ABSTRACT The aim of microfinance is to alleviate poverty through the delivery of financial support services such as microcredit facilities particularly to the poor entrepreneurs and micro enterprises. Extending microcredit is one of the core businesses of microfinance institutions. However not all the microcredit granted to the poor entrepreneurs perform well in addition of generating the expected returns. This adverse effect has a significant influence on the loan portfolio at risk. In refer...
ABSTRACT The relationship between corporate governance and firms‟ performance is not a new phenomenon. Many researches were previously carried out with divergent findings. The performance measures used in those researches were the traditional accounting based performance measures which have been heavily criticized due to the fact that they fail to account for the cost of equity and debt which determines a firm‟s true value. This study adopted the value based performance measures, Economic...
ABSTRACT This study investigated the effect of petroleum price on stock market returns in Ghana by using monthly data from 1990 to 2017. The study also examined the causality among macroeconomic variables as well as the moderating effect of financial crises and Ghana’s lower middle income status on stock market returns. The study adopted the Autoregressive Distributed Lag (ARDL) model and the Linear Regression Model to achieve the objectives of the study. The findings were that there is bot...
ABSTRACT This study investigates the relationship between Working Capital Management (WCM) determinants and financial distress level of the listed manufacturing companies in Ghana. This research used evidence from financial report of ten manufacturing organizations selected from the main board of the Ghana Stock exchange. Quantitative research approach involving panel least square estimates with white cross section were used for analysis. Descriptive statistical analysis including regression ...
ABSTRACT The study investigates the potential non-linear and asymmetric impact of remittances and bank-based financial development on economic growth and also the potential mediating role of bank-based financial development in the remittance-growth nexus. The study used the newly developed Non-linear Autoregressive Distributed Lag (NARDL) model by Shin et al. (2014) on annual data for Ghana from 1979 to 2017 for the analysis. The study finds that remittances have a non-linear and asymmetric...
ABSTRACT Although working capital management decisions concern short-term assets and liabilities, they have both short-term and long-term implications on the profitability and shareholder value. The study sought to examine the effects of working capital management policies on shareholder value creation for six manufacturing firms listed at Ghana Stock Exchange for a period of 2000-2013. Data were gathered from the annual reports of the firms and the publication of Ghana Stock Exchange. Descr...
ABSTRACT Holding adequate liquidity is very crucial for the survival of banks. Nevertheless, reserving liquidity in excess hinders the development of interbank markets and suggests that banks are forgoing financial intermediation (hence, returns) and are inefficient. It is against this background that this study sought to find explanations on why bank liquidity in Ghana has for about a decade now remained above global average levels. In attaining this objective, I argued that a more complete...
ABSTRACT This study examined the relationship between corporate governance and performance of mutual funds in Ghana during the 2008 to 2013 period. Using panel regression model, the study found no significant relationship between board size, board composition as well as fund size. However, a significant positive relationship has been found between frequency of corporate board meetings and corporate performance, implying that boards that meet more frequently tend to generate higher financial p...
ABSTRACT This thesis is related to literature on (i) macroeconomic commitment institutions, i.e. institutions pledging policymakers to pre-established rules and procedures in monetary and fiscal policymaking, in order to overcome the issue of time-inconsistency (ii) institutional economics (iii) the interplay between the effectiveness of commitment and constraints and the institutional framework with focus on Africa where macroeconomic commitment institutions and (iv) political business cycle...
ABSTRACT Several changes in recent times have characterised the business of banking in the world which solely relied on sufficient capital to implement minimum capital requirement and to ensure banks stay competitively. The Central Bank in Ghana noticed that the minimum required capital of banks as of 2008 was not sufficient to enable them to take more significant ticket transactions. It, therefore, augmented the minimum required capital of universal banks to GH₵ 60 million on 31st December...
ABSTRACT This paper sought to test the weak-form market efficiency of the Ghana Stock Exchange and to establish whether the application of technical trading rules like the Variable Moving Average (VMA) on the Composite Index (CI) would be profitable during the periods January 2011 to December 2014. The study also provides evidence that active trading on the GSE can be profitable and can outperform the buy-hold-strategy adopted by a passive trader or investor. To establish market efficiency, t...
ABSTRACT The Efficient Market Hypothesis (EMH) postulates that all publicly available information on any firm’s stock future performance is incorporated in the firm’s stock price such that the actual price of the stock is equal to its intrinsic value. The EMH is argued to lead to “correct prices” which creates the necessary environment for efficient allocation of economic productive scarce resources. The documentation of empirical evidence of weak-form inefficiency on most stock ...
ABSTRACT The study sought to examine the effect of oil prices on stock prices on the Stock Exchange in Ghana. To achieve this, the studies stet out to examine the short and long run effect of oil price on stock prices. The studies also examine the causality between the variables. Using monthly time series data January 2003 to December 2014, and controlling for inflation, money supply, interest rate and exchange, the study found that there is cointegrating relationship among the variables us...
ABSTRACT The growth of Ghana’s fishing sector has been spectacular in the past years leading to the sector generating more than GHS1billion in revenue annually and accounting for 4.5 percent of Ghana’s GDP while creating employment for about 210,000 people directly in the sector. However, the financial literacy of the fishing community in Ghana is reported to be low with an unimpressive performance. The study investigated the relationship between financial literacy, microcredit, and perf...
ABSTRACT The chief thrust of this work is to examine the stimulus banks novelties has on fiscal performance in Ghana profitable banks listed. This research selected these banks registered on the interchange market to avoid issues of subjective outcomes which may lead to sceptical issues later on. Specifically, the study sought to: look at, the influence bank innovations have on net interest margin in Ghana commercial banks, scrutinise the stimulus banks novelties has on earning per shares in ...