks they pose to their investments in an environment with poor corporate oversight. In effect, corporate governance plays a critical role in the attitudes of investors towards making investments overseas. This study examined the complementary role of corporate governance in the relationship between financial development and FDI in sub-Saharan Africa (SSA). From 2010 to 2019, the study sample comprised a panel of 48 SSA economies with available data on the desired variables. Estimations were performed under the Systems Dynamic General Method of Moments (SD-GMM) approach. Findings from the study divulged significant positive effects of financial development and country-level governance on FDI. The study found that corporate governance significantly interacts with financial development to influence FDI in SSA. Specifically, rule of law, voice and accountability, political stability and absence of violence/terrorism, and regulatory quality significantly moderate the relationship between financial development and FDI among SSA economies. Policymakers are advised to conduct periodic evaluations of the financial institutions’ stability to ensure they consistently deliver the anticipated benefits. To improve the overall benefits enjoyed by SSA economies from FDI inflows, attention needs to be paid to the approaches taken to control corruption as well as those in place to facilitate voice and accountability and governance quality.

Source: UCC
Financial development, economic growth, and poverty reduction: evidence from Ghana.

The study investigates the relationship between financial development, economic growth, and poverty reduction using quarterly data from 1990:1 to 2015:4 for Ghana, applying Maximum Likelihood Estimation technique and by means of the Autoregressive Distributed Lag (ARDL) approach and the Granger causality test. The study found a unique cointegration relationship between and among the key variables in the models. Further, banking sector, stock market, bond market, government expenditure, gross fixed capital formation, trade openness, and foreign direct investment exerted positive and statistically significant effects on economic growth both in the short-run and the long-run suggesting that these variables positively influence economic growth in Ghana. However, inflation and real interest rate have negative and statistically significant effects on both the financial development and the economic growth. Again, financial development, economic growth, trade openness government expenditure, and gross fixed capital formation exerted negative and statistically significant effects on poverty reduction. This means these variables help in reducing poverty. However, inflation is positive in sign and detrimental to poverty reduction. The Granger causality test results generally revealed unidirectional causality between and among the key variables in the models. It is therefore recommended that Government of Ghana and Central Bank of Ghana need to maintain a continuous effort in developing the financial sector. This will in turn spur economic growth, and hence poverty reduction.

Source: UCC
Financial development, government expenditure and income inequality in Sub-Saharan Africa

The main purpose of this study is to assess the effects of financial development and government expenditure on income inequality in Sub-Saharan Africa. It specifically assesses the interactive effect of financial development and government expenditure on income inequality. The study compares the effects of financial development, government expenditure on income inequality across sub-regional groups in the region. It covers 25 African countries and analyses panel data spanning between the period 2000 to 2016 by employing two different estimation techniques namely Fixed and Random Effects Models. The findings reveal that an increase in financial development increases income inequality. On the contrary, an increase in government expenditure lowers income inequality. The interactive effect indicates that given government expenditure, an increase in financial development highly increases income inequality as compared to the individual effect of financial development. Finally, financial development shows a positive and significant relationship with income inequality across sub-regions, except for Central Africa that has an insignificant relationship. On the other hand, government expenditure also shows a negative relationship with income inequality across sub-regions except for Eastern Africa. The study recommends that governments of sub-Saharan Africa should complement financial development reforms that yield disproportionately greater gains for the rich than the poor with redistributive policies. Again, governments of these economies, financial institutions and development partners should steer the development of the financial system in a pro-poor direction.

Source: UCC
Financial Development, Institutions and Economic Growth in Sub-Saharan Africa

This study analyses the effect of financial development on economic growth in SSA and the moderating role played by institutions. The study employed system General Methods of Moments (GMM) approach on 36 SSA countries over 18-year period. The study revealed that using narrow-based financial development indicators as a proxy for financial development may lead to underestimation of the effect of financial development on economic growth. Financial market development is the aspect of financial development that is found to be efficient and effective in affecting economic growth. Again, all the institutional variables are effective in playing the moderating role of institutions on financial development to affect growth but political stability appeared to be the driving force among the institutional variables in SSA. Based on the results, the study recommends that researchers must consider the multidimensional measures for financial development when analysing the effect of financial development on any macroeconomic or policy variable. Also, resources and policies must be directed towards financial market development by various governments and their central banks anytime they desired to stimulate the financial development to affect growth. In addition, the study recommends that, attention should be given to all the institutional variables but political institutions need to be given more priority within the SSA region by various governments.

Source: UCC
Financial Development, Public Debt And Monetary Policy Effectiveness In Ghana

This study examines the relationship among financial development, public debt dynamics, commercial banks’ responsiveness and monetary policy effectiveness in Ghana. The objectives (1) examined the role of financial development in the effectiveness of monetary policy, (2) assessed the effect of public debt on financial development, and (3) determined the responsiveness of commercial banks to the monetary policy rate. The study utilizes Structural Vector Autoregression (SVAR), Autoregressive Distributed Lag (ARDL) and Dominance Analysis to analyse monthly data spanning from 2002 to 2020. A purposive sampling procedure was used to select eight (8) participants for the qualitative dimension of the study. The first objective reveals that the interaction between financial development and monetary policy significantly influence inflation, trade openness, and output gap. The study emphasises the importance of a well-developed financial sector in enhancing the transmission mechanism of monetary policy in order to make monetary policy effective. The second objective revealed total debt exhibits a positive long-run association with financial development. However, in the short run, total debt demonstrates a negative relationship. The disaggregated analysis highlights the significant influence of external debt on financial development, emphasizing the importance of prudent international borrowing practices. The third objective suggests that changes in the monetary policy rate have a lasting impact on lending rates, with commercial banks considering clients’ ability to pay and assessing monetary transactions in their responses. Ministry of Finance and bank of Ghana should prioritize the development of a robust financial sector, adopt prudent borrowing practices.

Source: UCC
Financial Distress and Financial Performance of Banks in Ghana

While the financial performance of commercial banks in Ghana remains critical to economic stability, the impact of financial distress on key profitability indicators – return on assets (ROA) and return on equity (ROE) – has been underexplored. This study investigates the relationship between financial distress and financial performance of commercial banks in Ghana, controlling for firm size and age. Using a quantitative approach within an explanatory research design, panel data from 22 commercial banks (2011–2021) were analysed. Financial distress was measured using the bank-specific Z-score, with fixed and random effect models estimated, and system generalised method of moments (SGMM) for robustness. Findings revealed severe financial distress levels, significantly reducing ROA and ROE. The study accentuated the need for robust risk management and capital adequacy to mitigate distress, contributing to policy frameworks for banking stability in Ghana.

Source: UCC
Financial Globalisation, Governance And Economic Growth In Sub-Saharan Africa

Sub-Saharan Africa nations have faced challenges matching the economic growth witnessed in other regions. While financial globalisation has been touted as a potential catalyst for economic growth, its impact on sub-Saharan Africa has been limited. However, the literature suggests that the influence of financial globalisation on economic growth is significantly amplified in nations with strong governance systems. This study employs the system Generalised Method of Moment estimation to determine how governance moderates the relationship between financial globalisation and economic growth in sub-Saharan African economies. The findings indicate that governance plays a crucial role in enhancing the impact of financial globalisation on economic growth in the region. In this light, this study recommends that sub-Saharan African economies must prioritise measures that strengthen governance to achieve substantial growth. This includes leveraging financial globalisation to improve government efficiency, combat corruption, enhance regulatory quality, uphold the rule of law, and promote accountability. Furthermore, advancements in governance quality will have a positive ripple effect on economic growth, making it imperative for the region to focus on bolstering governance frameworks to unlock its true economic potential.

Source: UCC