Browsing by Author "Oppong Fosu, Kennedy"

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Assessing the Impact of Tourism on the Hospitality Sector’s Share to Gross Domestic Product: From the Ghanaian Perspective
(Scientific and Academic Publishing, 2020-04) Ago Gyamfi, Moses; Odoom, Daniel; Oppong Fosu, Kennedy; Nammei Luki, Bayuasi
This study assessed the impact of tourism on the hospitality sector’s share to the real Gross Domestic Product (GDP) growth of Ghana. It employed the quantitative research approach and the explanatory research design. The study used time series data from 2007 to 2017 on tourism variables such as tourism receipts to GDP, tourism expenditure to GDP, number of international tourism arrivals to GDP; economic variables or transmission channels such as imports to GDP, exports to GDP, real exchange rate and hospitality sector’s share to GDP growth. Theoretically, this study was grounded on the tourism-led growth hypothesis which helped in explaining the link between tourism and economic growth. Regression analysis was employed as the analytical tool for this study. The study established that tourism drivers such as tourism receipts, tourism expenditure, and number of international tourism arrivals have statistically significant positive relationship with hospitality sector’s share to the country’s real GDP. Again, the study found a reverse positive relationship between hospitality sector’s share to real GDP and tourism expenditure. Also, it was observed that a positive relationship existed between tourism drivers (tourism receipts and international tourism arrivals) and tourism expenditure. In addition, there was a statistically significant positive relationship between imports to GDP and hospitality sector’s share to real GDP. There is the need for new policy direction to develop and promote tourism activities and the hospitality sector to make them more attractive to regular tourists and potential ones. The Ministry of Tourism, and Hotel and Hospitality Association of Ghana need to financially support the business activities of the local companies in the industry to enable them expand and develop economies of scale to improve their export activities to generate more foreign exchange.
Investigating the Challenges Faced by Microfinance Institutions in Ghana: Evidence from Takoradi
(International Institute for Science, Technology and Education (IISTE), 2019-05) Odoom, Daniel; Oppong Fosu, Kennedy; Ankomah, Kwadwo; Birago Amofa, Marian
Micro Finance Institutions (MFIs) contribute immensely to the economy of every nation. Particularly, within the informal sector, MFIs constitute the pivot around which many financially disadvantaged individuals rely on in terms of access to finance for their businesses. MFIs play a tremendous role in the poverty reduction and employment creation agenda of many nations including Ghana. Notwithstanding the immense role MFIs play in the economies of nations, there is a wide recognition of the fact that the institutions can perform better if they are able to overcome the challenges they face in their operations. However, in order for MFIs to effectively tackle the challenges they encounter, it is important for them to first identify and appreciate these challenges and the threats they pose to the effectiveness of their operations. Within this context, this study sought to explore the challenges MFIs in Ghana face, with particular emphasis on those operating in Takoradi. The study was quantitative, with descriptive survey as the design. Managers and employees of MFIs located in the city licensed by the Bank of Ghana were involved in the study. Simple random sampling method was used to select 114 respondents for the study and questionnaire was relied upon for data collection. The researchers used frequencies, percentages, an independent samples t-test and ANOVA as tools for data analysis. The study observed that increased competition in the industry, low repayment rates, higher cost of information technology, low level knowledge of operators, inadequate and expensive infrastructure base, high capital requirements, unfavourable regulation and supervision, inadequate employee incentives, and erosion of public confidence in MFIs were ranked as major challenges in the industry. A significant difference existed in the perception of male and female respondents on the challenges MFIs in the city faced. However, there was no statistically significant difference in educational qualifications of respondents and their views on the challenges MFIs in Takoradi faced. It is recommended that MFIs in the city should invest in staff development for all levels, from senior level to junior level. Also, Managements of MFIs should put in place adequate measures to educate their clients on the need to pay their loans and also institute appropriate sanctions to deal with loan defaulters. This will also require MFI to ensure credit worthiness of clients before granting them loans. Again, the Managements of MFIs should come out with appropriate measures to incentivize their employees so as to avoid possible cases of poaching.