Formal Enforcement Mechanisms and Informal Transactions

Operators of informal transactions developed certain interest in the relaxed nature of the business as compared to formal transaction because of its controversial laid down procedures and probably, the cost involved. However, due to the relaxed nature of informal transactions, it could be envisaged that, the environment would develop faster since its not strictly regulated. This paper critically examines the legal process of enforcing financial transactions in Ghana and, in particular, how appropriate and applicable such enforcement mechanisms are to informal financial transactions. It also explores the interplay between formal and informal financial transactions. The main aim of this paper is to outline the legal implications of formal and informal enforcement mechanisms regarding exchanges within and between informal financial entities. Keywords: informal finance, financial transactions, enforcement.

Susu: A Dynamic Microfinance Phenomenon in Ghana

Susu is a popular form of savings in most developing economies. It is practiced in different forms and under different names in both developing and developed countries. In spite of its contribution to the socio-economic development of both developing and developed countries, it remains under-researched. There is therefore the need for further research into this complex financial phenomenon. This paper thus, critically examines existing literature on Susu and other micro savings phenomenon. It shows that Susu is a complex and dynamic social phenomenon. In substance, it discovered that susu shares similarities with other micro savings schemes such as rotating savings and credit schemes, accumulating savings and credit associations as well as Christmas hampers and Christmas clubs in England and the United States respectively. It establishes that similar to other micro savings schemes, the object of Susu is to help rural, poor and low income earners meet their economic, social or communal needs. Keywords: Microfinance, Susu, Ghana, Informal Finance, Micro Savings, Rural Economie

The Media and the Offence of Criminal Libel in Ghana: Sankofa

This article critically examines the repealed criminal libel law in the light of the 1992 Constitutional provisions of Ghana as well as judicial precedents. It seeks to evaluate the constitutionality of criminal libel laws and their implications for freedom of the media. This article brings to fore the implications of re-introducing such laws into the Ghanaian legal system. It argues that the re-introduction of criminal libel laws would contravene the letter and spirit of the 1992 Constitution of Ghana, thus unconstitutional. It contends that the nature of criminal libel laws is such that it impedes the development of media freedom and practice. Finally, it suggests that both the media and individuals should be empowered to express their opinions within a free and fair political and economic environment. Keywords: Media, Press Freedom, Freedom of Speech, Criminal Libel, Seditious Libe

Empirical Analysis of Workplace Conflict and its Influence on the Attitude of Media Employees in Ghana

Workplace conflict is known to have severe implications on employees and organisations worldwide. Conflicts at the workplace have resulted in the destruction of cordial relationships among working colleagues as well as subordinates and superiors and has also changed enthusiastic employees to rather hostile and ineffectual actors. Consequently, these employees are not able to meet their targets due to negative attitudinal changes towards work, thus hampering the attainment of organizational goals. However, there is little empirical studies on this subject in both academic and industrial circles. In examining the outcomes of workplace conflict and its influence on the attitudes of media employees, this paper employed qualitative methodologies to select forty two (42) respondents from six Ghanaian print and electronic privately and state owned media houses. Findings revealed that attitudes of employees towards work were predominantly influenced negatively as employees decline in commitment to work and cooperation with others. Further, following conflicts, employees engaged in many adverse behavioral tendencies including not being on talking terms, not greeting one another, hostile behaviours and insecurity. Nonetheless, the paper interestingly found some positive outcomes such as idea sharing, unity, activeness and alertness from conflict

Microfinance regulation and social sustainability of microfinance institutions: the case of Nigeria and Zambia

This study examines the effect of regulations on microfinance institutions in Nigeria and Zambia by focusing on the post-regulation experiences and reflections of the microfinance institutions (MFIs) and their regulators. Based on in-depth interviews with the Central Banks as regulators, MFI managers, practitioners and apex microfinance associations, the study finds that regulations in both countries have managed to professionalize the sector, but their effectiveness in augmenting the centrality of social goals to microfinance and MFIs remains doubtful. The poorly designed regulations are not only undermining social goals but also sending wrong signals to would be social investors, with implications for the social image of the industry. The study further finds that regulations have neither speeded the emergence of sustainable MFIs (especially in Zambia) nor accelerated the sectors’ outreach to the poor and the financially excluded. Additionally, considerable levels of political interference and poor regulation have led to unintended consequences to the sector, further frustrating the ultimate goal of extending financial services to the poor. These findings have policy and practical implications for how microfinance engages with the regulatory logic and continues to serve those at the bottom of the pyramid

MAINTAINING ORDER IN THE MICROFINANCE SECTOR IN GHANA

ABSTRAC

Special prosecutor: Panacea or facade to institutionalised corruption in Ghana?

Motivated by the systematic nature of corruption and effect on the nation’s potential, this study sought to assess how the establishment of the Office of the Special Prosecutor (OSP) aids in its fight. Further, it comparatively analyses this agency vis-à-vis other agencies with a similar mandate to determine whether the role of the special prosecutor makes any impact in fighting this cancer. Data was collected through interviews from professionals in the law fraternity and analysed using content analysis. Findings are that the OSP is indeed an independent prosecutor who could be regarded as free from the influence of the executive with no conflict of interest in carrying out its mandate. Further, the study found that there was dissatisfaction with the performance of the OSP due to its inability to prosecute enough high-profile cases. However, due to the commitment and track record of the OSP, many expressed confidence in his person to help wrestle corruption. Many, however, were of the view that there were overlapping and conflicting functions between the OSP and other state anti-corruption agencies. Unfortunately, the office is saddled with many challenges inhibiting the performance of its mandate, thereby questioning whether it is a panacea or facade to institutionalised corruption in Ghana

Transformational leadership and employee turnover intention: the mediating role of affective commitment

Purpose – The purpose of this paper is to investigate the impact of transformational leadership on employee turnover intention through the mediating role of affective commitment. Design/methodology/approach – The study examines conceptual relationships in the Ghanaian context, based on structural equation modelling with maximum likelihood estimation, using sample employees from the private sector organizations. In addition, the mediation analysis is conducted with Sobel’s test and 95 per cent CI bootstrap analysis. Findings – The study shows that affective commitment would decline workers’ quitting intention and serves to promote a degree of trust and willingness to follow their leaders’ philosophy, ideology, vision and guidance in the organization. Hence, affective commitment fully mediates the relationship between transformational leadership and employee turnover intention. Practical implications – To help lessen employees quitting intentions, both middle and top-level managers should endeavour to create an atmosphere of trust, admiration, loyalty and respect for their employees. Originality/value – Overall it is shown that affective commitment was the mechanism through which transformational leadership influences employees’ turnover intentions in the SLCs in Ghana.Michael Asiedu Gyensare, Olivia Anku-Tsede, Mohammed-Aminu Sanda and Christopher Adjei Okpot