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Exploring non-bank financial institutions as an alternative means of financingmsmes in Ghana: a case study of Adum-Kumasi.
(KNUST, 2016-07) Ayisi, Alexander
The aim of this study is to identify the type of non-banking financial institutions MSME's source loans to finance their businesses and the challenges they encountered. In order to investigate these, a conceptual framework of the study was designed. These guide the design of data collection instrument to suit the research. The study combined survey and case study method of data collection and analysis. The study revealed among other things that: Most of the micro, small and medium enterprises resort to savings and loans and micro finance institution as an alternative means of financing their businesses and the main challenges they encountered are high interest rate associated with the loans, not given the amount needed and low education on the loans from non-banking financial institutions. In view of these challenges, major recommendations proposed include, Government should regulate the interest rate policy of non-banking financial institutions to enable micro, small and medium scale enterprises have access to loans on low interest rate to grow their businesses. Secondly, micro, small and medium operators need to be given more educations on loans in other to use it effectively for the core objectives. The researcher also recommends National board for small scale industry (NBSSI), encourage the sector for the adoption of technology since the sector is characterized by low level of technology in their operations.
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Tax evasion in the informal sector in the Kumasi Metropolis
(KNUST, 2016-08) Okine, Benedict Nii Ayi
This study focused on tax evasion in the informal sector of Ghana. Specifically, it addresses the taxpayer’s understanding of the tax system, the causes of tax evasion and factors that militate against effective tax collection. Questionnaires were therefore administered to the people engaged in informal sector activities in selected markets in the Kumasi metropolis. A total of 200 sample respondents which consists of 65 sellers from Central market, 40 sellers from Suame market, 20 sellers from Bantama market, 30 sellers from Asafo market, 10 sellers from Atonsu market and 35 sellers from the Kejetia market were selected by a two-stage cluster sampling method. In the first stage, the clusters selected were Central market, Suame market, Bantama market, Asafo market, Atonsu market and Kejetia market. In the second stage, convenience sampling was then used separately to select the needed sample from each cluster. Interview guide was also used to elicit information from one of the district heads of Ghana Revenue Authority in Kumasi. The study revealed that the majority of the populace engaged in the informal sector business has a fair knowledge of the tax system in Ghana. It came out that the majority of the respondents were unaware of any tax apart from income tax. Respondents indicated that high tax rate, mismanagement of tax revenues and inflation are some of the causes of tax evasion. The study revealed that there is no formalized system to identify, assess and collect tax from each taxpayer. It was also revealed that relocation of traders makes it difficult to trace and assess them as expected. It is therefore recommended that people who engage in the informal sector activities be educated on Ghana’s tax system. It is also recommended that the Ghana Revenue Authority (GRA) should formalize the tax collection system by registering and educating them, particularly through the use of a public address system on a routine basis to enhance compliance. GRA should liaise with the Kumasi Metropolitan Assembly to provide statistics of all registered traders within the informal sector in the Kumasi Metropolis and encourage unregistered traders in the sector to do so.
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Stock market volatility of listed Banks on the Ghana stock exchange
(KNUST, 2016-11) COFFIE – SAM, MARK
This study focuses on stock market volatility of listed banks on the Ghana Stock Exchange and aims to apply Exponentially Weighted Moving Average models to determine the share price volatility of these banks. The study uses daily time series data spanning from 1st January, 2015 to 31st December, 2015 which represents 246 daily observations of nine banks listed on the Ghana stock exchange. The results indicate that, the share prices of Ghana Commercial Bank, CAL Bank, Ecobank Ghana, Societe Generale-Social Security Bank, and Standard Chartered Bank were fairly stable over the 12-months period. However, the share price volatility of HFC, Unique Trust Bank, Ecobank Transnational Incorporation and Trust Bank Limited were the most volatile among all the nine commercial Banks share price volatility studied. To increase the value of their share prices, management of HFC, Unique Trust Bank, Ecobank Transnational Incorporation and Trust Bank Limited should advance in technological novelty. This, in effect, can lead to strong profit growth and eventually will improve their share prices. The study also indicated that, there was a correlation between the banks listed on the Ghana Stock exchange. When the share price of one bank increases, there is a corresponding increases of share price of another. With this, investors are adviced not change their asset allocation in their shares of banks listed in Ghana. In order to increase the value of shareholders, management of banks listed on Ghana stock exchange should try as much as possible to expand into areas of which they have competitive advantage.
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Effects of personal loans on teachers’ household welfare: a focus on Senior high School teachers in the Tamale Metropolis
(KNUST, 2016-08) ALHASSAN, ZAKARIA
Ghana’s banking sector witnessed a significant surge in the number of banks and other financial institutions following the liberalisation of the financial sector in the country. This has led to an intense competition among financial institutions as they all strive to remain profitable. As part of their efforts to increase their profitability, banks and other financial institutions have constantly been engaged in strategies to mobilise more savings in order to give loans to borrowers. Personal loans have been used as a key strategy by many banks to increase their profitability. Banks have mostly given personal loans to government employees because of the low level of risk associated with that. Teachers particularly have been targeted largely due to the fact that they represent a higher proportion of government employees. This research therefore examined the effects of personal loans on the household welfare of teachers with a focus on Senior High School Teachers in the Tamale Metropolis. Thirty (30) teachers each were selected from ten (10) public Senior High Schools in the Metropolis making the sample size 300. In all 282 teachers responded giving a response rate of 94%. The study used non-probability sampling technique to survey the views of teachers on personal loans effects on teachers’ households’ consumption of food, non-food items, ability to meet their housing expenditures, and on the acquisition of consumer durables. The study found that there is no positive effect of personal loans on the consumption of food and non-food items except on education, implying that personal loans are not borrowed for the purposes of daily expenditures. It was also found that personal loans do not have any positive effect on the household ability to meet their housing expenditure although a marginal positive effect was observed for maintenance expenditure. For consumer durables the study found somehow significant positive effect. The study implies that personal loans are not taken for routine expenditures such as food consumption but for onetime expenditures such as school fees and assets acquisitions. The overall conclusion is that personal loans do not have any significant positive effect on the welfare of teachers. Consequently, the study recommends that teachers should develop saving habits as an alternative to personal loans.
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Fraud prevention policies and their implementation: a case study of selected Banks in the Kumasi Metropolis.
(KNUST, 2016-08) Kyei-Baffour, Elizabeth
The increasing cases of fraud in banking institutions have made security a major concern in the banking industry and also academic research. The study sought to explore fraud prevention policies and their implication among three selected banks in the Kumasi Metropolis. A quantitative approach was adopted for the study; 70 completed questionnaires were obtained from the field study form Barclays Bank Ghana Ltd, Ecobank Transnational Incorporated, and Stanbic Bank Ghana Ltd in the Kumasi Metropolis. Both descriptive and inferential statistical tools of IBM‟s SPSS version 21 were used to explore the data, and tables and charts were formatted and generated in Microsoft office excel, 2013 edition. It was found that all the twelve fraud prevention policies; Know Your Customer, Know Your Intermediary policy, Asset Verification policy, Revolving Fund - Re draw ability policy, Know Your Staff policy, Third Party Payments/Disbursements policy, Reporting policy, Operational Efficiency policy, Fraud Technology policy, Protection of software/application, Communication fraud policy, and Process Control, were applicable and implemented in each of the banks. However, respondents from Stanbic Bank were more firm in their responses on both the applicability of each policy and the implementation thereof. Also, it was found that job insecurity, low salary, working in one position for a long time and high financial difficulty, were among some of the key primary causes of fraud incidents among employees. It was also identified that inexperienced staff and overloading staff (high workload, few staff) also contributed to outsiders committing fraud. Moreover, it was found that forms of fraud challenging banks today include forged documents, forged signature and seals, cash theft, electronic fraud, and fraud involved by management. A novel was that, junior staff‟s opinion on the implementation of Know Your Customer, Third Party Payment/Disbursement policy, and Reporting Policy, were far lower than perceived by senior management, using Bonferroni test for mean differences. It was therefore recommended that management of the banks re-examine their fraud prevention implementation policies
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Post-incarceration integration: the role of Enterpreneurial finance.
(KNUST, 2016-08) ANSAH, BENEDICT OFOSU
The aim of this study is to explore the role that entrepreneurial finance play in postincarceration integration of ex-offenders. The study shows that self-employment or entrepreneurship appears the most available and guaranteed alternative that can foster the economic re-integration of ex-offenders. A total of 100 ex-offenders were randomly sampled and interviewed from Nsawam Medium and Female and the Kumasi Central and Female Prisons, to elicit the required data for the study. The results of the study show that, entrepreneurial development in Ghana lacks adequate funding and additionally, have several shortcomings such as the use of outmoded, deteriorated and inadequate workshops and facilities, etc.; thereby, yielding little impact on the growth of business ventures of ex-offenders. Furthermore, the study reveals that the length of incarceration has direct adverse implications on the growth of business ventures of ex-offenders. Nonetheless, ex-offenders encounter several challenges such as difficulty in accessing capital, stigmatization from society, low education and business management skills, and the fear of failure. In conclusion, logic and statistics available proves that rehabilitation is more effective than retribution, and that people leaving incarceration face a wide range of challenges. Therefore, the study recommends that; through services like investment activities of government, NGOs, Angel investors and Venture capitalist towards the business ventures of ex-offenders could be helped to start new, healthy lives, significantly reducing recidivism and thereby making society a safer place for all.
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Budgetary responses attitude in Kumasi Polytechnic
(KNUST, 2016-09) OTOO, OBED DONALD
A budget is a financial plan that serves as a formal statement of revenue and expenses of an organization. Without a budget an institution is bond to face exceptional slow down in its operation and in some cases collapse. The extent to which any budget is successful is very much dependent on its acceptance, response and the attitudes of workers towards it. This study looks at the budgetary attitudinal response, the level of budgetary influence and communication of budget related matters in Kumasi Polytechnic. The methodology used in the study was the case study approach. Interviews and questionnaires were used to solicit data for the study. The research found out among others that, there was an interaction between the level of budgetary influence and budgetary communication; positive relationship exists between budgetary communication and budgetary response; and a weak or negative correlation exists between budgetary communication and their response attitude. Recommendations and suggestions have accordingly been made to improve upon budgetary response attitude in Kumasi Polytechnic to enhance its financial management and reporting