Effect of financial sector clean-up on consumer confidence in the banking industry of ghana
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Date
2023
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KNUST
Abstract
The general objective of this study is to examine the effects of financial sector clean-up on consumer confidence in the banking industry of Ghana. To achieve this, cross-sectional survey research was conducted with all individuals and firms that use services of the financial sector of Ghana are target participants. Overall, 384 consumers of financial sector services were sampled randomly of which 352 participated in the study. Using various quantitative statistical techniques including the Chi-square test of association and paired sample t-test, the factors influencing consumer perception of financial sector clean-up and the influence of the financial sector clean-up on consumer confidence in the banking sector were established. The findings from the study reveal that the financial sector clean-up exercise is found to negatively influence on consumer confidence in the financial sector with a decline in confidence in financial institutions such as banks, microfinance institutions and savings and loan companies. Base on the findings it is therefore recommended that future financial sector and clean-up should be preceded by effective communication to all relevant stakeholders including consumers of financial services in the country. The study also recommend the need to put urgent measures to enhance consumer confidence through public awareness creation, town halls and educational programmes.
Description
A thesis submitted to the Graduate School, Kwame Nkrumah University of Science and Technology, Kumasi in partial fulfilment of the requirements for the award of master of science (msc) in accounting and finance