Savings and Loans Companies in Ghana: The Nexus to Poverty Alleviation and Economic Empowerment of Micro-Businesses (Published)
The main objective of this study is to assess the role of Savings and Loans companies in the alleviation of poverty and how they economically empower micro-businesses in the Ghanaian economic space. The study chose the Cape Coast Metropolitan area, a major economic hub in Ghana as its case study. Using the Sustainable Livelihoods Approach theory, the study also adopted the mixed method in data collection and analysis. A total of 288 respondents were used for the study. The results of the finding include among others that Savings and Loans companies have significantly alleviated poverty in the Metropolis; thereby, lifting the poor segments of the Metropolis from the cycle of poverty through the creation of jobs and the generation of income. Finally, it is recommended among others that due to the nature of the businesses of low-income customers, there should be regular visits by loan officers to customers to strengthen the relationship with the borrower, thereby encouraging repayment while simultaneously gathering information concerning the state of the business and household finances, all of which would promote a lower default rate.
Keywords: Companies, Economic Empowerment, Ghana poverty alleviation, Loans, Savings, micro-businesses
Savings and Loans Companies in Ghana: The Nexus to Poverty Alleviation and Economic Empowerment of Micro-Businesses (Published)
The main objective of this study is to assess the role of Savings and Loans companies in the alleviation of poverty and how they economically empower micro-businesses in the Ghanaian economic space. The study chose the Cape Coast Metropolitan area, a major economic hub in Ghana as its case study. Using the Sustainable Livelihoods Approach theory, the study also adopted the mixed method in data collection and analysis. A total of 288 respondents were used for the study. The results of the finding include among others that Savings and Loans companies have significantly alleviated poverty in the Metropolis; thereby, lifting the poor segments of the Metropolis from the cycle of poverty through the creation of jobs and the generation of income. Finally, it is recommended among others that due to the nature of the businesses of low-income customers, there should be regular visits by loan officers to customers to strengthen the relationship with the borrower, thereby encouraging repayment while simultaneously gathering information concerning the state of the business and household finances, all of which would promote a lower default rate.
Frederick Appiah and Kwabena Owusu (2022) Savings and Loans Companies in Ghana: The Nexus to Poverty Alleviation and Economic Empowerment of Micro-Businesses,, International Journal of Small Business and Entrepreneurship Research, Vol.10, No.2, pp.,41-56,
Keywords: Economic Empowerment, Ghana, Poverty Alleviation, Savings, loans companies, micro-businesses
Implication of Savings and Investment on Economic Growth in Nigeria (Published)
There is large empirical literature which examines the implications of savings and investment on economic growth in Nigeria. However, little attention has been given to examining the implications of savings and investment on economic growth in Nigeria. The aim of this paper is to evaluate the implications of savings and investment on economic growth in Nigeria using ordinary least square regression. Results for ADF and PP unit root tests show that all variables under consideration are I(1). The study also revealed that there is long run relationship between savings, investment and economic growth in Nigeria. The result of the regression indicates that change in gross domestic savings movements has negative and significant effect on the change in economic growth in Nigeria and that the change in gross domestic investment has positive and significant effect on the change in the Nigerian economic growth. We therefore recommend that government should set a sound and fertile environment in order to foster domestic saving that will help to increase the level of economic growth in Nigeria.
Keywords: ADF, Investment, PP., Savings, economic growth
Relationship between Financial Inclusion and Economic Growth in Nigerian Rural Dwellers (Published)
Financial inclusion as the provision of a broad range of high quality financial products such as savings, credit, insurance, payments and pensions, which are relevant, appropriate and affordable for the entire adult population especially the low income segments of the economy. This study critically examines the sustainability of financial inclusion to rural dwellers in Nigeria using descriptive study and content analysis. The study observed that the sustainability of financial inclusion to rural dwellers in Nigeria remains the mainstream for economic growth in any country. The implication of this study is that economy cannot grow fast without proper implementation of financial inclusion to rural areas in Nigeria. The study recommended that the promotion of collaboration between Deposit Money Banks (DMBs), Microfinance Banks (MFBs) and Communication services providers for enhanced intermediation of financial services should be encouraged; there is need to educate rural dwellers on the importance of banking as it would facilitate the success of CBN financial inclusion policy and that since some of the rural dwellers preferred to keep money under their pillows at home, there should be proper enlightenment to change their orientation on financial inclusion in Nigeria.
Keywords: Credit, Financial Inclusion, Rural Dweller, Savings, economic growth