Evaluating the financial administration of selected second cycle schools in the Kumasi Metropolis

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Education is recognized the world over as the single most important social institution that influences and is influenced by other social institutions. It is recognized that the social economic, political and cultural development of nations depends largely on the quality and amount of education their citizens have. The rise of Japan into the status of an economic giant today (Evans 2001), as well as the emergence of Hong-Kong, Singapore, Korea, Taiwan and recently Malaysia, into economic miracles, have all been attributed to the heavy investments these countries made in the education of their citizens (Evans 2001). It is because of the strong faith in education as an engine of development that nations today invest so much in that social institution. Over the last decade, however, there has been much skepticism concerning the management of funds meant for running public institution in Ghana. One wonders whether the institutional structures within which such funds are managed are efficient enough to facilitate effective teaching and learning. It was precisely this concern that maturated this study. This work was designed to evaluate the financial administration of some selected second cycle schools in the Kumasi Metropolis. A questionnaire was mainly used to elicit responses from identifiable categories of school personnel regarding their capability to participate and the extent of their involvement, in the financial administration of their schools. The finding of the study shows that: 1. Heads of second cycle schools in the Kumasi Metropolis should have basic knowledge in accounting. 2. Bursars have to undertake short courses in financial administration in order to update their knowledge in the accounting policies. 3. Personnel of second cycle schools in the Kumasi Metropolis are aware of benefits of budget in the financial administration. The supportive financial administrators had no part whatsoever in the preparation of the estimates of their schools. The main conclusion drawn is that, Heads of second cycle schools in the Kumasi Metropolis have the responsibility supervise the accounts of their schools and in particular, to supervise the work of their bursars and other accounting personnel in their schools. In view of the high qualifications of the Heads of second cycle schools their contribution towards financial administration of their schools cannot be overemphasized.
A Thesis submitted to the Department of Accounting and Finance, Kwame Nkramah University of Science and Technology, in partial fulfilment of the requirement for the degree of Master of Business Ministration (Banking And Finance), 2008