Research Article
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Year 2020, Volume: 7 Issue: 4, 234 - 248, 31.12.2020
https://doi.org/10.17261/Pressacademia.2020.1336

Abstract

References

  • Affum, F. (2020). The Unintended Effects of Bank of Ghana’s Clean-Up Exercise on Unaffected Financial Institutions: Evidence from Yilo Krobo Municipality, Ghana. Asian Journal of Economics, Business and Accounting, 17(1), 1-12. https://doi.org/10.9734/ajeba/2020/v17i130249
  • Ahluwalia R., Burnkrant, R. E., & Unnava, H. R. (2000). Consumer response to negative publicity: The moderating role of commitment. Journal of Marketing Research, 37, 203–214.
  • Bank of Ghana (2018). Government Establishes New Indigenous Bank; Bank Of Ghana Revokes Licences of Five Banks and Appoints Receiver In Respect Of Their Assets and Liabilities: https://www.bog.gov.gh/wp-content/uploads/2019/07/PRESS-RELEASE-Grand-Final-August-2018.pdf.
  • Bank of Ghana, (2019). Notice of Revocation of Licenses of Insolvent Savings and Loans Companies and Finance Houses, and Appointment of aReceiver:https://www.bog.gov.gh/wp-content/uploads/2019/08/Revocation-of-Licenses-of-SDIs-16.8.19.pdf.
  • Blackwell, R.D., Miniard, P.W. and Engel, J.F. (2001) Consumer Behavior. Dryden Press, Harcourt College Publishers, Ft. Worth, Texas.
  • Business and Financial Times Online, (2019). BoG revokes licenses of 23 S&L companies: https://thebftonline.com/2019/editors-pick/bog-revokes-licenses-of-23-sl-companies/
  • Charles Benoni Okine, (2020). “Locked up investments: 10,319 savings, loans customers receive payment”; Graphic Online, Feb 28, 2020; https://www.graphic.com.gh/news/general-news/10-319-savings-loans-customers-receive-payment.html
  • Churchill, G.A. (1979), “A paradigm for developing better measures of marketing constructs”, Journal of Marketing Research, 16 (1), 64-73.
  • Cris T Allen, Karen A. Machleit, Susan Schultz Klenine and Arti Sahni Notani (2005). A place for Emotion in Attitude Models: Journal of Business Research, 58, pp 494 – 499.
  • EDUCBA, (2020). 4 important Factors that Influence Consumer Behavior; https://www.educba.com/4-factors-influencing-consumer-behaviour/
  • Federal Deposit Insurance Corporation (FDIC), (2020). When a Bank Fails - Facts for Depositors, Creditors, and Borrowers; https://www.fdic.gov/consumers/banking/facts/payment.html.
  • Ghana Business News, (2020). “Aggrieved customers of collapsed banks threaten to besiege Jubilee House”; https://www.ghanabusinessnews.com/2020/06/19/aggrieved-customers-of-collapsed-banks-threaten-to-besiege-jubilee-house/
  • Gounaris, S. P. (2005). Trust and commitment influences on consumer retention: Insights from business-to-business services. Journal of Business Research, 58, 126 – 140.
  • Gregory Dean (2010). Understanding Consumer Attitudes. https://marketography.com/2010/10/17/understanding-consumer-attitudes/
  • Gupta S L (2007) Retail Management: An Indian Perspective Text and Cases; Wisdom
  • Jaideep Sengupta (1998). Perspective on Attitude strength, in Advances in consumer Research; 25 eds. Joseph W. Alba and J. Wesley Hutchinson (Provo, UT: Association for Consumer Research), pp 63 64.
  • JohnKim, Jeen – Su lim, and Mukesh Bhargava (1998). The Role of Affected in Attitude Formation: A Classical Condition Approach. Journal of the Academy of Marketing Science, 26, pp 143-152.
  • Jole B. Cohen and Charles S. Areni ( 1968).Affect and Consumer Behavior, In Perspectives in Consumer Behavior eds. Harold H. Kassarjian and Thomas S. Robertson, pp 188 – 240.
  • Jonas Nyabor, (2019). “Customers of collapsed banks, microfinance firms to get 100% deposits” – Akufo-Addo; Citi Newsroom, December 26, 2019; https://citinewsroom.com/2019/12/customers-of-collapsed-banks-microfinance-firms-to-get-100-deposits-akufo-addo/
  • Katz, D. (1937). Attitude measurement as a method in social psychology. [Electronic version]. Social Forces, 15(4), 479-482. Retrieved October 3, 2010, from JSTOR: http://www.jstor.org/stable/2571413
  • Ken Ofori–Atta (2020). Mid-Year Review of the Budget Statement and Economic Policy of the Government of Ghana & Supplementary Estimate for the 2020 Financial Year: page 16; http://www.mofep.gov.gh/sites/default/files/budget-statements/2020-Mid-Year-Review-Speech.pdf
  • Kerstin Grenier and Rainer Stadler (2009). Crème de la Crème: Readers‟ Digest.
  • Kwaku Anumu, (2019). “Microfinance sector clean-up and its impact on financial inclusion”; Business and Financial Times Online, April 15, 2019; https://thebftonline.com/2019/features/microfinance-sector-clean-up-and-its-impact-on-financial-inclusion/
  • Madeline Johnson and George M. Zinkhan (1991). Emotional Responses to a Professional Service Encounter; Journal of Service Marketing, 5, pp 5-16.
  • Ministry of Finance and Economic Planning (2020). National Financial Inclusion and Development Strategy (NFIDS) 2018–2023; https://www.mofep.gov.gh/sites/default/files/acts/NFIDs_Report.pdf.
  • Mwesigwa Rogers, (2010). Consumers’ Attitudes, Perceived Risk, Trust and Internet Banking Adoption in Uganda: research theses, page 20.
  • Pamela E Grimm, (2005). Abs Components, Impact on Brand Preferences; “Journal of Business Research”, 58; pp 508-5017.
  • Perner, L. (2010). Consumer behavior: the psychology of marketing. Retrieved October 2, 2010, from http://www.consumerpsychologist.com/
  • Popoola, S. O. (2000). Scanning the environment for competitive advantage: A study of corporate banking managers in Nigeria. International Journal of Libraries and Information Services, 50(3), 210-216.
  • Publications; New Delhi, pp. 14-15. .......................................................................................................
  • Sidgwick, H. (1907). Methods of ethics (7th ed.). Macmillan and Company, London.
  • Solomon, M. (2008). Consumer behavior buying, having, and being (8th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.
  • Steven A. Taylor, Gary L. Hunter, and Timoty A. Longfellow, (2006). Testing an Expanded Attitude Model of Goal Directed Behavior in Loyalty Context: Journal Of Consumer Satisfaction, Dissatisfaction and Complaining Behavior, 19, pp. 18-39.
  • Terry Mante (2020). Demystifying the banking sector clean-up. Ghanaweb: Available https://www.ghanaweb.com/GhanaHomePage/features/Demystifying-the-banking-sector-clean-up-1022902. (Accessed 23rd August, 2020).
  • Walter, A., Holzle, K., & Ritter, T. (2002). Relationship functions and customer trust as value creators in relationships: A conceptual model and empirical findings for the creation of customer value. Proceedings of the 18th IMP conference, Dijon, France

GHANA’S BANKING SECTOR CLEANUP: ITS REPERCUSSIONS ON CUSTOMER ATTITUDES TOWARDS BANKING

Year 2020, Volume: 7 Issue: 4, 234 - 248, 31.12.2020
https://doi.org/10.17261/Pressacademia.2020.1336

Abstract

Purpose- This study seeks to investigate customer’s attitude towards banking following Bank of Ghana’s banking sector cleanup exercise with focus on market women in the Yilo Krobo municipality. This manuscript represents a starting base for similar researches to be conducted in other selected municipalities in Ghana.
Methodology- The study considered both the primary data source which were obtained through the use of self-administered survey questionnaires from a total of 198 conveniently selected market women in the Yilo Krobo Municipality of Ghana, and secondary data source mainly through the review of existing literatures from journals, newspapers and articles.
Findings- The study revealed an opposing attitude towards banking among market women, as more than 70% of market women in the municipality had their banks or financial institutions dissolved and for that matter losing their business capital and personal savings. This position has resulted in only a few market women (18%) maintaining high confidence in the banking sector. The majority of market women rated their confidence level as moderate (41%), low (33%) and no (8%), citing unpaid locked up funds, the fear of losing their savings again, loss of trust and to some extent a suspicion of political interferences in banking activities in the country as reasons for their ratings.
Conclusion- It is recommended that, a similar exercise should not be carried out in the future as its ripple effects on customers can further ruin their trust completely in the banking sector. Furthermore, in the wake of dissolution of any institution, a much more attention should be given to how customers will be paid as early as possible to save their businesses and livelihoods.

References

  • Affum, F. (2020). The Unintended Effects of Bank of Ghana’s Clean-Up Exercise on Unaffected Financial Institutions: Evidence from Yilo Krobo Municipality, Ghana. Asian Journal of Economics, Business and Accounting, 17(1), 1-12. https://doi.org/10.9734/ajeba/2020/v17i130249
  • Ahluwalia R., Burnkrant, R. E., & Unnava, H. R. (2000). Consumer response to negative publicity: The moderating role of commitment. Journal of Marketing Research, 37, 203–214.
  • Bank of Ghana (2018). Government Establishes New Indigenous Bank; Bank Of Ghana Revokes Licences of Five Banks and Appoints Receiver In Respect Of Their Assets and Liabilities: https://www.bog.gov.gh/wp-content/uploads/2019/07/PRESS-RELEASE-Grand-Final-August-2018.pdf.
  • Bank of Ghana, (2019). Notice of Revocation of Licenses of Insolvent Savings and Loans Companies and Finance Houses, and Appointment of aReceiver:https://www.bog.gov.gh/wp-content/uploads/2019/08/Revocation-of-Licenses-of-SDIs-16.8.19.pdf.
  • Blackwell, R.D., Miniard, P.W. and Engel, J.F. (2001) Consumer Behavior. Dryden Press, Harcourt College Publishers, Ft. Worth, Texas.
  • Business and Financial Times Online, (2019). BoG revokes licenses of 23 S&L companies: https://thebftonline.com/2019/editors-pick/bog-revokes-licenses-of-23-sl-companies/
  • Charles Benoni Okine, (2020). “Locked up investments: 10,319 savings, loans customers receive payment”; Graphic Online, Feb 28, 2020; https://www.graphic.com.gh/news/general-news/10-319-savings-loans-customers-receive-payment.html
  • Churchill, G.A. (1979), “A paradigm for developing better measures of marketing constructs”, Journal of Marketing Research, 16 (1), 64-73.
  • Cris T Allen, Karen A. Machleit, Susan Schultz Klenine and Arti Sahni Notani (2005). A place for Emotion in Attitude Models: Journal of Business Research, 58, pp 494 – 499.
  • EDUCBA, (2020). 4 important Factors that Influence Consumer Behavior; https://www.educba.com/4-factors-influencing-consumer-behaviour/
  • Federal Deposit Insurance Corporation (FDIC), (2020). When a Bank Fails - Facts for Depositors, Creditors, and Borrowers; https://www.fdic.gov/consumers/banking/facts/payment.html.
  • Ghana Business News, (2020). “Aggrieved customers of collapsed banks threaten to besiege Jubilee House”; https://www.ghanabusinessnews.com/2020/06/19/aggrieved-customers-of-collapsed-banks-threaten-to-besiege-jubilee-house/
  • Gounaris, S. P. (2005). Trust and commitment influences on consumer retention: Insights from business-to-business services. Journal of Business Research, 58, 126 – 140.
  • Gregory Dean (2010). Understanding Consumer Attitudes. https://marketography.com/2010/10/17/understanding-consumer-attitudes/
  • Gupta S L (2007) Retail Management: An Indian Perspective Text and Cases; Wisdom
  • Jaideep Sengupta (1998). Perspective on Attitude strength, in Advances in consumer Research; 25 eds. Joseph W. Alba and J. Wesley Hutchinson (Provo, UT: Association for Consumer Research), pp 63 64.
  • JohnKim, Jeen – Su lim, and Mukesh Bhargava (1998). The Role of Affected in Attitude Formation: A Classical Condition Approach. Journal of the Academy of Marketing Science, 26, pp 143-152.
  • Jole B. Cohen and Charles S. Areni ( 1968).Affect and Consumer Behavior, In Perspectives in Consumer Behavior eds. Harold H. Kassarjian and Thomas S. Robertson, pp 188 – 240.
  • Jonas Nyabor, (2019). “Customers of collapsed banks, microfinance firms to get 100% deposits” – Akufo-Addo; Citi Newsroom, December 26, 2019; https://citinewsroom.com/2019/12/customers-of-collapsed-banks-microfinance-firms-to-get-100-deposits-akufo-addo/
  • Katz, D. (1937). Attitude measurement as a method in social psychology. [Electronic version]. Social Forces, 15(4), 479-482. Retrieved October 3, 2010, from JSTOR: http://www.jstor.org/stable/2571413
  • Ken Ofori–Atta (2020). Mid-Year Review of the Budget Statement and Economic Policy of the Government of Ghana & Supplementary Estimate for the 2020 Financial Year: page 16; http://www.mofep.gov.gh/sites/default/files/budget-statements/2020-Mid-Year-Review-Speech.pdf
  • Kerstin Grenier and Rainer Stadler (2009). Crème de la Crème: Readers‟ Digest.
  • Kwaku Anumu, (2019). “Microfinance sector clean-up and its impact on financial inclusion”; Business and Financial Times Online, April 15, 2019; https://thebftonline.com/2019/features/microfinance-sector-clean-up-and-its-impact-on-financial-inclusion/
  • Madeline Johnson and George M. Zinkhan (1991). Emotional Responses to a Professional Service Encounter; Journal of Service Marketing, 5, pp 5-16.
  • Ministry of Finance and Economic Planning (2020). National Financial Inclusion and Development Strategy (NFIDS) 2018–2023; https://www.mofep.gov.gh/sites/default/files/acts/NFIDs_Report.pdf.
  • Mwesigwa Rogers, (2010). Consumers’ Attitudes, Perceived Risk, Trust and Internet Banking Adoption in Uganda: research theses, page 20.
  • Pamela E Grimm, (2005). Abs Components, Impact on Brand Preferences; “Journal of Business Research”, 58; pp 508-5017.
  • Perner, L. (2010). Consumer behavior: the psychology of marketing. Retrieved October 2, 2010, from http://www.consumerpsychologist.com/
  • Popoola, S. O. (2000). Scanning the environment for competitive advantage: A study of corporate banking managers in Nigeria. International Journal of Libraries and Information Services, 50(3), 210-216.
  • Publications; New Delhi, pp. 14-15. .......................................................................................................
  • Sidgwick, H. (1907). Methods of ethics (7th ed.). Macmillan and Company, London.
  • Solomon, M. (2008). Consumer behavior buying, having, and being (8th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.
  • Steven A. Taylor, Gary L. Hunter, and Timoty A. Longfellow, (2006). Testing an Expanded Attitude Model of Goal Directed Behavior in Loyalty Context: Journal Of Consumer Satisfaction, Dissatisfaction and Complaining Behavior, 19, pp. 18-39.
  • Terry Mante (2020). Demystifying the banking sector clean-up. Ghanaweb: Available https://www.ghanaweb.com/GhanaHomePage/features/Demystifying-the-banking-sector-clean-up-1022902. (Accessed 23rd August, 2020).
  • Walter, A., Holzle, K., & Ritter, T. (2002). Relationship functions and customer trust as value creators in relationships: A conceptual model and empirical findings for the creation of customer value. Proceedings of the 18th IMP conference, Dijon, France
There are 35 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Frederick Affum This is me 0000-0001-5117-4631

Kwadwo Ayeh Obiri This is me 0000-0002-0193-7896

Publication Date December 31, 2020
Published in Issue Year 2020 Volume: 7 Issue: 4

Cite

APA Affum, F., & Obiri, K. A. (2020). GHANA’S BANKING SECTOR CLEANUP: ITS REPERCUSSIONS ON CUSTOMER ATTITUDES TOWARDS BANKING. Journal of Management Marketing and Logistics, 7(4), 234-248. https://doi.org/10.17261/Pressacademia.2020.1336

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