Financial irregularities and the performance of the Ghanaian economy

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The broad objective of this research is to examine the performance of financial irregularities on the overall economic growth and development of Ghana through the application of regression and correlation models to examine the elements of changes and interruptions in irregularities in finances and growth of economy using secondary data obtained from the Ghana Statistical Service and the Auditor General Reports covering the period 2003 to 2019. The results of the analysis of economic growth (GDP) in Ghana revealed a steady significant growth from 2003 to 2019 indicating that the GDP has grown with years, which meant that the performance of the economy has been impacted positively since no particular year saw a decrease. The financial irregularities in Ghana were found to be low and better still minimal within sometime and thereafter fluctuated. A moderately strong positive statistically significant relationship was found between financial irregularities over the time period. The relationship between GDP and financial irregularities revealed moderately strong positive statically significant relationship, with the correlation and coefficient of determination implying financial irregularities accounted for about moderate of the change in GDP by financial irregularities and GPD has been projected to observe a reduction in the near future as a result of financial irregularities. The study concludes that no form of economic setback such as fraud or irregularity, recession did affect negatively the pattern of growth of the economy of Ghana despite the fact that financial irregularities and economic growth were positively related in moderate form thereby allowing predictions. It is recommended that macroeconomic policies pursued to retain the increasing in GDP and to curb financial irregularities and as well as including other factors in future studies.
A thesis submitted to institute of distance learning, Kwame Nkrumah university of science and technology in partial fulfillment of the requirements for the award of master of science in accounting and finance