| 1 |
Author(s):
Evans Kelvin Gyau, Paul Kwame Yeboah, Prine Kofi Nkyera.
Page No : 1-16
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A Qualitative Evaluation of Preparedness of Rural Banks in Ghana for The Implementation of IFRS.
Abstract
For rural and community banks to globally integrate, improved transparency and comparability require IFRS. There are, however, impediments that RCB faced from the implementation of IFRS, which include financial constraints, inadequate technical capacity, and inadequate human resources. In this research a qualitative approach was employed by administering semi-structured interviews to 17 top RCB executives in the Bono and Ahafo regions of Ghana. Findings of the study indicate that IFRS awareness and comprehension are low among RCB staff, with only senior management exhibiting moderate awareness and comprehension levels. Significant impediments encompass non-IFRS-compliant software, reluctance to adapt, and elevated compliance expenses. Moreover, RCBs lack the requisite financial and technical resources for effective IFRS implementation. The authors advocate for specialized training programs, incremental IFRS implementation, and enhancements to IT infrastructure to ensure compliance. The findings advance the discussion on financial reporting reforms in emerging economies, highlighting the necessity for regulatory assistance to improve RCBs' preparedness for IFRS implementation.
| 2 |
Author(s):
Ike Romanus Chukwuma (Ph.D.), Florence Ijeoma Ezeilo (Ph.D.).
Page No : 17-34
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Effect of Financial Reporting Standards in Enhancing Transparency and Accountability of Energy Firms in Nigeria.
Abstract
This study examined the effectiveness of Financial Reporting Standards (FRS), specifically compliance with International Financial Reporting Standards (IFRS), in enhancing financial transparency and accountability among energy firms listed on the Nigerian Exchange Group (NGX) between 2015 and 2024. The study focused on two key objectives: to determine the effect of FRS compliance proxied by the IFRS disclosure index on financial transparency, measured by accrual quality, and to assess its effect on accountability, measured by audit quality. Secondary data were collected from the audited annual reports of 12 energy firms over a ten-year period. Descriptive statistics, correlation analysis, panel regression, and logistic regression techniques were employed. The findings revealed that FRS compliance had a statistically significant negative effect on accrual quality (p = 0.003), indicating improved transparency, and a positive significant effect on audit quality (p = 0.007), indicating enhanced accountability. Control variables such as firm size and profitability also showed significant influence in both models. The study concluded that adherence to IFRS plays a critical role in improving the financial reporting integrity of energy firms in Nigeria. It recommends stronger enforcement of FRS policies and incentivizing firms to adopt full disclosure practices that promote trust, attract quality audits, and ensure long-term sustainability.
| 3 |
Author(s):
Uche Okoro Orji (Ph.D.), Jefta Chukwuemeka Oleka, Ebubechukwu Udo Ngwobia.
Page No : 35-47
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Assessing the Financial Returns of Human Capital Investment in Nigerian Banks: A GMM-Based Analysis.
Abstract
The study tries to assess the causal link between human capital investment through training and development of staff of Deposit Money Banks in Nigeria and their financial performance. Ex-post facto research design was adopted for the study where panel data extracted from the annual reports of nine (9) selected banks in Nigeria for the periods 2014 to 2021 were used. The dependent variable was financial performance measured with return on asset and earnings per share while the independent variable was training and development cost. Generalized Method of Moments (GMM) Model was used to test the two formulated hypotheses under E-views version 10. The findings showed that training and development cost has a positive and significant influence on both the return on assets and earnings per share of the selected DMBs in Nigeria. The study therefore concludes that human capital investment through training and development cost positively and significantly influences the financial performance of DMBs in Nigeria. The study recommends among others that more funds should be invested in the training and development of employees as this has been proven to have positive and significant impact on the financial performance of the selected Deposit Money Banks in Nigeria.
| 4 |
Author(s):
Evans O. N. D. Ocansey (Ph.D.), Samuel Antwi, Richard Bediako.
Page No : 48-58
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A Systematic Review of Budgeting Reforms in Ghana’s Public Sector.
Abstract
Public Sector Budgeting System is indispensable in Public financial management. Several studies have been undertaken, making the area of the study rich in literature. Particularly in Ghana, a number of reforms have been made but fragmented. Therefore, this systematic literature review is purposed at consolidating the available evidence, assess reform options, and identify outstanding challenges. By doing this, it makes contributions to both scholarly research and policy development by calling for a reconceptualization of budgeting practice towards sustainable public sector performance in Ghana. The study reviewed and analysed papers on public sector budgeting from Scopus, Google Scholar and Crosref databases published from 2000 to 2025. It was found that in Ghana’s public budgeting systems there is asynchronization between reforms and national reality. Notwithstanding the significant continuous changes and innovation, challenges such as fragmented institutional arrangements, capacity gaps, political incentives, continue to impede reform outcomes. In order to combine technical, institutional, and political strategies into a single public budgeting reform program, a paradigm shift is required. Ghana's budgeting system must go beyond form and embrace a results-oriented, inclusive, and politically conscious approach if it is to accomplish sustained public financial management and service delivery. Future modifications in current reforms ought to focus on generating value, guaranteeing transparency and accountability, and fostering public trust in addition to compliance. The study is amongst the few systematic literature reviews to consolidated Ghana’s public sector budgeting systems positions on the various reforms such as MTEF, PBB, GIFMS.
| 5 |
Author(s):
Richard Bediako, Evans O. N. D. Ocansey (Ph.D.), David Oppong.
Page No : 59-76
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Accounting Controls, Governance, and Anti-Corruption in Ghana’s Public Sector.
Abstract
The integrity of public sector operations heavily relies on effective accounting controls and sound governance frameworks, which are fundamental for ensuring transparency, ethical standards, and accountability. In Ghana, these structures are undermined by persistent corruption and the mismanagement of public funds, which continue to erode public trust and obstruct national development. Although various studies have addressed governance and anti-corruption, the literature remains fragmented, lacking a comprehensive synthesis that connects these components with accounting control mechanisms in the Ghanaian public sector. This review aims to bridge this gap. A systematic literature review was conducted on studies published between 2000 and 2024 that focused on accounting control, governance, or anti-corruption in Ghana’s public sector. The review followed the PRISMA 2020 guidelines to ensure methodological rigor. The quality of included studies was assessed using the CASP and MMAT tools, and thematic synthesis was employed. Out of an initial pool of 1,204 studies, 38 met the inclusion criteria. The review uncovered substantial weaknesses in accounting practices, including ineffective internal audits, minimal use of IPSAS, and politically driven oversight. Governance structures were often hindered by institutional inefficiencies and weak enforcement. Although multiple anti-corruption initiatives exist, they are inconsistently applied and lack long-term political support. The findings underscore systemic flaws in Ghana’s public financial management, highlighting the need to strengthen independent oversight, invest in financial digitization, and build a culture rooted in enforcement and transparency. Further research should explore governance at the local level and incorporate behavioral approaches to design more effective anti-corruption strategies.
| 6 |
Author(s):
Evans Kelvin Gyau, Evans O.N.D. Ocansey (Ph.D.), Paul Kwame Yeboah.
Page No : 77-103
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Influence of Tax Digitalization on Tax Compliance in Ghana: The Moderating Influence of Tax Knowledge.
Abstract
Recently the Government of Ghana has began implementing digital tools in its tax administration with the view of increasing tax compliance and correct revenue shortfall. The purpose of this study therefore is to examine the influence of tax digitalization on tax compliance in Ghana, with a focus on the moderating role of tax knowledge. Using a quantitative cross sectional research approach, data were collected from 219 taxpayers in Techiman Municipality to assess their perceptions and behaviours regarding tax compliance, the use of digital tax systems, and their knowledge of tax laws and regulations. A regression was run using SPSS statistical software. The findings revealed a general neutrality among respondents concerning their level of tax knowledge (M= 3.34, SD= 0.463), their use of digital platforms for tax preparation and payment (M= 3.43, SD= 0.524), and their compliance with tax obligations (M= 3.06, SD= 0.535). Despite this neutrality, statistical analysis indicated that tax digitalization significantly influences tax compliance (β = .535, CI = .612 - .922). Additionally, tax knowledge was found to have a significant positive effect on tax compliance β = .224, CI = .261 - .746). Importantly, tax knowledge also moderated the relationship between tax digitalization and tax compliance (int_1= .21: p = .002), suggesting that higher levels of tax knowledge enhance the positive impact of digitalization tax on compliance. These findings underscore the importance of strengthening taxpayer education and improving digital infrastructure to boost compliance levels in Ghana’s tax system. The findings have important implications for both tax administrators and policymakers. While digitization improves efficiency and accessibility in tax administration, taxpayer education significantly amplifies its effectiveness. Efforts to modernize tax systems must be paired with investments in improving tax literacy, especially among small business owners, low-income earners, and rural populations who may lack formal financial education. Again, the Ghana Revenue Authority (GRA) and local governments should intensify taxpayer education efforts using localized, practical, and accessible communication channels, including radio programs, workshops, and community engagement forums.
| 7 |
Author(s):
Emmanuel Peprah, Evans O. N. D. Ocansey (Ph.D.), David Oppong.
Page No : 104-127
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Evaluating Budget Trustworthiness in a Developing Country after Program-Based Budgeting Reforms.
Abstract
There are several factors that influence the budget worthiness of countries. Accurate revenue forecasts, political commitment and fiscal restraint, public financial management (PFM) systems, donor reliance and external funding, and the ability of implementing Ministries, Departments, and Agencies (MDAs) budgets are key factors that impact budget execution and credibility. The study employed a PRISMA guided systematic literature review. The results show that the credibility of the budget is seriously damaged by inflated revenue predictions, political meddling, inadequate institutional capability, and uneven donor support. Although transparency has increased due to systems like GIFMIS, the total impact is limited by their uneven application. To improve Ghana's fiscal results, the report emphasizes the necessity of more integrated budgeting procedures, improved institutional discipline, and reinforced forecasting models. Despite improvements in Ghana's budget credibility, budgets are under-executed in part because of inaccurate revenue forecasts, particularly overestimation. Fiscal indiscipline and off-budget spending are also caused by political meddling, especially during election seasons. Although PFM systems like GIFMIS have increased transparency, not all MDAs use them uniformly. The execution of capital projects is impacted by donor dependency, which creates uncertainty in the availability of funds. Effective budget implementation is hampered by MDAs’ institutional and human capacity limitations, particularly at the subnational level. All things considered, these interrelated variables have reduced PBB's efficacy in Ghana, indicating the need for more solid accountability structures, improved forecasting techniques, and stronger institutionalization.
| 8 |
Author(s):
Korolo Emmnuel Omolaye (Ph.D.).
Page No : 128-149
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The Nexus Between Human Resource Accounting and Financial Performance: Evidence from Quoted Insurance Companies in Nigeria.
Abstract
This study empirically examined the nexus between human resource accounting and the financial performance of listed insurance companies in Nigeria. The research adopted an ex-post facto and descriptive design, relying on historical financial data drawn from annual reports of ten (10) selected insurance companies quoted on the Nigerian Exchange Group for the period 2020-2024. A judgmental sampling technique was employed, while both descriptive and inferential statistics were used to analyze the data. Specifically, the study utilized panel regression analysis, supported by pre- and post-estimation tests such as unit root, normality, and stability checks, with computations carried out using E-Views 10 software. The findings reveal that staff training and development costs have a significant positive effect on the net profit margin of Nigerian insurance firms, highlighting the critical role of capacity building in enhancing profitability. Conversely, gratuity payments exert a significant negative effect on profitability, underscoring the financial burden of long-term employee benefit obligations on insurers. Salaries and wages, though negatively related to profitability, showed no statistically significant effect, suggesting that wage bills alone do not determine financial outcomes. The study concludes that human resource accounting plays a vital role in strengthening the performance of insurance firms in Nigeria, where competitiveness largely depends on the quality and productivity of human capital. It recommends that insurance companies intensify investment in staff training to enhance efficiency and innovation, maintain fair compensation practices to promote retention, and adopt prudent strategies for managing gratuity obligations to ensure sustainable profitability.
| 9 |
Author(s):
Evans O. N. D. Ocansey (Ph.D.).
Page No : 150-163
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Influence of Skeptical Mindset and Skeptical Attitude on Auditor Performance: The Significant Difference of Auditor Firm Size.
Abstract
Poor audit work resulting in insufficient audit evidence is a worrying issue internationally and locally. It is also evident that auditors from big and small firms have expressed questionable opinions based on inadequate audit evidence and misstatement of financial statements, overlooking misstatements, non-adherence to standards and requirements, and failure to obtain enough audit evidence.This research therefore assessed the influence skeptical mindset and attitude on auditor performance: the mean difference of auditor for size. This study used a quantitative, explanatory, and cross-sectional survey research design. A stratified sampling technique was employed to administer 310 copies of questionnaires and retrieved 285. Data collected were analyzed through correlation and regression. The results revealed that sceptical mindset and attitude have significant positive correlation with auditor performance and can highly predict the performance of auditors. It is further revealed that, the mean difference of auditor firm size has significant influence on auditor performance. This study provide insight into the need to maintain professional scepticism at all levels of auditing and the need to continuously train auditors to have sceptical mindset and exhibit sceptical attitude in the discharge of their work. This research finding also support the need for smaller auditing firms to merge to be able to pool their resources together in order to attract and retain experience auditors and big clients.
| 10 |
Author(s):
Emmanuel K. Asirifi, Evans O. N. D. Ocansey (Ph.D.).
Page No : 164-193
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Influence of Government Financial Practices on Ghana’s Economic Performance.
Abstract
This study assessed the influence of government financial activities on economic performance of Ghana, during the 2000 and 2024. Four interrelated fiscal aspects, namely, dynamics of public debt, tax revenue mobilization, government expenditure, and government employment were used. The study employed autoregressive distributed lag (ARDL) model, Error Correction Models (ECM) and threshold regressions to determine the short-term variations and long run equilibrium associations. This finding shows that all the short run effects of public debt, tax effort, capital expenditure, wage bill, inflation, and rate on GDP growth are generally weak and statistically insignificant implying that fiscal policy shocks in the study context do not generate immediate growth effects in Ghana. Nevertheless, the error-correction calculations across all the specifications do tend to be large, negative, and statistically significant, namely between -77-0.82, suggesting that the error is very quickly corrected, with this correction taking place on average between 77-82 percent a year. This highlights the idea that the fiscal sustainability, macro-fiscal credibility accolade and quality of spending is what binds growth in the long term. Also, persistent and effective capital investment has constructive long-term development impacts, whereas continued growth of the wage bill in absence of concomitant productivity advances dissipates fiscal room and pushes away development-energetic investments. These results suggest that the year-to-year variations of the fiscal policy become less relevant and there should be anchoring of debt within sound limits, improved domestic revenue mobilization via tax base broadening and taxing digitization, and guarding high quality capital investments against recurrent expenditure shoves, connecting wage bill control to productivity, and improving the systems of public investment to minimize implementation delays.
