The adequacy of corporate mandatory disclosure practices on emerging markets: a case study of the Zimbabwe stock exchange.

This research study is descriptive, normative and empirical in scope. The main purpose of the study, reported in this thesis, is to empirically investigate the "adequacy" of mandatory information disclosure practices of public companies listed on an anglophone African stock exchange classified as an emerging equity stock market by the International Finance Corporation (IFC), and to assess the "stringency" of the disclosure regulatory regime of that market. The study also investigates the characteristics of the relationship between some selected corporate attributes and mandatory disclosure. The corporate attributes examined are: company size, audit quality, ownership structure of equity shares, industry-type, company age, multinational corporation affiliation, profitability, and liquidity. A sample of 49 non-financial companies listed on the Zimbabwe Stock Exchange (ZSE) as of 31 December 1994 formed the basis of the conclusions reported in this thesis. To measure the "adequacy" of mandatory disclosure in the annual reports and accounts of these companies, a disclosure measuring instrument was constructed consisting of information items required by companies law, financial accounting standards, and listing rules of the ZSE. Applying the measuring instrument against the annual reports and accounts of the sampled companies, their mandatory disclosure scores were obtained, and were used with other data specific to each sample company to test the relational hypotheses. To investigate the adequacy of mandatory disclosure practices of the sample companies, a descriptive statistical analysis was undertaken. The results of this analysis suggest that the amount of mandated information disclosed in the annual reports and accounts of these companies is inadequate for the information needs of users of annual reports and accounts in Zimbabwe. There were several instances where none of the sample companies disclosed the required information items. In another respect, the stringency of the disclosure regulatory regime of the stock exchange was empirically assessed with both a Paired sample t test and Wilcoxon signed-rank test. The results of these tests indicate that the disclosure regulatory regime of the stock market is less stringent. Although it has an elaborate monitoring and enforcement mechanisms, it failed to secure full compliance with its disclosure requirements in practice as there were several instances of non-compliance. To ascertain the nature and the strength of the relationship between the corporate attributes and mandatory disclosure, both correlation and multivariate regression analyses were undertaken. The results of the correlation analysis showed that only company age has a significant positive relationship with the extent of mandatory disclosure. In contrast, a robust regression analysis indicated that company size, ownership structure, company age, multinational corporation affiliation, and profitability are positively significantly associated with the extent of mandatory disclosure in Zimbabwe. Thus, of the eight corporate attributes, only company size, ownership structure, company age, multinational corporation affiliation, and profitability "best" explained mandatory disclosure behaviour of the sample companies. On the whole, the results of this study provide support to the general view and prior studies that disclosure practices of emerging equity stock market listed companies are inadequate due to weak monitoring and enforcement of disclosure requirements. It is recommended in this study that the disclosure regulatory regime should be made stringent to minimise non-compliance with requirements by increasing the number of annual reports and accounts of public listed companies that is reviewed annually under the existing monitoring and enforcement mechanisms. This will ensure that each listed company is subject to the review process, at least, once in every three years

Community perceptions of a malaria vaccine in the Kintampo districts of Ghana.

BACKGROUND: Malaria remains the leading cause of morbidity and mortality in sub-Saharan Africa despite tools currently available for its control. Making malaria vaccine available for routine use will be a major hallmark, but its acceptance by community members and health professionals within the health system could pose considerable challenge as has been found with the introduction of polio vaccinations in parts of West Africa. Some of these challenges may not be expected since decisions people make are many a time driven by a complex myriad of perceptions. This paper reports knowledge and perceptions of community members in the Kintampo area of Ghana where malaria vaccine trials have been ongoing as part of the drive for the first-ever licensed malaria vaccine in the near future. METHODS: Both qualitative and quantitative methods were used in the data collection processes. Women and men whose children were or were not involved in the malaria vaccine trial were invited to participate in focus group discussions (FGDs). Respondents, made up of heads of religious groupings in the study area, health care providers, traditional healers and traditional birth attendants, were also invited to participate in in-depth interviews (IDIs). A cross-sectional survey was conducted in communities where the malaria vaccine trial (Mal 047RTS,S) was carried out. In total, 12 FGDs, 15 IDIs and 466 household head interviews were conducted. RESULTS: Knowledge about vaccines was widespread among participants. Respondents would like their children to be vaccinated against all childhood illnesses including malaria. Knowledge of the long existing routine vaccines was relatively high among respondents compared to hepatitis B and Haemophilus influenza type B vaccines that were introduced more recently in 2002. There was no clear religious belief or sociocultural practice that will serve as a possible barrier to the acceptance of a malaria vaccine. CONCLUSION: With the assumption that a malaria vaccine will be as efficacious as other EPI vaccines, community members in Central Ghana will accept and prefer malaria vaccine to malaria drugs as a malaria control tool. Beliefs and cultural practices as barriers to the acceptance of malaria vaccine were virtually unknown in the communities surveyed

Food retail assessment and family food purchase behavior in ashongman estates, Ghana

A key feature of the nutrition transition in developed countries is the rapid transformation of the food system towards increasing availability and access to cheaper, and more processed foods. These changes are associated with alterations in dietary behavior with implications for chronic disease risk. However, the process of change in the food system begins with changes in the food retail system and its subsequent effect on consumer behavior. Currently, little is known about the nature of the food marketplace in emerging economies like Ghana, and also how the changing economy and food retail situation are influencing consumer behavior. The current paper presents a case study of the food retail system and consumer food purchase behavior in suburban Accra. Between May and August 2012, an assessment of food retail outlets was carried out in Ashongman Estates, a suburb of Accra. The study involved observations, in-depth interviews with retailers, and a survey of households. Data from the study allowed classification of retail food vendors across the urban food retail system. In addition, data on food purchase preferences and purchase behavior were obtained from a household survey of 75 randomly selected households in Ashongman Estates. The data showed that traditional markets still constitute the most important source of household food purchases. A majority of households (87%) reported preference for traditional markets, and almost all households (99%) indicated traditional markets as their main source for purchasing household food. Foods available from supermarkets were mainly processed foods. However, processed foods are also commonly available through the traditional markets and minimarkets. The preference for traditional markets was attributed to greater variety of foods, lower price, and proximity of food source. Minimarket vendors, including corner stores, table top vendors, hawkers, and fuel station shops that are located within the community, served as an additional food source, complementing food purchases from the traditional markets. The study concluded that although traditional markets remain the main source of household food, interventions are needed to ensure that food markets in the community include access to a variety of fresh produce rather than promote processed foods, in order to promote consumer health.Key words: Food environment, traditional market, retail, supermarket, minimarkets, suburban food marke

Aboveground Biomass and Carbon content of a cocoa –Gliricida sepium agroforestry system in Ghana

To help overcome the challenge faced in re-establishing cocoa in degraded lands, some agroforestry trials were established with exotic leguminous tree species to determine their suitability for cocoa cultivation. However, our understanding of biomass accumulation and carbon sequestration in such specific agroforestry practices is still limited. In this study, the above-ground biomass and carbon storage and partitioning in a gliricidia-cocoa agroforestry system was investigated. Above-ground biomass accumulation and carbon stock varied significantly between the components of the system, with the gliricidia shade trees having the highest values and the cocoa trees having the lowest. The inclusion of the gliricidia shade trees in the system increased above-ground biomass and carbon capture of the system by some 60%, a greater proportion of which was contained in the branches of the shade trees. This pattern of dry matter distribution makes the species appropriate for use as a biomass producing species in agroforestry systems and demonstrates the potential of cocoa agroforestry systems for capturing and storing more atmospheric carbon than sole cocoa systems

Is the selection of Ghanaian policy makers based on socio-cultural and ethnic reasonings relevant in today’s politics? Evidence from the Cape Coast Metropolis in Ghana

This study examines the effect of appraisive attitudes on citizens’ participation behaviour at the sub-national electoral levels in the Cape Coast Metropolis, Ghana. The study was quantitative with cross-sectional explanatory design. The study population was 1145 with a sample size of 291. The SPSS was employed for descriptive analysis and the Smart PLS was employed for structural equation modelling.  It was found that all the three dimensions of appraisive attitudes (policy responsiveness, performance and integrity) used in this study have positive effects on citizen participation behaviour in the study area of the Cape Coast Metropolis in Ghana. This means Africans have come of age and the days of choosing Africa policy makers based on socio-cultural and ethnic reasoning appear to be over. Policy makers must, therefore, take into consideration the interests of the citizens and work to improve on their living conditions in order to sustain their political career

Impact of malaria related messages on insecticide-treated net (ITN) use for malaria prevention in Ghana

Background: Media messages have been used in Ghana to promote insecticide-treated net (ITN)/bed net usage in an effort to impact on malaria prevention. The aim of this study was to assess the effect of such malaria-related messages delivered through electronic/print media and by volunteers/health workers on the use of ITNs by children living in a household. Methods: Data was collected from September to November of 2008 using a structured, interviewer-administered questionnaire by the Ghana Statistical Service as part of a national demographic and health survey (DHS). Secondary data analysis was performed on the collected data using multivariate logistic regression for both individual messages and a composite (any of) message variable. Results: From the 11,788 households surveyed, 45% had at least one net. Households with male heads were more likely to have a child sleeping under a bed net the previous night (p = 0.0001). Individual Messages delivered by a health worker or a dedicated radio programme, had the highest effect for one or more children sleeping under a net the night before (OR adjusted = 1.65; 95% CI = 1.44 to 1.88 and OR adjusted = 1.26; 95% CI =1.12 to 1.42 respectively) while hearing any of the eight messages (composite score) resulted in the highest odds for one or more children (OR adjusted = 3.06; 95% CI = 2.27 to 4.12) sleeping under a bed net. Conclusion: Efforts to relate ITN messages to the public are very useful in increasing use of bed nets and having multiple ways of reaching the public increases their effect, with the biggest effect seen when health workers and volunteers were used to deliver malaria-related messages to the public

The Status of Three Species of Turacos in the Kakum Conservation Area in the Central Region, Ghana

The encounter rates and relative abundance of three species of turacos, namely great blue (Corythaeola cristata), green (Tauraco persa) and yellow-billed (Tauraco macrorynchus) were studied in tropical rainforest in the Kakum Conservation Area (KCA) in the Central Region of Ghana between August 2005 and June 2006. The transect count method was employed in recording all turaco contacts. Turaco numbers and encounter rates varied among the four study sites. Both green and yellow-billed turacos were relatively common in the study area. Great blue turacos were, however, very few in the KCA and, therefore, need some protective and conservation attention. Turacos were restricted to the more pristine parts of the KCA than in secondary forest, where the encounter rates were also relatively lower (0 and 2.17 individuals/h in primary and secondary forests, respectively). The relative abundance and encounter rates of turaco species also varied between the seasons of the year, with larger numbers being encountered in the major rainy season (June-July). The most suitable areas for turaco-bird watching have been identified to be in the primary forests, especially near Antwikwaa camps, and a comprehensive study of the ecology of turacos in the KCA to facilitate their conservation has also been suggested.West African Journal of Applied Ecology Vol. 13 2008: pp. 104-11

Development of a Control Strategy for Monitoring the Delaminating Damage in Drilling Of Carbon Composite Laminates

Composite materials have attractive features, such as high strength to weight ratio and high stiffness to weight ratio. However, they are easily damaged during machining operations. A typical damage is delamination, which can occur when fiber reinforced composite laminates are drilled. Control of delamination is critical for the utilization of composite materials. This research seeks to develop a technique to control inter-ply delaminations during the drilling of laminated composites. A statistical factorial design technique is used to develop a model that relates the feed rate, cutting speed, and tool size to the acoustic parameters. A control algorithm is built from the model. The algorithm is used to modify the instantaneous feed rate in order to maintain the acoustic energy below a threshold value. This control strategy is effective in limiting the area of delamination. However, using high cutting speeds avoid the delamination of materials, but leads to high production costs due to excessive tool wear.Keywords: Composite Laminates, Drilling, Damage, Acoustic Emission

Clustering of childhood mortality in the Kintampo Health and Demographic Surveillance System in Ghana

Background: Childhood mortality in Ghana has generally declined in the last four decades. However, estimates tend to conceal substantial variability among regions and districts. The lack of population-based data in Ghana, as in other less developed countries, has hindered the development of effective programmes targeted specifically at clusters where mortality levels are significantly higher. Objective: This paper seeks to test for the existence of statistically significant clusters of childhood mortality within the Kintampo Health and Demographic Surveillance System (KHDSS) between 2005 and 2007. Design: In this study, mortality rates were generated using mortality data extracted from the health and demographic surveillance database of the KHDSS and exported into STATA. The spatial and spatio-temporal scan statistic by Kulldorff was used to identify significant clusters of childhood mortality within the KHDSS. Results: A significant cluster of villages with high under-five mortality in the south-eastern part of the KHDSS in 2006 was identified. This is a remote location where poverty levels are relatively higher, health facilities are more sparse and these are compounded by poor transport services in case of emergencies. Conclusion: This study highlights the potential of the surveillance platform to demonstrate the spatial dimensions of childhood mortality clustering. It is apparent, though, that further studies need to be carried out in order to explore the underlying risk factors for potential mortality clusters that could emerge later

Determining Acid and Metalliferous Drainage Potential of Waste Rock on a Mine

Acid and Metalliferous Drainage (AMD) is recognised as serious environmental problem in the mining industry. This is because environmental issue of AMD poses serious threat to water quality, vegetation cover and social licence of the mining operations. AMD occurs when reactive sulphide bearing materials are exposed to oxidising conditions. It has now become imperative for some mining companies to test sulphide bearing minerals for their AMD potential before major mining excavations are done. This work determines the AMD potential of fifty (50) waste rock samples from a Mine using Acid Base Accounting (ABA) techniques. Mineralogical studies on the sample indicated that the major sulphide mineral assemblages present were pyrite, arsenopyrite and chalcopyrite. Paste pH showed that 20% of the samples had undergone weathering and as such AMD generation had already started. Approximately 22% of the sample had conductivity levels between 1000 to 10,000 µS/cm and this shows a typical AMD chemical characteristic of high salinity. Acid Base Accounting showed that 32% of the samples were acid generating. Exactly 16% were non-acid forming and 52% were uncertain. The analysis showed that the potential for AMD generation exists for the waste rock material and can affect the local environment, specifically water quality if preventive measures are not taken.   Keywords: Sulphide, Waste Rock, Acid Base Accounting, Paste pH, Conductivit