College of Humanities & Social Sciences
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- ItemAssessing the performance of equity mutual funds: A case study of some selected funds in Ghana.(KNUST, 2016-10) POKU, ABENA BOATEMAAMutual funds are investment vehicles made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds and money market instruments. Equity mutual funds refer to financial service providers that pool investor monies and invest them in domestic and international equity and fixedincome securities. However, equity mutual funds are not allowed to be invested directly in real (tangible) assets thus; real estates, antiquities, commodities. The research measured how the equity mutual funds in Ghana have relatively performed against the Ghana Stock Exchange. Accordingly, the study sought to measure the following objectives; to find out whether the funds outperformed the Ghana Stock Exchange Index within the study period, to establish the impact of fund manager skills on equity mutual funds performance and finally to find out whether investment in mutual fund is better off than investment in a risk free rate fund. All the forty-six mutual funds operating in Ghana including the Government of Ghana 90-days T-bills returns (which acted as the risk free investment option) and finally the Ghana Stock Exchange return (as the benchmark investment index) constituted the study population. The study employed purposive sampling technique hence the study sample came from Databank Epack investment, SAS Fund and HFC Equity trust fund since they had a complete dataset for the whole eight-year period of the study time interval. It became evident that the mean return for all the three funds ranges from 2.30 to 7.49.The study found out that out of the three funds, HFC Equity trust outperformed both the Ghana Stock Exchange and the interest free rate investment options by a margin of 7.2 and 5.9 respectively. Also the study found out that the other two funds thus Databank Epack investment and SAS Fund performances all fell below the GSE market index and the T-bill rate average annual returns.
- ItemAn assessment of the new pension scheme under the National Pensions act 766 (2008): a case study of the Kumasi Metropolis.(KNUST, 2016-08) YIADOM, YAA KONADUIn Ghana, concerns have been raised and agitations made over inadequacies in the existing pension schemes in the country due to factors such as discrepancies in the benefits enjoyed by retirees under the hitherto, two existing pension schemes, the Cap 30 and the Social Security and National Insurance Trust. It was in recognition of the need for reforms to ensure a universal pension scheme for all employees in the country that the new National Pension Act 766 was promulgated in 2008. The objectives of this study were to: analyse the awareness levels of workers; assess the benefits of the new pension scheme; determine the perception of workers; and assess the challenges facing the implementation of the new pension scheme. The study adopted descriptive research design. The population of the study were formal sector workers in Kumasi. A sample size of 300 was used. Questionnaire was employed for the data collection. Quantitative data analysis technique (such as Mean, Standard deviation, frequency, and percentages) and qualitative data analysis technique such as content analysis, and logical deduction and induction were used to analyse and discuss collected data. It was found out that: the respondents are fairly aware of the existence of the new scheme; the respondents accepted that the new scheme has brought some economic benefits to contributors and the country; respondents have a positive perception about the new pension scheme; and the major challenges that face the implementation of the new scheme are low rates of pension fund returns and lack of knowledge of the new pension scheme. It was recommended that: intensive public education should be embarked on by the NPRA and the regulations governing the new pension scheme be rigidly enforced.
- ItemEffect of working capital management on firm profitability: the case of listed manufacturing firms on the Ghana Stock Exchange.(KNUST, 2016-07) ASAFO – ADJEI, WILLIAMThe impact of working capital management on the profitability of manufacturing firms has attracted the attention of researchers in different countries of the world in recent times. Working capital is needed for day-to-day operations of a firm. This research expands the horizon of knowledge in this area by shedding more light on working capital management as measured by the cash conversion cycle and how the individual components of the cash conversion cycle influence the profitability of listed manufacturing firms in Ghana. The primary purpose of this research was therefore to examine the effect of working capital management on firm profitability. More manufacturing firms would have been covered for the study, but due to lack of complete data on some of the manufacturing firms, only seven listed manufacturing firms were selected. ROA was used to measure profitability. The descriptive statistics, correlation matrix of the variables and the regression analysis were based on a panel sample of listed manufacturing firms on the Ghana Stock Exchange. The results revealed a negative relationship between number of days accounts receivable, number of days inventory, the cash conversion cycle: and the profitability. In addition, there was a positive relationship between the number of days accounts payable and the profitability. Therefore managers can increase the profitability of their firms by shortening the number of days accounts receivable, number of days inventory and the cash conversion cycle. However, the number of days accounts payable is expected to be relatively longer than the number of days accounts receivable in order to increase profitability. In the nut shell, the outcome of the research clearly pinpoint that working capital management as represented by the cash conversion cycle accompanied by the control variables influence firm profitability.
- ItemStudies on evaluation of internal accounting control system in commercial banks: A case study of Ecobank Ghana limited.(KNUST, 2016-08) Teku, Emmanuel HeduvorThe Centre piece of control systems of organizations including financial institutions is the internal accounting control systems. This study seeks to evaluate the nature of the internal accounting control system of Ecobank Ghana. A qualitative descriptive case study with purposive sampling technique methodology was used. The main instrument employed was a questionnaire to solicit the opinions of management and employees of Ecobank Ghana and a sample size of 150 was used. Frequency tables, pie charts and bar graphs were used in the discussion of the responses to the questionnaire. The findings indicated that Ecobank Ghana has established a carefully formulated and technologically automated dual accounting control system. However, the bank has failed to effectively monitor the level of compliance with the system. The recommendations made from the study were that Ecobank Ghana should make conscious effort to sensitise all the employees on the bank’s internal accounting control manual to enable the employees to have fundamental knowledge of the accounting control system. Finally, the bank should periodically update the employees through circulars, e-mails and workshops on the reviews and changes made in its internal accounting control system.
- ItemAssessing the impact of internally generated funds on Developmental projects in Ghana: a case of Sunyani Municipal Assembly.(KNUST, 2016-08) AMPOFO, SETHA major role of the central government in most emerging economies is to provide the needs of the people at the local level. In furtherance of this role, central governments set up sub-governmental structures such as Metropolitan, Municipal and District Assemblies at the local level. By large, local government bodies are empowered to undertake revenue mobilization functions to complement the developmental agenda of central governments. A primary source of revenue of local governmental bodies derives from the area of Internally Generated funds (IGF). Building on current literature, this research study was primarily undertaken to assess the capacity of a local governmental authority, the Sunyani Municipal Assembly in the mobilization of IGF. In particular, the research objectives were to examine the trends of the mobilization of IGF spanning 2010-2014, identify other potential sources of IGF, the challenges of revenue mobilization and the overall effect IGF has on developmental projects. The study employs both quantitative and qualitative research designs in its analysis of data. Both primary and secondary sources of data were adopted in the study. The secondary data was adapted from the official records of the Assembly pertaining to its collection and usage of IGF. The primary data was generated through interviews and questionnaires. Based on the outcome of the study, it was established that the Assembly has witnessed an increase in the trends of revenue generation over the sampling period. The potential sources of revenue were established to comprise, private hostels in the various tertiary campuses, mobile money vendors, betting companies, estate agents, and also to consider revaluation of properties at regular intervals. The challenges of revenue mobilization were found to be the lack of enforcement of tax regulations, misappropriation of funds, inadequate logistics and lack of trained personnel. Further it was found out that IGF play a key role in the execution of developmental projects such as clinics, classrooms and market buildings. From a policy perspective, the findings of the study suggest the need for the Assembly to train personnel for effective revenue mobilization, enforce tax regulations and punish corrupt officials.