Books by EMMANUEL ACQUAH-SAM
Emmanuel Acquah-Sam (PhD), 2019
The Ghana Alternative Market (GAX) was established in 2013 to provide equity financing avenue for... more The Ghana Alternative Market (GAX) was established in 2013 to provide equity financing avenue for the development of SMEs and startups in Ghana. However, after six years of its establishment, the market is still unable to attract adequate listing of SMEs and startups. This study explored the factors perceived to be inhibiting the realisation of the objectives of the GAX, and its target of listing fifty firms by the end of 2020. Frequency distribution, bivariate correlations and multiple regression techniques were explored in this study. The correlation analysis shows that "extent of objective realisation" is significantly associated with "achievement of target by the end of 2020", "perceived importance" of GAX, and "inadequate information" on GAX, but is not correlated significantly with the other variables at 5% level of significance. The regression analysis revealed that fear of failure of small and medium businesses and startups and the low-income situation of prospective investors make negative influences on the degree to which the objective of GAX could be met. Thus, the degree to which the objective of GAX is met decreases as investors' fear of failure and low-income situations increase. Taken into consideration the fact that only five (5) companies have been listed on the GAX since its inception, and the fact that only a few months remain till the end of 2020, it seems very difficult for the authorities of GAX to attain its target of listing 50 firms by the end of 2020. It is recommended that more time and efforts are needed for the realisation of its objectives. The officials of Ghana Stock Exchange (GSE) and GAX must intensify education on the sector to boost the confidence of owners of SMEs and startups in the operations of the sector. Again, the government of Ghana must improve economic conditions in Ghana to increase the real incomes of workers in Ghana so as to help more people buy securities of listed SMEs and startups. The costs and requirements for listing on the GAX must be scaled down further. The government of Ghana must find the possibility of synchronising the activities of National Entrepreneurship and Innovation Plan (NEIP),
The effects of inflation on the economic life of the citizenry of a country and the theoretical c... more The effects of inflation on the economic life of the citizenry of a country and the theoretical causes have led to numerous researches in the area. Annual inflation rates in Ghana since 1990 show a fluctuating trend depicting how unsuccessful various governments and policy-makers have battled with changes in the general price level. The theoretical and empirical literature on inflation seem to suggest that the causes of inflation are multifaceted, and time specific, as well as dependent on the level of development of a country. This paper attempts to explore some of major triggers of inflation Ghana for decision-making and implementation as well as adding to existing researches in the area. It uses multiple linear regression analysis based on structural equation modelling through path analysis. It concludes that interest rate, proxied by Treasury bill rates, is the only major variable that has a positive and significant effect on inflation in Ghana with regard to the time period studied. Factors such as GDP growth, market capitalisation, gross fixed investment, and foreign direct investments proved insignificant in influencing inflation in Ghana. This study lends support to the fact that inflation reacts positively to changes in interest rates, therefore, governments and policy-makers must consider it critical when pursuing pro-poor growth policies.
Papers by EMMANUEL ACQUAH-SAM
Cogent economics & finance, Apr 30, 2024
European Scientific Journal, ESJ, Aug 31, 2020
This paper is a qualitative analysis of the critical role of government in promoting inclusive su... more This paper is a qualitative analysis of the critical role of government in promoting inclusive sustainable economic growth and development. This critical role of government transcends beyond an economy's experience of normal economic life or economic crisis, the type of economic system that is being practiced by a nation, and the level of development of a nation. The reason is that government serves as a stimulator, driver, sparker, lubricator, and the coordinator of the other economic units to create a conducive environment needed for private sector growth and the overall development of an economy. Though, the state also has its deficiencies in resource allocation and the management of the economy, a poorly functioning government portends economic doom. The exclusive roles of governments in promoting inclusive sustainable economic growth and development are: smoothening markets activities, promoting better macroeconomic performances, driving, sparking, stimulating, and lubricating the private sector for growth, mitigating social vices, undertaking financial sector cleanup, stabilisation, restructuring, providing stimulus packages to address economic meltdowns or recessions, and combating pandemics. This study concludes that the state serves as an engine of inclusive sustainable economic growth and development. This study recommends that governments must be held accountable by their citizenry and the international community for their actions and inactions and should be prevented from shirking their responsibilities to their societies. They need to be more efficient and proactive in ensuring public sector efficiency so as to spearhead economic growth and development. Again, the roles of the state and the private sector in promoting inclusive sustainable economic growth and development must not be mutually exclusive. Every economy must strive for a healthy balance between private sector and state planning that will lead to inclusive sustainable economic growth and development. Governments must promote effective governance and combat corruption both in the private and public sectors of every economy.
European Scientific Journal, ESJ, May 31, 2021
Many developing countries still struggle to industrialise to speed up the pace of economic growth... more Many developing countries still struggle to industrialise to speed up the pace of economic growth and development. Given this, they continue to search for antidotes to the challenges of their underdevelopment. Sports development is touted by many as one of the antidotes to the underdevelopment challenges of developing countries. However, the major challenges developing countries face in recent times are how they can develop sports and how they can adequately harness its benefits for economic growth and development. This paper sought to holistically explore the challenges of sports development in developing nations, the long-term complementary strategies or cardinal pillars of sports development in developing nations, and the benefits of sports development and their effects on economic growth and development of developing nations. This paper employed a narrative overview research approach to arriving at its conclusions. It concludes that sports development hinges on the holistic development of ten long-run complementary strategies or cardinal pillars. In addition, sports development offers eight significant benefits that can help achieve economic growth and development in developing nations. One of the study's main recommendations is that sufficient and sustained levels of all kinds of investment in sports, coupled with strong institutions, good governance, and practical and interrelated policies, are critical for sports development and economic growth and development in developing countries.
European Scientific Journal, ESJ, Jan 29, 2016
This study sought to investigate the macroeconomic factors that influence capital market developm... more This study sought to investigate the macroeconomic factors that influence capital market development in Ghana. The study was based on multiple linear regression analysis based on quarterly secondary data spanning from 1991 to 2011. Exploratory data analysis was used to verify and resolve basic assumptions of multivariate analysis. Research tools such as Principal Component Analysis (PCA), Structural Equation Modelling (SEM) through Path Analysis (i.e. Layered Regression technique) and tests of interactions among variables were used to test for the linear relationships between key variables in the estimated equations. The main empirical contribution of this study is that capital market development in Ghana is positively influenced by gross capital formation (GFI) and GDP growth, but negatively influenced by Treasury bill rates (T-BILLS). Inflation and foreign direct investments (FDI) did not prove significant in the estimated equation. These imply that policy-makers in Ghana should promote the growth of real income or output, and physical infrastructural development to enhance capital market development in Ghana. Interest rates and the government of Ghana's Treasury bill rates must be fixed at reasonable levels to encourage investments in capital market securities. The application of this study is that the results and the estimated model are useful for predicting long run growth paths of capital markets in developing countries when country specific problems are well addressed.
In recent times, public awareness, knowledge and participation in capital market activities have ... more In recent times, public awareness, knowledge and participation in capital market activities have become critical to effective capital markets development in an effort to overcome the problem of low levels of products innovation and liquidity. This study seeks to assess the contribution of public awareness and knowledge in participation in capital market activities with respect to effective capital market development in Ghana. The study uses a Chi-square test and descriptive analysis to explore the relevant variables in the study. The results revealed that majority of the respondents have some knowledge and awareness about capital market activities, but low level of Financial Literacy, thus resulting in Low level capital market participation. Other factors like schooling, the media, social interventions and one’s profession are critical to the promotion of knowledge, awareness and capital market activities. The implication is that the government, through the Ghana Stock Exchange (GSE), should address these critical factors to enhance Ghana’s capital market development.
European Scientific Journal ESJ, 2020
This paper is a qualitative analysis of the critical role of government in promoting inclusive su... more This paper is a qualitative analysis of the critical role of government in promoting inclusive sustainable economic growth and development. This critical role of government transcends beyond an economy's experience of normal economic life or economic crisis, the type of economic system that is being practiced by a nation, and the level of development of a nation. The reason is that government serves as a stimulator, driver, sparker, lubricator, and the coordinator of the other economic units to create a conducive environment needed for private sector growth and the overall development of an economy. Though, the state also has its deficiencies in resource allocation and the management of the economy, a poorly functioning government portends economic doom. The exclusive roles of governments in promoting inclusive sustainable economic growth and development are: smoothening markets activities, promoting better macroeconomic performances, driving, sparking, stimulating, and lubricating the private sector for growth, mitigating social vices, undertaking financial sector cleanup, stabilisation, restructuring, providing stimulus packages to address economic meltdowns or recessions, and combating pandemics. This study concludes that the state serves as an engine of inclusive sustainable economic growth and development. This study recommends that governments must be held accountable by their citizenry and the international community for their actions and inactions and should be prevented from shirking their responsibilities to their societies. They need to be more efficient and proactive in ensuring public sector efficiency so as to spearhead economic growth and development. Again, the roles of the state and the private sector in promoting inclusive sustainable economic growth and development must not be mutually exclusive. Every economy must strive for a healthy balance between private sector and state planning that will lead to inclusive sustainable economic growth and development. Governments must promote effective governance and combat corruption both in the private and public sectors of every economy.
European Scientific Journal ESJ, 2019
The Ghana Alternative Market (GAX) was established in 2013 to provide equity financing avenue for... more The Ghana Alternative Market (GAX) was established in 2013 to provide equity financing avenue for the development of SMEs and startups in Ghana. However, after six years of its establishment, the market is still unable to attract adequate listing of SMEs and startups. This study explored the factors perceived to be inhibiting the realisation of the objectives of the GAX, and its target of listing fifty firms by the end of 2020. Frequency distribution, bivariate correlations and multiple regression techniques were explored in this study. The correlation analysis shows that "extent of objective realisation" is significantly associated with "achievement of target by the end of 2020", "perceived importance" of GAX, and "inadequate information" on GAX, but is not correlated significantly with the other variables at 5% level of significance. The regression analysis revealed that fear of failure of small and medium businesses and startups and the low-income situation of prospective investors make negative influences on the degree to which the objective of GAX could be met. Thus, the degree to which the objective of GAX is met decreases as investors' fear of failure and low-income situations increase. Taken into consideration the fact that only five (5) companies have been listed on the GAX since its inception, and the fact that only a few months remain till the end of 2020, it seems very difficult for the authorities of GAX to attain its target of listing 50 firms by the end of 2020. It is recommended that more time and efforts are needed for the realisation of its objectives. The officials of Ghana Stock Exchange (GSE) and GAX must intensify education on the sector to boost the confidence of owners of SMEs and startups in the operations of the sector. Again, the government of Ghana must improve economic conditions in Ghana to increase the real incomes of workers in Ghana so as to help more people buy securities of listed SMEs and startups. The costs and requirements for listing on the GAX must be scaled down further. The government of Ghana must find the possibility of synchronising the activities of National Entrepreneurship and Innovation Plan (NEIP), duplication of efforts and to ensure efficient allocation of financial resources to SMEs and startups in Ghana.
European Scientific Journal, 2017
The effects of inflation on the economic life of the citizenry of a country and the theoretical c... more The effects of inflation on the economic life of the citizenry of a country and the theoretical causes have led to numerous researches in the area. Annual inflation rates in Ghana since 1990 show a fluctuating trend depicting how unsuccessful various governments and policy-makers have battled with changes in the general price level. The theoretical and empirical literature on inflation seem to suggest that the causes of inflation are multifaceted, and time specific, as well as dependent on the level of development of a country. This paper attempts to explore some of major triggers of inflation Ghana for decision-making and implementation as well as adding to existing researches in the area. It uses multiple linear regression analysis based on structural equation modelling through path analysis. It concludes that interest rate, proxied by Treasury bill rates, is the only major variable that has a positive and significant effect on inflation in Ghana with regard to the time period stu...
This study contributes to the general body of knowledge and research works in the area of the rol... more This study contributes to the general body of knowledge and research works in the area of the role of finance in economic growth and development with specific reference to the effect of capital market development on economic growth in Ghana. This study was motivated by the fact that some studies have reported negative effects of capital markets on economic growth in some developing nations, despite its expected positive effect on growth and development. The study is a multiple linear regression based on quarterly time series data spanning from 1991:1 to 2011:4. Exploratory data analysis was used to ensure that the basic assumptions of regression analysis were verified and resolved. Structural Equation Modeling (SEM) through Path Analysis (i.e. Layered Regression Technique) was used to identify the possible causal relationship between GDP growth and capital market development, as well as other causal effects in the model. The study shows that GDP growth is linearly related to by the ...
European Scientific Journal, ESJ, 2016
This study sought to investigate the macroeconomic factors that influence capital market developm... more This study sought to investigate the macroeconomic factors that influence capital market development in Ghana. The study was based on multiple linear regression analysis based on quarterly secondary data spanning from 1991 to 2011. Exploratory data analysis was used to verify and resolve basic assumptions of multivariate analysis. Research tools such as Principal Component Analysis (PCA), Structural Equation Modelling (SEM) through Path Analysis (i.e. Layered Regression technique) and tests of interactions among variables were used to test for the linear relationships between key variables in the estimated equations. The main empirical contribution of this study is that capital market development in Ghana is positively influenced by gross capital formation (GFI) and GDP growth, but negatively influenced by Treasury bill rates (T-BILLS). Inflation and foreign direct investments (FDI) did not prove significant in the estimated equation. These imply that policy-makers in Ghana should p...
In recent times, increasing public knowledge, and building public confidence and participation in... more In recent times, increasing public knowledge, and building public confidence and participation in capital market activities have become central to capital market development. Without active and continuous participation, capital markets begin to lack products and liquidity. This study assesses the extent of knowledge about capital market activities, the relationship between this level of knowledge and participation in capital market activities, and the factors that promote capital market knowledge and participation in Ghana. The study uses Chi-square and descriptive analysis to explain the variables under investigation. The results reveal that majority of respondents have little knowledge about capital market activities, and that the level of knowledge about capital market activities significantly and directly relates to capital market participation. Schooling, media publications, social interactions, and one’s occupation or profession are all major factors that appear to promote kno...
Many developing countries still struggle to industrialise to speed up the pace of economic growth... more Many developing countries still struggle to industrialise to speed up the pace of economic growth and development. Given this, they continue to search for antidotes to the challenges of their underdevelopment. Sports development is touted by many as one of the antidotes to the underdevelopment challenges of developing countries. However, the major challenges developing countries face in recent times are how they can develop sports and how they can adequately harness its benefits for economic growth and development. This paper sought to holistically explore the challenges of sports development in developing nations, the long-term complementary strategies or cardinal pillars of sports development in developing nations, and the benefits of sports development and their effects on economic growth and development of developing nations. This paper employed a narrative overview research approach to arriving at its conclusions. It concludes that sports development hinges on the holistic deve...
This paper offers a systematic analysis of the likely economic effects of oil and gas production ... more This paper offers a systematic analysis of the likely economic effects of oil and gas production and management on the Ghanaian economy. The paper has been motivated by the fact that some empirical literature report that natural resource endowment has not necessarily led to economic development in many countries. It is with this apprehension of a possible natural resource curse in Ghana, having discovered oil in commercial quantities that the economic effects of oil and gas production and management on the Ghanaian economy are worth considering. The paper provides basic descriptive analysis of the issues under consideration. It concludes that oil and gas production in Ghana does not provide a magic wand to transforming the economy of Ghana overnight, but the efficient management and application of the revenues from the sale of the resources will provide keys to economic development of Ghana. Again, to ensure efficient use of the revenues from the resources, the revenues must be spen...
European Scientific Journal
The motivation for this study was that, existing literature have reported on the growth of mobile... more The motivation for this study was that, existing literature have reported on the growth of mobile money (MM) and its clientele base. However, studies on the effects of mobile money service on customers and performance of an individual bank; challenges, threats, and opportunities mobile money service presents to an individual bank are very rare to find so adding to the existing studies on the sector will help provide more insight into the operations of the sector and direct policy decisions of policy-makers, bank officials, and telecom operators. This study sought to find out how mobile money services have affected customers and performance of Beige Bank in Ghana. The research is a descriptive survey design that presents results in mean scores, frequency distribution tables, pie charts, bar graph, and Chi-square test of relationship. The study found that mobile money service had a positive effect on customers’ remittances. Also, mobile money positively influenced customers’ saving ha...
In recent times, public awareness, knowledge and participation in capital market activities have ... more In recent times, public awareness, knowledge and participation in capital market activities have become critical to effective capital markets development in an effort to overcome the problem of low levels of products innovation and liquidity. This study seeks to assess the contribution of public awareness and knowledge in participation in capital market activities with respect to effective capital market development in Ghana. The study uses a Chi-square test and descriptive analysis to explore the relevant variables in the study. The results revealed that majority of the respondents have some knowledge and awareness about capital market activities, but low level of Financial Literacy, thus resulting in Low level capital market participation. Other factors like schooling, the media, social interventions and one’s profession are critical to the promotion of knowledge, awareness and capital market activities. The implication is that the government, through the Ghana Stock Exchange (GSE...
This paper is a qualitative analysis of the critical role of government in promoting inclusive su... more This paper is a qualitative analysis of the critical role of government in promoting inclusive sustainable economic growth and development. This critical role of government transcends beyond an economy's experience of normal economic life or economic crisis, the type of economic system that is being practiced by a nation, and the level of development of a nation. The reason is that government serves as a stimulator, driver, sparker, lubricator, and the coordinator of the other economic units to create a conducive environment needed for private sector growth and the overall development of an economy. Though, the state also has its deficiencies in resource allocation and the management of the economy, a poorly functioning government portends economic doom. The exclusive roles of governments in promoting inclusive sustainable economic growth and development are: smoothening markets activities, promoting better macroeconomic performances, driving, sparking, stimulating, and lubricat...
European Scientific Journal
The motivation for this study was that, existing literature have reported on the growth of mobile... more The motivation for this study was that, existing literature have reported on the growth of mobile money (MM) and its clientele base. However, studies on the effects of mobile money service on customers and performance of an individual bank; challenges, threats, and opportunities mobile money service presents to an individual bank are very rare to find so adding to the existing studies on the sector will help provide more insight into the operations of the sector and direct policy decisions of policy-makers, bank officials, and telecom operators. This study sought to find out how mobile money services have affected customers and performance of Beige Bank in Ghana. The research is a descriptive survey design that presents results in mean scores, frequency distribution tables, pie charts, bar graph, and Chi-square test of relationship. The study found that mobile money service had a positive effect on customers’ remittances. Also, mobile money positively influenced customers’ saving ha...
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Books by EMMANUEL ACQUAH-SAM
Papers by EMMANUEL ACQUAH-SAM