Research method Essay Example | Topics and Well Written Essays - 2500 words

Research method - Essay Example INTRODUCTION TO PROBLEM OUTLINE Sportswear retailing is a diverse and fairly fragmented market. Even though at a slower rate, sports retailing chains are showing a steady growth over the years. Retailers are looking for introducing new formats in business along with increasing the number of stores. Independent sports retailers like Sports Direct have established their place in the market and managed to gain major share in the markets. The research focuses on analysis of customer satisfaction in sports retailing concentrating on Sportsdirect.com in Liverpool One. Companies are in a situation where it is no longer enough to satisfy the customers, they need to delight customers. The simple way to measure customer satisfaction is by taking surveys. A successful survey begins with a good questionnaire, and a good questionnaire is built from the customer’s point of view (Horovitz, 1990). 2. AIM & OBJECTIVES The aim and objectives of this research are to: Measure the customer satisfa ction in sports retailing, focusing on Sportsdirect.com in Liverpool One. To find out about satisfied and dissatisfied customers and based on this, put forward suggestions for the improvement and to better serve customers and retain them. To make generalisations about the customer satisfaction in sports retailing sector. ... sports goods retailing industries as customer satisfaction is at the root of customer retention and in effectively raising the bar on the firm’s future profitability. 3. ORGANISATIONAL BACKGROUND Sports Direct International Plc was established in 1982. It is now UK’s number one sports retailer with annual turnover exceeding well over ?1 billion. (Sports Direct Annual Report, 2008). They acquired a lot of companies during their race to success and have around 375 stores in UK and around 60 global stores. They focus on growing UK retail business by continue to drive efficiencies and delivering outstanding value to customers (Sports Direct Website, 2011). Moreover, a significant percentage of Sportdirect.com customers are online clients and manage to get the cushion of market leadership by differentiating themselves from rival firms who manufacture and sell sports goods using the discount-based competition market strategy. 4. LITERATURE REVIEW In the current business world , customer care has a major influence on a company’s long term profitability. Cook (2000) categorises clients as the premise of business and as the element that keeps business alive. The knowledge, attitudes, educational background, and cultural and social environment of an individual have got a major role in moulding his perspectives (Antonides & Raaij, 1998). A well-educated and well-informed customer of the present era has had a clear understanding of standards he expects and this makes it more complicated. As a result, there is considerable attention being taken into account of maintaining relationship between the service providers and customers (Barnes, 1997; Reinartz & Kumar, 2002; Coulter & Coulter, 2002). The bygone twenty years has seen the growing up of relationship marketing as the

Eth 125 Week 5 Religious and Ethnic Groups Essay Example for Free

Eth 125 Week 5 Religious and Ethnic Groups Essay Jehovah’s Witnesses go door to door while other religious groups let people come to them. They do this because they consider it an honor to spread the word of god. Their religious practices are generally similar to others they worship God, pray to him, and think that all things good come from him. Jehovah’s Witnesses believe God can not lie therefore what the bible says will come true and earth will someday be cleansed of all the â€Å"wickedness†. In addition, most religions do some kind of baptizing when a child is young however, Jehovah’s Witnesses only baptise those who want to serve as a Jehovah’s Witness. * * Jehovah’s Witnesses have contributed to American Culture in many ways. For instance, they help with education, disaster relief, and parenting. They contribute in many ways and are modest about the history in the making. Jahovah’s Witnesses set out to help people become law abiding citizens that do right by God. They have also won many court battles about religious freedom issues. Other groups that do not have the same beliefs have discriminated against Jehovah’s Witnesses. Jehovah’s Witnesses have been treated poorly or even been victims of violent crimes. Jehovah’s Witnesses have been shunned in many different areas of the world. For instance; in France (2006) the government branded them as dangerous and 71 kingdom halls were burned, firebombed, shot at, and vandalized. In India (2006) door to door Jehovah’s Witnesses were attacked and beaten with fence posts. The Jehovah’s Witnesses were charged with inciting the violence. The sources of this discrimination and prejudice came from governments as well as general population. What I have learned about this religion helps me understand it just as well as I understand any religion. Jahovah’s Witnesses are fighting for what they believe in just as many of us are. They are no different accept their beliefs differ from others. Jahovah’s Witnesses deserve to believe what they want to believe in. Everyone needs to believe in something and they should not be treated differently because the way they practice is not the same as everyone else. Racial/ethnic group: Hispanic and Latino * * Hispanic and Latino culture is different in many ways. Some of these differences include skin color, language, and physical features. Many Hispanic and Latinos speak Spanish and their second language is English. Their culture is defferent in the sense that they try to avoid standing out in their own groups. In addition, Hispanic and Latino children are raised to have a deep connection with family. This group many times has a strong bond with all family including Aunts Uncles, and Grandparents, many times these family members live in the same household or near by. * * Hispanic and Latinos have been treated poorly similar to any other racial group. The efforts to increase border patrol on the Mexican American border have done nothing but increase prejudice and discrimination against Hispanic and Latino people. There have even been reports that women and children are treated poorly as well. Here in Tucson Az. for instance we hear many reports about the border patrol having to work over time to keep them out. Someday I feel it will all come crashing down and anyone who tried to keep them out will have to pay for that in some way shape or form. Hispanics and Latinos should not be told they can not come to the US. Many of them say that the US has better opportunitys and that is why they want to be here. If we can help other countrys organize then why not Mexico as well. Hispanic and Latinos have highly influenced American culture. First and foremost the food thay they showed us is popular all over the world. Tortillas, burritos, chimichangas, and many other dishes that are simply delicious. In addition, the music they have introduced us to has definitely spiced things up in many clubs all over the U. S. Also many students are now required to complete spanish as a second language in school, which at first may have been frowned upon but now is embraced by most parents and students. Some discrimination that Hispanic and Latinos deal with still today is the difficulty to get good paying jobs. Because many of them do not speak english well and have little to no education the jobs they get are in most cases low wage high labor jobs. The sources of this prejudice and discrimination is employers as well as general population. Hispanics and Latinos are looked upon as different especially if they were not born in the US. In addition, in many films Hispanics are often prtrayed as lazy, hyper-sexual, or violent which is simply untrue and not very different from any other ethnic group. What I have learned about this racial and ethnic group does help me understand it. I have never understood why so many of them live under the same roof and now I understand it is because their family is close. In addition, now I know that it is the lack of education the prevents them from getting higher paying jobs and maybe not so much that they are different. The prejedice between my selected racial and ethnic group is similar because it is all in the same category. Prejedice and discrimination is all a way of making a person or a group feel inadequate and that they do not belong. Regardless of the way Jahovah’s wittnesses were beaten and harrassed or the way the Hispanic and Latinos have been cast out and told they are not welcome in the US it is all wrong and should not be tolerated. In conclusion, discrimination comes in all shapes and sizes and can happen to anyone. Jahovah’s Witnesses References: Reference: http://www. jw. org/en/publications/magazines/g201008/what-do-jehovahs-witnesses-believe/ Reference: http://www. knocking. org/ReligiousPersecutionReport. html Reference: http://www. jw-media. org/aboutjw/article44. htm Reference: http://wiki. answers. com/Q/How_have_Jehovah%27s_Witnesses_contributed_to_American_culture Hispanic and Latino Reference: Reference: http://www. coedu. usf. edu/zalaquett/hoy/culture. html Reference:

Economic recovery program of Ghana

Economic recovery program of Ghana CHAPTER ONE 1.0 Introduction This chapter attempts to provide an overview on the problem statement of the entire research work, objectives of the study, relevance of the study, methodology applied as the research unfolds and the organization of the study. 1.1 Background Ghana is one of the fast emerging developing countries in West Africa with twice the per capita output of the poorer countries in West Africa. With well endowed natural resources, Ghana still relies heavily on international financial and technical assistance. Gold, cocoa and timber are the major sources of foreign exchange. The introduction of Ghanas Economic Recovery Program (ERP) in 1983 to recover the initially very weak private sector participation did improve consistently but although still levels were modest during 1987-91. Over the past years Ghana has witnessed dynamic changes in its private Sector. The number of banks has increased from 9 in 1989 to 21 at May 2006 (www.bog.gov.gh). These banks serve a prominent role as corporate entities that provide investment capital in the economy to support employment opportunities, human resources development and contribute towards national and community development programmes (Aryeetey, E. Gockel, F. 1990). They primarily furnish loans to individuals and companies to finance various projects which lead to economic and private sector development. Brownbridge, M., Gockel, A.F. (1997) are also of the view that these financial institutions support savings and investment in the economy, which plays a major role in the overall development in terms of increasing productivity of resources in the economy. They further highlighted that this role of banks in the Ghanaian economy is crucial, in that shortcomings in the industry directly affect the trend of economic growth. In recent times Ghana has discovered crude oil, which is expected to boost the economic growth by bigger margins. Ghana has a unique welcoming attitude towards foreign investors; the long political stability of the country has attracted a lot of business investors to establish businesses in the country. The rate of foreign investors has not reduced as better prospects in doing business in Ghana are yielded in the long-run. The political state of the country has also been very peaceful with a vibrant atmosphere to establish businesses. During the fifth banking awards ceremony in Accra, Dr. Paul Acquah (Governor of Bank of Ghana) revealed that the banking industry in Ghana has become highly competitive due to the increased sophistication of customer needs coupled with tremendous global competition. He further stated that these reasons over the years have been the driving force for banks, in particular private owned banks, to focus on increasing shareholders value, delivering superior services aimed at achieving over all customer satisfaction and value. The concept of competition has introduced an overwhelming challenge among organisations worldwide. Most organisations are forced to compete by promptly responding to changes in national and world economies, technological changes, new business environments, cultural diversity and deregulation in emerging capital markets to improve overall organisational performance. Privately owned businesses in Ghana are constantly entwined in this fierce battle of global competition and the pressing need to sustain its existence in the growing rate of change in its environment. Recent trends in the Ghanaian economy have revealed that keen competition in the business sector has been as a result of an open market which promotes private sector participation. Though most private owned organisations have managed to survived, a considerable number of them do fail due to reasons not limited to economical and financial factors. A study conducted by Dun and Bradstreet (cited by Gaughan Patrick A. 1999, pp. 432) reveals that there are three most common factors that cause business failure such as economic, financial and experience factors (refer to Table 1). In some developing countries market forces are completely eliminated as a result of controls imposed by the ruling governments. These controls create adverse effects on the economy such as large fiscal deficits coupled with weak macroeconomic management leading to high inflation in the economy. The consequences are generally felt by banks and other non-banking institutions, in that, loans borrowed by individuals or organisations are not paid back due to economic hardship (Brownbridge M., Gockel A.F., 1997). According to Pfeffer J. (1994; p. 6), People and how organisations manage them are becoming more important because many other sources of competitive success are less powerful than they once were. He emphasises the fact that in recent times most organisations rely extensively on the traditional sources of competitive success such as product and process technology, regulated markets, access to capital resources, and economies of scale which provide an insignificant competitive influence as compared to the past. He further argues that organisational culture and potential employee contributions derived from managing employees in an organisation are crucial as compared to the traditional sources of competitive success. Employees have been referred to as assets to a firm or an organisation when they possess the right skills needed to work effectively and efficiently (Odiorne G. S, 1984). However, these employees may possess diverse capabilities that lead to various potential contributions to an organisation because of previous education, experience, or individual qualities. In view of the fact that employees contribution to the organisation determines extensively competitive success, their individual skills are considered vital (Pfeffer J. 1994). 1.2 Problem Statement The gradual transformation of Ghana has had a lot of positive feedback from other nations, but will this transformation termed economic growth survive the long-term or would it collapse somewhere in the future? What are the main strengths and weaknesses of the private sector? Will the private sector support sustainable development? Has Ghanas initiative to increase private sector participation been successful? What measures has Ghana taken liberalize its economy to encourage private sector participation? Recent discovery of crude oil (black gold) in Ghana has brought higher hopes to accelerating the countries development goals into reality. This is what the recent ex-president of Ghana, President John Kufuor had to say in an African programme with the BBCs Focus Were going to really zoom, accelerate, and if everything works, which I pray will happen positively, you come back in five years, and youll see that Ghana truly is the African tiger, in economic terms for development. Will this oil discovery further attract new entrants into the financial sector and in the affirmative will this promote a competitive private sector environment? 1.3 Objectives of the Study The main objective of this thesis is to show the role of the private sector in contributing to business competitiveness and economic growth. The research limits its focus on the inflow of private non-financial and financial institutions in the Ghanaian economy as a result of the introduction of Financial Sector Adjustment Programme (FINSAP) in Ghana. The economy over the years has witnessed an increase in private sector participation, which has significantly promoted business competitiveness and contributed to a vibrant economy at large. Table 2: SMART Objective of the Study Strategic Operation Tactical Specific Evaluate the role of the private sector (Privately owned financial institution) contributing to business competitiveness and economic growth. Present a platform for private sector participation in economic development. Provide a primary evaluation for developers and investors who aspire to do business in Ghana. Measurable To fall within the framework of the private sector and factors leading to business competitiveness and economic growth. Increase real GDP. Impact of the private sector on economic growth. Note government policies that would prevent adverse effects on critical sectors of the economy. Attainable To recommend effective and sustainable business development strategy and policies that will enhance more participation in the private sector. Increase economic growth and improve effective and efficient business plans. Embark on comprehensive business competitiveness and productive performance within the various business sectors. Realistic The research will look extensively into government development goals as well as the private sectors role in development. Access to economic reports surveys from IMF. Ghana Government reports on development projects. The IMF monitors on a yearly basis the economic situation in Ghana. Time-Limited To complete the thesis within two months. This thesis expects to propose recommendation based on the information available at the time of writing. The recommendations and proposals are expected to be considered and if applicable implemented by other developing countries as well. Source: Self-prepared. Specifically, the thesis critically focuses on the following: The role of the private sector (privately owned financial institutions) contributing to economic growth in Ghana. To investigate the driving forces of Ghanas emerging markets. The role of the government promoting the private sector. The challenges and constraints facing the private sector. To evaluate the strategies being employed by Ghana in the private sector and its impact on the economy. 1.4 Significance of the Study The study will be beneficial in many respects: To help identify the success and bottlenecks of the significant economic contributions from private sector with regards to its contribution to economic growth business competiveness. It also reviews the strengths of the financial sector to support expansion of the private sector development and more importantly availability of credit facilities to promote businesses. It will help investors to get a fair idea of business establishment opportunities. To help formulate strategies to help implement better policies and promotions for the private sector development. 1.5 Methodology This study uses secondary data and literature to evaluate the topic. It also uses SWOT analysis to examine the strategic position of Ghana in improving its economic and business areas. The research will employ the use of CAMEL approach as the overall framework to evaluate the financial strength and stability of the Banking Industry in Ghana, where; C Capital adequacy, A Asset quality, M Management capability, E Quality and level of earnings, L Adequacy of liquidity 1.6 Organisation of the study The paper is divided into five chapters. Chapter one presents the introduction, problem statement, objectives of the study, significance of the study, methodology and the organisation of the study. Chapter two gives an overview of the Ghanaian financial sector as well as reasons that led to the financial sector reforms. Chapter three gives an overview of the Ghanaian private sector. Chapter four uses CAMEL approach to analyse 4 major privately owned financial institutions. The final chapter looks at the overall findings, conclusions and recommendations. CHAPTER TWO 2.0 Overview of the Ghanaian economy This chapter provides an overview of the Ghanaian economy and the Ghanaian Financial System. The chapter also looks at reasons that led to the introduction of the financial sector reforms, a SWOT analysis of financial sector adjustment program (FINSAP I II). Ghana is one of the developing countries in sub-Saharan Africa that introduced structural and economic reforms to address its extensive macroeconomic shortcomings, reduce poverty and to liberalize the financial sector. The broad money/GDP ratio fell significantly to 12.5% in 1983 as compared to 29% in 1976, whiles currency/M2 ratio also decreased from 35% in 1970 to 50% in 1983. Bank deposits decreased from 19.5% of GDP in 1977 to 7.4% of GDP in 1984 because there was lack of confidence in the banking industry (Brownbridge, M., Gockel, A. F. 1997). During the 1980s the Ghanaian economy was hit by the most devastating economic crisis (www.bog.gov.gh). This gave rise to numerous extensive economic drawbacks in the Ghanaian economy. Leechor Chad reveals in an article published by the World Bank the following economic crisis that plagued the Ghanaian economy between the years 1982 to 1983: The countrys power systems, communication, postal and railway services ceased to function properly and the whole country was in a state of chaos. Tax collection had declined to about 5% to GDP, investment dropped drastically beyond the level required to maintain capital stock. Real income per capita which was continuously diminishing for a decade was a third below the level reached in the early 70s as at 1983. Foreign exchange reserves deteriorated considerably. The Ghanaian economy was heavily controlled by the government in terms of setting unrealistic interest rates and sectoral credit ceilings; banks were forced to focus on lending to priority sectors (agriculture, export and manufacturing) regardless of the borrowers performance in terms of profitability and their capability to payback the loan. The economy was regulated to foreign investments and the strong existence of strict capital flow regulations (The Corporate Guardian, July-September 2006). Governments heavy intervention in the financial system set the stage for economic shortcomings a few such as lack of competition, high incidence of inefficiency, hardship and the escalating rate of non-performing loans (Leith, C. J., Sderling, L. 2000). Since the late 1980s, the government of Ghana continued to implement financial sector reforms as an integral part of its ongoing Economic Recovery Program (ERP) (Brownbridge, M., Gockel, A. F. 1997). Ghanas enthusiasm to initiate the ERP with close collaboration with the International Monetary Fund (IMF) during the year 1983-85 was to liberalise the financial sector and establish an open market-based economy by eliminating price ceilings, reducing the influx of foreign imports, diversifying viable sectors of the economy and stabilizing fiscal deficit. Ghana in 1984 launched the Structural Adjustment Program (SAP) with the primary aim of reducing its involvement in the economy and allowing the free interaction of demand and supply (The Corporate Guardian, July-September 2006). However, during the period 1983-88 the performance of the banking industry deteriorated with high levels of non-performing assets (NPAs) and inefficient deposit mobilization which made most public banks insolve nt (Leith, C. J., Sderling, L. 2000). The government launched the first phase of the Financial Sector Adjustment Program (FINSAP) in 1988. This was to fully deregulate as well as liberalize the financial sector and improve resource allocation within the various sectors of the economy (www.oecd.org). Since 1983, Ghana has attached great importance to its divestiture initiative program. About 200 stated-owned enterprises (SOEs) were being considered for diversification under governments ongoing privatization initiative. At the end of the last two years, government still owned 35 enterprises valued at more than 60% of GDP in 2003 (IMF Survey, 2005). Governments expenditure during 1986-1991 increased and this called for policy reforms to enable government to meet its high spending. Government depended on the tax system to support its high level of spending. The Parliament of Ghana in 1993 increased tax on petroleum. However, the tax system could not supplement its GDP share to match the expenditure. Consequently this brought about deficit financing. Government resorted to other forms of financing its expenditure such as extensive borrowing from the Central Bank (issuing new notes), public and foreign borrowing, and privatization of sate-owned enterprises (Leith, C. J., Sderling, L. 2000). Over the years, Ghana has witnessed a massive transformation in its economy as a result of continuous implementation of financial sector reforms to deregulate the economy and stimulate savings, investment and growth. The Central Bank is constantly implementing policies adopted under FINSAP to ensure the entrants of privately owned financial institutions, free interest rates, stabilize the cedi against foreign currencies, encourage the flow of foreign investment and allow easier access to credits (www.bog.gov.gh). The Ghana Stock Exchange (GSE) was set up in 1989 as a private company limited under the Company code. The Stock Exchange act of 1971 (Act 384) allowed it to function as an authorized Stock Exchange. The Securities Industry Law PNDCL 333 (1993) as amended bestowed regulatory rights to the Security Regulatory Commission (SRC) with its main function to register, protect, assist and supervise all stakeholders in the securities market. In April 1994 the Ghana Stock Exchanges status became a public company limited (www.gse.co.gh). At the end of 2003, listed companies equity increased to 26 as compared to 22 in 2002 (www.gipc.org.gh). The performance of the Ghana Stock Exchange (GSE) has improved tremendously. All-share Index increased by 91.3% in 2005 as compared to 154.7% in 2003 (ISSER 2005). Flow of foreign investment increased from $110.0 million in 2003 to $139.3 million in 2004. In 2004 the cedi depreciated by only 2.2% against the US dollar, 10.7% against the Euro and 12.1% against the pound sterling. There was quite an improvement in the value of the cedi as compared to the previous year (2003) when the cedi depreciated by 22.5% against the Euro and 13.0% against the pound sterling. Average inflation fell from 26.7% in 2003 to 12.6% as at December 2004 (ISSER 2005). Ghana is the second largest producer and exporter of cocoa; the agriculture sector accounts for about 50% of GDP and is considered the backbone of economic development (www.ghanaweb.com). Real GDP growth in 2004 was 5.8% (www.gipc.gh). The tremendous performance of the Agricultural sector has supported Ghanas remarkable rate of economic growth over the years. The Agricultural sector contributes significantly to GDP growth. In 1990 GDP increased by only 3.3%, this was due to the negative 2% growth rate in the Agricultural sector that year. The year 1991 witnessed a GDP growth rate for the Agricultural sector by 5.8% which consequently increased the whole Ghanaian economy GDP by 5.3% in that year. The sector has also contributed immensely to the countrys foreign exchange earnings; 38.5% in 1999, 35.4% in 2000, 33.9% in 2001, 35.5% in 2002. (www.fao.org/es/esa). Other main exports are gold, timber, bauxite, manganese ore and diamond (BOG Quarterly Economic Bulletin, April June 2005). The performance of the agriculture sector over the years has immensely improved with growth rate of 7.5% in 2004 as compared to 6.1% in 2003. The production of cocoa for export contributed 46.7% during the year 2004, a significant portion of over all growth (ISSER 2005). The crops and livestock contribution increased from 2.3% in 2003 to 5.4% in 2004, the largest contribution to the agricultural sectors GDP. The forestry and logging sub-sectors increased by 6.1% in 2003, but dropped with a growth rate of 5.8% in 2004. (www.gipc.org.gh).The elimination of maximum lending rates and minimum time deposit rates succeeded to some extent in the liberalization of interest rates in 1987. Direct controls in the form of credit ceilings were also abolished. During the 1990s banks were at liberty to price deposits and loans and to distribute loans accordingly; however the Bank of Ghanas high reserve requirement limited the funds available for allocation (Brownbridge M. Gockel A. F 1997). These h igh reserve requirements prevented banks from developing their loan portfolios and consequently, most banks preferred to invest in attractive and somewhat risk-free government securities (strategis.ic.gc.ca) Interest rate dropped steadily owing to the Monetary Policy Committee (set up by the Bank of Ghana in 2004) decreasing prime rate from 21.5% in 2003 to 18.5% in 2004. Consequently, the commercial banks base rate has decreased from 29% to 25.4%. Interest rate for 91-Treasury bill fell from 18.71% early part of the year to 17.08% at the end of 2004. Interest rates for the 182-Day Treasury bill dropped from 19.78% during the early part of the year to 17.85% at the end of 2004. Inter-Bank interest rate also fell from 17.12% in January to 16.23% at the close of the year 2004 (www.gipc.org.gh) The Banks spread (21.3%) is still too high as compared to the other African countries (see table 3*). The banking industry has been structured in a way that banks are able to adjust their interest rates according to policy rates. Banks maintain a high spread to ensure that their profits are not significantly influenced by their interest margins (BOG financial stability report 2004). However, according to the BOG financial stability report 2006 the emergence of new banks will lead to an efficient financial sector which is expected to reduce the pressure on lending spread due to the fact that banks will continuously try to gain market share by competing for customers. Table 3: Selected Commercial Bank Interest Rates, 2000 and 2004 Deposit Rate Lending Rate Spread 2000 2004 2000 2004 2000 2004 Gabon 5.0 5.0 22.0 18.0 17.0 13.0 Ghana 16.8 7.5 47.0 28.8 30.2 21.3* Kenya 8.1 2.4 22.3 12.5 14.2 10.1 Mauritius 9.6 8.2 20.8 21.0 11.2 12.8 Mozambique 9.7 9.9 19.0 19.2 9.3 9.3 Nigeria 11.7 13.7 21.3 19.2 9.6 5.5 Tanzania 7.4 4.2 21.6 13.9 14.2 9.7 Uganda 9.8 7.7 22.9 20.6 13.1 12.9 Zambia 20.2 11.5 38.8 30.7 18.6 19.2 Source : International Financial Statistics, IMF Fiscal and Monetary Policy The financial policies implemented by monetary authorities in Ghana before the implementation of FINSAP were direct government controls on all sectors of the economy. Government excessive control in the economy by setting price and interest ceilings coupled with weak macroeconomic problems lead to a high level of inflation (Ziorklui, S. Q. 2001). Ghanas fiscal policy primarily aims at decreasing domestic debt, ensuring economic stability, cutting down on the increasing level of interest payments to achieve the required real interest rates. Consequently, the Bank of Ghana has adopted numerous strategies to address fiscal deficit and governments borrowing (www.gipc.org). Budget deficit was 0.55% of GDP during the second quarter of the year 2005 as compared to 1.18% of GDP during the last quarter of 2004. This showed significant decrease in the overall budget balance (Bank of Ghana Quarterly economic bulletin, April-June 2005). The Bank of Ghana in 2004 set up the Monetary Policy Committee (MPC) to mainly focus on formulating effective monetary policies, making available statistical data and providing necessary support in terms of advise for monetary policy formulation (www.bog.gov.gh). The MPC seeks to control inflation, stabilize price and exchange market, manage external debt and develop the capital market (www.gipc.org.gh). 2.1 The Ghanaian Financial System in Brief Ghanas banking sector has evolved over the years. There are 23 major banks (refer to table 7) operating in the banking sector in Ghana as at 2006. The Ghanaian banking sector is made up of 19 universal banks, 2 Development Banks, 2 Commercial banks including Apex Bank and 121 Rural Banks (www.bog.gov.gh). The introduction of universal banking in Ghana is overwhelmingly changing the way banks function in the economy. Unfortunately, not all banks operating in Ghana are eligible to be universal banks. To be eligible for banks to operate as universal banks they are expected to have at least 70 billion as shareholders capital (www.agighana.org). According to the Bank of Ghana universal banking substitutes the famous three-pillar banking model, namely development, merchant and commercial. Table 4: List of Major Banks in Ghana 2006 INITIALS BANK DATE OF ESTABLISHMENT NATURE OF BUSINESS ABL Amalgamated Bank 2000 Universal Bank ADB Agricultural Development Bank 1965 Development Bank BBG Barclays Bank Ghana 1918 Universal Bank CAL CAL Merchant Bank 1991 Universal Bank EBG Ecobank Ghana Limited 1990 Universal Bank FAMBL First Atlantic Bank 1995 Universal Bank FBL Fidelity Bank Limited 2006 Universal Bank GCB Ghana Commercial Bank 1952 Universal Bank GTB Guaranty Trust Bank 2006 Universal Bank HFC HFC Bank Limited 2002 Universal Bank ICB International Commercial Bank 1996 Universal Bank INTER Intercontinental Bank Plc 2006 Universal Bank MAB Metropolitan Allied Bank 1995 Commercial Bank MBG Merchant Bank Ghana Limited 1972 Universal Bank NIB National Investment Bank 1963 Development Bank PBL Prudential Bank Limited 1997 Commercial Bank SBL Stabic Bank Ghana Limited 2000 Universal Bank SCB Standard Chartered Bank 1896 Universal Bank SG-SSB SG-SSB Bank Limited 1976 Universal Bank TTB The Trust Bank 1994 Universal Bank UBA United Bank for Africa 2005 Universal Bank UNI Unibank Ghana Limited 1999 Universal Bank Zenith Zenith Bank 2005 Universal Bank Source:http://www.bog.gov.gh/privatecontent/File/BankingSupervision/Licensed%20Banks%20%20Addresses%20November%202008(1).pdf Until 1957 the West African Currency Board (WACB) acted as the only board under the Colonial regime conferred with the authority to exchange sterling to Gold Coast pound. Government of the then Gold Coast declared its intention to issue its own currency after independence. Politicians and economists were of the strong opinion that with the establishment of a Central Bank, Ghanas independence will have a significant meaning in political history. In view of this, preparations started which ended up in the establishment of the Bank of Ghana on the 4th of March 1957 under the Bank of Ghana Ordinance (No.34) of 1957 passed by the British Parliament. The whole idea for the establishment of a Central Bank was to meet the financial needs of vast indigenous sectors of the economy as well as the new independent Ghana government. After the establishment of Bank of Ghana (replaced WACB) as the central bank, the 1957 ordinance empowered the bank to primarily assume the following role in Ghana when it first begun formal operations on 1st August 1957 (www.bog.gov.gh): Printing out and redeeming bank notes and coins. Lender of last resort for banks in Ghana. Using fiscal and monetary policies to regulate money supply and maintaining monetary stability. Advise the government and be the main source to finance to the government of Ghana. Supervise and regulate all banks in Ghana. The legal and regulatory frameworks in which financial intermediaries operate in Ghana are as follows (www.bog.gov.gh): Bank of Ghana Act 2002, Act 612 Banking Act, 2004 (Act 673) Financial Institutions (Non-Bank) Law 1993, PNDC Law 328 Companies Code Act 179, 1963 Bank of Ghana Notices /Directives / Circulars / Regulations Non-Banking Financial Sector Ghana has achieved significant success in the economy particularly in the non-banking sector as a result of initiating the structural adjustment program, liberalizing the economy and by passing the Banking law in 1989 and the Non-bank financial law in 1993. These initiatives embarked by the government of Ghana have paved way for new entrants in the private sector and also transformed the existing financial institutions to diversify into the financial system. Consequently, there has been a rapid growth of Non-Bank Financial Institutes (NBFIs) with the prime aim of providing financial services to potential target groups outside the banking system (Ziorklui, S. Q. 2001). According to the Ghana Investment Promotion Centre the financial system in Ghana includes the following licensed non-Bank Financial Institutions: Insurance companies Stock exchange Building Society Mortgage Finance Co. Venture Capital Funding Financing Trust Company Credit unions Discount houses Financial houses Leasing companies Savings and loans associations 2.2 Objectives of Financial Sector Adjustment Program (FINSAP) According to Ziorklui S. Q. (2001), FINSAP was introduced and implemented in two phases. He further outlines the main objectives in both phases of the implementation. The first phase was implemented in 1988 with its main objectives as follows; FINSAP I Embark on restructuring to address financially distressed banks. Mobilize savings and strive to improve efficiency in the allocation of credit. Establish an effective regulatory and supervision system to monitor and improve the banking sector. Improve and strengthen the money and capital markets. To establish a non- performing assets recovery trust. The second phase of FINSAP was implemented in 1990 with the following objectives; FINSAP II Promote foreign investment and increase private participation in the banking sector in Ghana. Continue the implementation of policies adopted under the first phase of the financial sector adjustment program (FINSAP 1) to restructure the financial sector. Better manage the collection of non-performing loans by Non-Performing Assets Recovery Trust (NPART). Promote and develop non-Bank financial Institutions (NBFIs) to be more effective and efficient in savings mobilization. 2.3 SWOT Analysis Financial Sector Adjustment Program (FINSAP) This section seeks to determine whether the main objectives under the implementation of the financial sector reforms (FINSAP) are attainab

Dell’s Strategic Management Plan Essay -- Computers, Business

Dell, Inc. got its start in 1984 when Michael Dell, a University of Texas student, began building computers for fellow students under the company name PCs Limited (Edwards, 2007). Within the next decade, Dell experienced phenomenal success by pursuing growth through catalog and corporate sales (Hunger, 2006). Dell made technology affordable and in doing so became a fierce competitor in the computer technology industry. However, the company’s disorganized structure could barely support their impressive growth. There are three specific measures of performance that I would have incorporated into Dell’s strategic management plan if I were leading Dell. Furthermore, I would include behavior and output controls in the control system to regulate organizational activities to ensure that they are consistent with company standards of performance. Dell, Inc. pursued an aggressive growth strategy which was met with equally aggressive customer demand. Dell delivered a quality product for a reasonable price and this value that Dell created for their customers was initially unmatched by rival computer companies. In fact, Dell saw this as an opportunity to expand their product line to include items such as printers and software. The company’s sales increased from $389 million in 1989 to $2.9 billion in 1993 (McGraw, 1994). However, the management structure did not grow with the company (McGraw, 1994). Financial results were not analyzed properly and the company was not being strategically managed (Hunger, 2006). Dell’s management team decided to slow their growth initiatives in part by eliminating retails sales of their products (Hunger, 2006). This decision created three distinct problems for the company. First, customers were unhappy that t... ...nagement (6th ed.). Mason, OH: South- Western Cengage Learning. Edwards, O. (2007, August). Baby Dell. Smithsonian, 38(5), 34-36. doi: 131320451 Hunger, D. J. (2006). Dell, Inc. In T. L. Wheelen & J. D. Hunger (12th ed.), Strategic management and business policy (pp. 31-1 – 31-5). Upper Saddle River, NJ: Prentice Hall. Matthews, J. R. (2011). Assessing organizational effectiveness: The role of performance measures. Library Quarterly, 81(1), 83-110. Retrieved from EBSCOhost. McGraw, D. (1994). The kid bytes back. U.S. News & World Report, 117(23), 70. Retrieved from EBSCOhost. Rogers, B. (2006). High performance is more than a dream - it's a culture. T + D, 60(1), 12. Retrieved from EBSCOhost. Wheelen, T. L., & Hunger, J. D. (2012). Strategic management and business policy: Toward global sustainability (13th ed.). Upper Saddle River, NJ: Prentice Hall.

A Current Event Essay

After the United States bombed Japan in World War Two, Korea was divided into two countries: North and South Korea. The economy in each country had different outcomes, which prevented and complicated these two countries coming back together. The US and five other countries, including North and South Korea, were involved in the Six Party Talks to try to combine the two conflicting countries. In 2005, North Korea was afraid it was giving away to much information about their nuclear weapons and they withdrew from the Six Party Talk.Although the United States has participated in talks with North Korea before, the US should engage in talks with them because they need to make a decision that will affect the country by preventing starvation or saving their nuclear weapons program. As stated in the New York Times, â€Å"Almost one out of two children is chronically malnourished†¦ North Korea runs a shortage of one million tons of food a year† (Sang-Hun). The United States should engage in talks with North Korea because their people are the ones suffering due to lack of nutrition.The government should understand that the future of North Korea wouldn’t look too bright with a smaller population and residents that are more angered than today. Also, since this country is under a dictatorship, the people have no input on topics, such as this one, that can help the bulk of their people. If the government were to continue to go against the people, an uprising should be expected and to other countries this wouldn’t come as a shock.With the help of the United States, the US can compromise with the North Korean government and supply aid for the deprived people. Not only is it in the best interest for the North Koreans, but for their government to negotiate to keep themselves in power. Another worry for the United States is North Korea has possession of nuclear weapons. As stated in the New York Times, â€Å"Since six-party talks ended, North Korea has d etonated a nuclear device and tested a long-range rocket that may one day be able to carry nuclear warheads â€Å" (Knowlton and Sang-Hun).With having this as a â€Å"safety† or backup, Kim Jung IL is believed to have sold nuclear parts to Iran and Syria. What’s even worse is North Korea has the choice to sell their nuclear materials to Al Qaeda. The United States is concerned that if Al Qaeda were to possess these materials, they could create nuclear weapons and use this to hurt other countries, such as the US and Israel. Al Qaeda has no guilt for hurting large masses of people, so firing these VERY dangerous weapons, and killing people, wouldn’t be on their conscious.If the United States were to engage in talks with North Korea, they could compromise on dismantling their nuclear weapons, and could prevent nuclear materials from getting into the wrong hands. In conclusion, the United States would be making the right decision to engage in talks with North Korea for the sake of their starving people and from keeping nuclear materials out of the hands of Al Qaeda.This would help secure our safety and could potentially give the United States another ally in Asia. North Koreans are starving and with out the nuclear weapons they receive aid, if North Korea were to keep their nuclear weapons the civilians continue to starve. Brian Knowlton and Choe Sang-Hun, New U. S. Envoy to Talk With North Koreans, New York Times, October 19, 2011. Choe Sang-Hun, Head of U. N. Humanitarian Aid Paints Dire Scene in North Korea, New York Times, October 24, 2011

Persuasive Essay- Beggars Essays

Persuasive Essay- Beggars Essays Persuasive Essay- Beggars Essay Persuasive Essay- Beggars Essay Essay Topic: Persuasive Persuasive essay- beggars When you walk in the street and suddenly see a beggar asking for money, then you may have a dilemma about whether you should give him money or not; if they deserve the money or not. Here I am going to discuss this dilemma. A beggar sitting on the street may have gone trough very difficult time and tough experiences. Therefor, the last resort they have is to beg for money. But why should I give away my money to someone I do not know how would use them? Even though the beggars all have the same goal; ask for money, we can separate them into three different groups. The first group is those who only want the money for alcohol and drugs and felt that begging was the easiest way. The second group is those who have been struggling to get a job but gave up because they did not get one so they decided to start begging. The third group is the little minority of beggars who really have no other options. Begging is an ideology; an ideology that says that there is no better way than the easy way. In Norway there are a lot of helping organizations created only to help people who needs money but do not have. An example of some well known organizations is probably â€Å"Frelsesarmeen† and â€Å"Kirkens Bymisjon†. They know people who really are in need; but cannot afford money to buy clothes and food. Therefore, those organizations provide it to those who are in need. Furthermore, â€Å"Fattighuset† (or the poor house) is very famous among beggars. On Mondays and Tuesdays from 12PM to 3. 30 PM they have clothing distribution, and on Fridays, they have food distribution from 12PM to 3. 30 PM to all their members. According to SSB statistics measures how many people have a persistent low income over three years. Low income is regarded as less than 60% of the overall income level. For a single person, this amount is about 170  000 NOK on average for the years 2007-2009. Statistics from 2009 show that about 360  000 people in Norway earn less than 60% of the general income level. In addition, those helping organizations are willing to receive money from helping hands to those who are in need for help. Moreover, they are also willing to receive anything you feel you do not need anymore as long as it is capable, like kitchen utensils, food, shoes, books, clothing for summer and winter, etc.. Therefore, if you want to be sure the money you give away won’t be used on alcohol or drugs; you can provide them to those organizations. In addition, to not feel guiltiness about not giving money to someone who is starving; you can buy some food for the beggar to be sure he is not hungry. On the other hand, the beggars have the opportunity to find a job with some help from those organizations. It is very hard for a beggar to try to find a job by himself, but if he gets help, it is not impossible. As a result, if you continue giving money to the beggars, their ideology will grow and they will continue begging. This sustains the practice of begging and may encourage other people to also start begging, when in fact; begging should not be an alternative in a rich country like Norway. [ 1 ]. fattighusetoslo. no/ [ 2 ]. ssb. no/emner/05/01/10/inntekt/ [ 3 ]. nrk. no/programmer/tv/migrapolis/1. 7838155 [ 4 ]. fattighusetoslo. no/du-kan-bidra/

Telecommunication Act of 1996 essays

Telecommunication Act of 1996 essays In February of 1996, the U.S. Congress enacted the Telecommunications Act of 1996. The Act was one of the most substantial changes in the regulation of any industry in recent history. The Act replaced all current laws, FCC regulations, and the consent degree and subsequent court rulings under which AT The primary goal of the Act was to promote competition for local telephone services, long distance telephone services, and cable TV services. Inter-exchange carriers (IXC) (such as AT I believe that the Act made the most impact on Local telephone service. Local telephone service had been a regul...