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Financial market efficiency under the interest rate reformpolicy in Ghana: Theory. Model and empirical analysis
Get PDFThis paper sets out to evaluate the level of financial market efficiency under the interest rate reform policy (interest rate liberalization policy) in Ghana from 1988 to 2004. In line with this objective, a model has been specified and estimated. The results of the study revealed that the interest rate liberalisation policy has not yet succeeded in correcting the financial market inefficiency or distortion in the country between 1988 and 2004, even though there has been a fair improvement as compared to the pre-reform period. There is therefore the need to intensify efforts to significantly reduce the inflation rate for a corresponding reduction in the interest rate, in order to minimize or eliminate the level of financial market inefficiency, which is necessary for efficient mobilization and allocation of financial resources in the country
Short essay on empirical finance research: Current trends and a call for future studies
No full textCorporate finance practice is a function that deals with the financing needs of a company. In this paper, a critical survey was conducted to identify the key literature in order to isolate the leading theoretical and empirical issues surrounding company financing and capital structure that are particularly relevant for developing economies. The paper aims to take stock of existing knowledge in the area and identify the main strands of theoretical and empirical literature, considering the policy implications of existing knowledge, and spelling out the current policy problems which should be addressed by future research. The suggested areas resulted purely from a PhD research conducted in the area of construction finance in Ghana. The methodology adopted for the main PhD work involved multiple research approach. The empirical investigation was conducted using structured interviews and survey questionnaire. The interviews were conducted prior to the survey to solicit in-depth information about the financing practices and constraints of these large contractors. The interviews led to the identification of key issues which were not mentioned in literature. These concerns were later investigated and tested using survey questionnaires. Conforming to the orthodoxy of purposive and cluster sampling techniques, the dataset was obtained from 49 large construction firms operating in Ghana. The consideration of overlapping aspects of the study largely motivated the use of factor analysis to analyse the data which made it possible to make scientific deductions, descriptions and built explanations from the results. The development of regression models using explanatory variables such as financial condition of the firm, macro-economic indicators, bankruptcy cost, financial risk, transaction cost and financial policy to establish the relationship between the corresponding dependent variables (thus, equity finance and debt finance) together with the management and sustainability of suitable financing programme for construction firms in Ghana recommended policy problems further research
Introducing e-government in public administration in Ghana
Get PDFThis paper discusses the development of egovernment or the introduction of computerbased information systems into publicadministration in a developing country like Ghana. The writer argues that the most significant part of the effort to develop and utilize the computerbased information systems or e-government is not the acquisition of the hardware and software tools, but rather the management of the resultant socioorganizational changes, a process which necessarily requires radical changes. Theseamount to transformation, most often beyond the abilities of only information systems specialists to plan and control. In certain instances, these are even beyond the capacity of the public administration institutions themselves
The Statutory Audit- Understanding the Legal Duties and Responsibilities of the Auditor
Get PDFThe objective of this paper is to discuss, in a holistic manner, the legal duties and responsibilities of the statutory auditor (accountant). The headline on accounting failures of the early twenty-first century involving Enron, WorldCom, Adephia, Tyco, and many others is reason enough to study indepth the core legal duties, responsibilities, and liabilities of the Statutory Auditor. The Auditors\u27 legal liabilities in most countries can be categorized under the following headings: liability under legislation (either civil or criminal) and liability arising from negligence under common law. Accountants have historically played an important role in the detection and deterrence of fraud; but fraud is much more than numbers. It involves complex human behaviours such as greed and deception factors that are difficult to identify and quantify. Unfortunately, the duties and responsibilities of statutory auditors have become the subject of interest to the investor community in the light of the spate of corporate collapses in recent years. These scandals have widened the expectation gap of the public about accountants. Their integrity has been truly dented. The calls for tighter controls over the profession are being spearheaded by President George Bush of the USA. The profession is indeed in a quagmire. There is the need for swift remedial action to redeem its image. Sadly, not many people (even the educated) understand the core legal duties, responsibilities, and liabilities of the statutory auditor. This paper is an attempt to draw on decided cases in the United Kingdom (since there are very few or no decided cases in Ghana) to explain the legal duties, responsibilities, and liabilities of the statutory auditor. Again, because of Ghana\u27s colonial history, it is an undisputed fact that Ghana\u27s political, economic, legal, business, and educational systems are largely structured and based on the British system. This is evidenced in the extensive use of British cases as precedents in Ghana\u27s law courts. This article is in two parts. Part II will follow in the next issue of the Journal.