The impact of loan acquisition on employees in the Mining Companies in Tarkwa- (A Case Study of Goldfields Ghana Limited)
Granting of loans to mining workers in today’s economy has become a vital choice in financing their numerous financial obligations. Credit facilities all over the world have helped many nations, corporate bodies, institutions, small scale businesses and individuals in meeting major economic challenges. The unlimited economic activities of these individuals and the insatiable needs and the lifestyle of workers have necessitated the choice for other financial support either from the employer or from their bankers. The purpose and the frequency with which employees take loans has become an issue for which this study has been conducted. Also, the economic benefits derived from these facilities by these employees would have to be enumerated in investigating the impact of its usage on the lifestyle. This study also sought to determine the behavioral practices of these mining workers which have become a lifestyle issue in the mining communities recently. The researcher used questionnaires and interviews in this study. Employees were categorized into junior staffs, senior officials and management staffs. The questionnaires were designed for all three categories of workers in Goldfields Ghana Ltd to be answered. The study recommends that management of Goldfields Ghana Ltd should establish financial literacy programme through the induction training the company has for all employees. Resource financial specialist can be consulted intermittently to educate them on the use of loans for investment purposes towards their future, planning for their retirement and making the best out of the loans taken to improve their lifestyle.
A Thesis submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the degree of Commonwealth Executive Masters In Business Administration, April, 2012