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    Money Supply, Government Borrowing and Inflation Nexus: Case of Ghana
    (AUGUST, 2016) Mensah, Geoffrey Kusi
    This study examined the relationship between money supply, government borrowing and inflation in Ghana from 1981 to 2013. The study adopts a quantitative methodology framework and specifically employs econometric technique (Auto-Regressive Distributed Lag Models) to investigate the relationship between money supply, government borrowing and inflation in Ghana. The stationarity test done using the Augmented Dickey Fuller (ADF) and Philip Peron (PP) tests reveals that the variables under study were stationary at the levels and first difference hence justifying the use of the Auto-Regressive Distributed Lag Models (ARDL).The ARDL technique to cointegration shows that there is long run relationship among the variables. The long run results reveal that External Debt Stock is positively related to Inflation, however not significant. Furthermore, Broad Money Supply and Interest Rate are positively and significantly related to Inflation. Exchange Rate on the other hand is negatively and significantly related to Inflation. Contrary to the long run, External Debt Stock in the short run was positively and significantly related to Inflation. Broad Money Supply and Exchange Rate were negatively and significantly related to Inflation. Interest Rate was positively and significantly related to Inflation in the short run. The estimated coefficient of ECM of -0.7410 reveals that about 74.10% of the errors in the short run are corrected in the long run. The study therefore recommends that in order to maintain low levels of inflation, the government of Ghana should control borrowing and the supply of money in the economy.
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    An inv‎estig‎‎ation into th‎e op‎er‎‎ations of microfin‎‎anc‎e instit‎utions within th‎e K‎um‎‎asi M‎etropolis
    (2017-01-25) Tandoh, Felix
    Microfin‎‎anc‎e s‎ervic‎es in th‎e fin‎‎anci‎‎al s‎ector h‎‎av‎e spr‎e‎‎a‎d ‎‎all ov‎er th‎e n‎‎ation to s‎erv‎e th‎e n‎e‎e‎ds of th‎e poor ‎‎an‎d th‎e comm‎unity ‎‎as ‎‎a whol‎e. Th‎e in‎d‎ustry ‎‎also ‎em‎erg‎e‎d ‎‎as ‎‎an innov‎‎ation in l‎en‎ding to th‎e r‎ur‎‎al poor in ‎‎Afric‎‎a. ‎B‎ut l‎‎ack of ‎d‎u‎e ‎dilig‎enc‎e ‎‎an‎d ‎eff‎ectiv‎e m‎‎an‎‎ag‎em‎ent pr‎‎actic‎es h‎‎as l‎e‎d to th‎e coll‎‎aps‎e of most microfin‎‎anc‎e instit‎utions within th‎e K‎um‎‎asi m‎etropolis. H‎enc‎e, th‎e ‎‎aim of th‎e st‎u‎dy w‎‎as to ‎explor‎e op‎er‎‎ations of microfin‎‎anc‎e instit‎utions within th‎e K‎um‎‎asi m‎etropolis. Th‎e sp‎ecific o‎bj‎ectiv‎es w‎er‎e to i‎d‎entify th‎e ch‎‎all‎eng‎es ‎eff‎ecting th‎e ‎eff‎ectiv‎e op‎er‎‎ation‎‎al m‎‎an‎‎ag‎em‎ent of microfin‎‎anc‎e instit‎utions within th‎e K‎um‎‎asi m‎etropolis, to ‎ev‎‎al‎u‎‎at‎e f‎‎actors which ‎‎attri‎b‎ut‎e‎d to th‎e coll‎‎aps‎e of som‎e microfin‎‎anc‎e instit‎utions within th‎e K‎um‎‎asi m‎etropolis ‎‎an‎d to i‎d‎entify th‎e str‎‎at‎egic ‎‎appro‎‎ach‎es for ‎eff‎ectiv‎e op‎er‎‎ation‎‎al m‎‎an‎‎ag‎em‎ent of microfin‎‎anc‎e instit‎utions within K‎um‎‎asi m‎etropolis. Thro‎ugh ‎‎a thoro‎ugh lit‎er‎‎at‎ur‎e r‎evi‎ew q‎u‎estionn‎‎air‎e w‎‎as ‎d‎ev‎elop‎e‎d ‎‎an‎d ‎‎a‎dminist‎er‎e‎d to t‎en (10) microfin‎‎anc‎e instit‎utions involving fiv‎e (5) op‎er‎‎ation‎‎al st‎‎affs within ‎e‎‎ach s‎et‎up. ‎D‎‎at‎‎a g‎en‎er‎‎at‎e‎d from th‎e s‎urv‎ey were f‎urth‎er ‎‎an‎‎alys‎e‎d ‎using ‎d‎escriptiv‎e st‎‎atistics involving p‎erc‎ent‎‎ag‎e, fr‎eq‎u‎ency, m‎e‎‎an ‎‎an‎d st‎‎an‎d‎‎ar‎d ‎d‎evi‎‎ation. Th‎e following w‎er‎e r‎ev‎e‎‎al‎e‎d ‎‎as th‎e ch‎‎all‎eng‎es to ‎eff‎ectiv‎e op‎er‎‎ation‎‎al m‎‎an‎‎ag‎em‎ent of microfin‎‎anc‎e instit‎utions, n‎‎am‎ely: ‎dishon‎est ‎employ‎e‎es, l‎‎ack of ‎un‎d‎erst‎‎an‎ding in th‎e ‎d‎efinition ‎‎an‎d conc‎ept of microfin‎‎anc‎e ‎by th‎e cli‎ents, l‎‎ack of st‎‎an‎d‎‎ar‎diz‎e r‎eporting ‎‎an‎d p‎erform‎‎anc‎e monitoring syst‎em for microfin‎‎anc‎e instit‎utions w‎er‎e th‎e m‎‎ajor Mor‎eov‎er, most c‎‎a‎us‎es in th‎e coll‎‎aps‎e of microfin‎‎anc‎e instit‎utions w‎‎as ‎‎as ‎‎a r‎es‎ult of mism‎‎an‎‎ag‎em‎ent, ill‎eg‎‎al op‎er‎‎ation with ‎un‎ethic‎‎al pr‎‎actic‎es ‎‎an‎d ‎disr‎eg‎‎ar‎d of ‎d‎u‎e ‎dilig‎enc‎e. ‎B‎‎as‎e‎d on th‎e ‎‎a‎bov‎e fin‎ding th‎e following r‎ecomm‎en‎d‎‎ations w‎er‎e ‎d‎e‎em n‎ec‎ess‎‎ary. Circ‎umsp‎ection in r‎ecr‎uitm‎ent ‎‎an‎d s‎el‎ection of th‎e right ‎‎an‎d q‎u‎‎alify h‎um‎‎an p‎ersonn‎el, ‎D‎u‎e ‎dilig‎enc‎e ‎by m‎‎an‎‎ag‎em‎ent in th‎e l‎eg‎‎al op‎er‎‎ation with ‎ethic‎‎al pr‎‎actic‎es ‎‎an‎d control of p‎u‎blic r‎umor in ‎‎avoi‎ding p‎‎anic with‎dr‎‎aw‎‎al. P‎erio‎dic c‎ustom‎er’s s‎emin‎‎ar ‎by m‎‎an‎‎ag‎em‎ent on v‎‎ario‎us s‎ervic‎es ‎‎an‎d policy g‎ui‎d‎‎anc‎e to prosp‎ectiv‎e c‎ustom‎er on th‎eir ‎b‎usin‎ess g‎ui‎d‎‎anc‎e ‎‎an‎d op‎er‎‎ations with r‎esp‎ectiv‎e fin‎‎anci‎‎al instit‎utions.
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    The role of African traditional practices in sustainable forest management and conservation: A case study of the Malshegu Sacred Grove in the Northern Region of Ghana.
    (2017-01-24) Atanga, Francis Caleb
    Forest resources of Ghana are very vital for the country’s sustainable development and several forestry initiatives have been executed to improve governance in the sector. Traditional forest management approach such as the protection of traditional areas (sacred groves, trees species and non-forest products) in Ghana aims at achieving effective management and sustainability of natural resources, especially off reserves that falls under traditional communities. The study aimed at investigating the contribution of African Traditional Practices (ATPs) in forest management and conservation. The bond between traditional practices in forest management of the study area and a set of socio-demographic characteristics were analyzed. The effectiveness of traditional practices, reasons for adherence to these practices and the challenges faced in traditional forest management were also identified. Participatory Rural Appraisal (PRA) techniques were used to collect data from the community. A total sample of 105 respondents comprising 94 household individuals, 8 traditional authorities, the Gundana (land/forest chief) and 2 officials (each from EPA and FSD) were interviewed. Data analysis were done using mainly descriptive statistics such as frequency, percentages and the pairwise ranking method (was used to determine the effectiveness of the traditional practices). The result revealed that 73% of the respondents agreed that traditional practices were effective in protecting the sacred grove, 15% disagreed and 13% neither agreed nor disagreed to the assertion. Some of the perceptions revealed from the study showed the contributions of traditional practices to forest management and conservation included; the sustainable conservation of the Malshegu sacred grove as a cultural heritage to the people and the chieftaincy system of Dagomba and adherence to traditional practices as a sign of respect to the gods (resulting in bumper harvest and blessings). Furthermore, the study results showed that only men participated in forest management decisions and related activities. The results also indicated that 28% of the respondents participated in management decisions or meetings, 16% had access only to the sacred grove whiles only 12% had both access and control (direct managers) over it and this category included the Chief, the Gundana (land/forest chief) and the chief/fetish priest. The main policy implication drawn from the findings are that resource managers and policy makers need to be sensitive to create more practical integrated management approach or policies to ensure meaningful participation from forest-dependent communities. The success of this approach relies heavily on a positive relationship between forest-dependent communities and resource managers. In designing participatory integrated management approach, differences in socio-demographic variables (gender and age) and capacity building interventions should be considered by resource managers to ensure extensive grass-root participation. The study concludes that traditional practices can still play key role in forest management and conservation if integrated into modern forest management policies given the fact that these practices have stood the test of time. However, poor interest in traditional practices (amongst the youth) due to the stigmatization from the influx of Islam and Christianity and low grass-root participation (because of gender and age biasness) in traditional forest resource management are major lapses or challenges which have limited adherence and control of traditional leaders over their subjects and hence negative implications on the sustainability of forest resources in Ghana especially traditional community forests.
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    Measuring cost and technical efficiency in the operations of the National Health Insurance Scheme in Ghana: the case study of Ashanti Region
    (2017-01-24) Akpiok, Ebenezer
    Measuring cost and technical efficiency in the operations of the NHIS in Ghana is a vital issue. The study used DEA-Technical Efficiency Model and DEA-Cost Efficiency Model to estimate the technical and cost efficiency levels of the NHIS. A regression was also adopted to determine which factors are responsible for variation of technical and cost efficiency in the operations of the NHIS over the period (2009-2012). The findings indicates that only one NHIS of the sample units (NHIS) operates at its optimal from 2009-2012 in the case of technical efficiency while for cost efficiency results, none of the sample units operates at optimal level from 2009-2012. The technical efficiency result reveals that on average, efficiency results are higher, thus 0.719, 0.704, 0.701 and 0.730 respectively from 2009-2012 while the cost efficiency results suggests that on average, the efficiency results are low, thus 0.555, 0.441, 0.404 and 0.419 respectively from 2009- 2012. The determinant of technical efficiency results indicates that only AGE, Total Assets (TASSETS) and Location (LOC) that are inversely related to technical efficiency while only Total Premium (TPRM), Loss Ratio (LR), and Total Subsidy (TSUBSIDY) that relates positively to technical efficiency. In the case of cost efficiency, the determinants results shows that only AGE, Total Assets (TASSETS) and Total Subsidy (TSUBSIDY) that are negatively related with cost efficiency while only Total Premium (TPRM), Loss Ratio (LR), and Location (LOC) that relates positively with cost efficiency. The study concludes that AGE, TASSETS, TPRM, and LR except TSUBSIDY and LOC are all significant determinants of the NHIS’s operations in terms of cost and technical efficiency as they influence the operations of the NHIS in one way or the other over the period (2009-2012).
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    Determinants of financial performance of savings and loans companies in Ghana: A case of Opportunity International Savings and Loans Limited
    (2017-01-24) Adu Asabereh, Samuel Opoku
    The main purpose of this study was to examine the determinants influencing financial performance of savings and loans companies in Ghana: A case of Opportunity International savings and Loans Company limited. The study specifically identified the factors influencing the performance of Opportunity International and further examined the financial products and services the institution offers. Lastly, the study assessed the challenges facing Opportunity International. The research revealed that capital adequacy ratio is non-stationary at the 5 percent significance level but became stationary after first-difference. Thus, capital adequacy ratio is integrated of order one ( I(1)). Also, credit risk is non-stationary even at the level. It attained the stationary status after first-difference, thus being an I (1) series. Inflation is non-stationary at the level and become stationary after first difference and Management inefficiency at 1 percent level of significance is stationary. Log of Net profit at the 5 percent level of significance is non-stationary but became stationary after first –difference and hence an I (1) series. Cointegration test was carried out to determine whether there is a level of relationship between profitability of Opportunity Savings and Loan Limited and its determinants. In the long run, management inefficiency was statistically significant. In the short run, capital adequacy was statistically significant and a meaningful addition to the model because changes in the predictor’s value are related to changes in the variable. From the survey group and individual loan products are the most widely patronized products in Opportunity International representing 30% and 23% respectively. Multiple borrowing from same clients across several organizations but with no data on the credit reference bureau and poor addressing systems were among the challenges identified.