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THE ROLE AND CHALLENGES OF SAVINGS AND LOANS COMPANIES IN GHANA
| Abstract: | The Ghanaian economy, like all developing economies has a large proportion of business in the small-scale and self employed group. These people have needs which are not being satisfied by the traditional banks resulting in a situation of large amounts of funds in the hands of players in this market, thus remaining outside the banking system. It is hoped that the Non-Bank Financial Institutions, which comprise various categories of organizations, including Savings and Loans Companies will service this part of the market which remain outside the traditional banking scope resulting in mopping up of these funds. This study sought to determine the role and challenges of Savings and Loans Companies in Ghana with particular focus on their contribution to savings mobilisation and credit availability within the five-year period 2003 to 2007. Three sets of questionnaires were used in this study; one each for Savings and Loans Companies, traditional banks and customers of the Savings and Loans Companies respectively. These questionnaires served as a guide to interviews that were conducted with the respondents. Annual reports for the years 2003 to 2007, Statistical Bulletin (February 2008) as well total contributions of various financial players to savings mobilisation and credit availability were obtained from Bank of Ghana. It was found that even though their contribution to savings mobilisation cannot be judged as being significant, there was a steady rise in contributions of Savings and Loans Companies to savings mobilisation during the period 2003 to 2007. The average annual growth of loans and advances of Savings and Loans Companies far exceeded that of the economy as a whole. In respect of the study sample, there was no presence of Savings and Loans companies in four out of ten regions of the country. The impact of Savings and Loans companies could increase immensely if they expanded their services to cover areas where they are yet to establish their presence, located branches closer to their customers and offered additional services. |
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
