Banking Industry In Ghana

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Enew et al. (2007), contend that commercial banking started developing significantly from the 19th Century onwards. Banks grew in response to the need for services such as loans, safe deposit and financing of consignments of exported and imported goods. The services rendered by banks can be grouped into two broad headings: (i) lending and credit, and (ii) saving and investing. “In simple terms, a loan represents the granting of a specific sum of money to an individual or organization for them to spend personally in respect of some specific, previously agreed item. Credit, on the other hand, refers to a means of financing an item or items of expenditure whereby the funds are transferred to the product provider directly by source of credit. Saving…show more content…
Some of these banks included Barclays Bank, Standard Chartered Bank, Agricultural Development Bank, and Ghana Commercial Bank. However, as part of the measures of the economic liberalization of the country, several enabling Acts were passed to promote free trade and competition in the sector. These Acts included among others the Banking Act of 2002, Act 612 and the Universal Banking Act of 2007, Act 673 and their amendments. Since the enactment of these Acts the banking industry in Ghana have both been liberalized and revolutionaries. While many new commercial banks entered into the Ghanaian banking industry, existing commercial banks are increasingly expanding their operations by opening many new business offices all over the country. Currently, all commercial banks in the country offer universal banking services across the country, with some even venturing into micro financing. This has led to a blur in the distinction between commercial, development and investment banks even though some banks in the country still bear “commercial”, “development”, or “investment” as part of their names. Currently, there are 35 universal banks (http://en.wikipedia.org/wiki/List of banks in Ghana) and 140 rural banks…show more content…
They defined motivation as “the individual’s desire to demonstrate the behaviour and reflects willingness to expend effort”. Motivation can be divided into extrinsic and intrinsic motivation. Extrinsic motivation refers to external factors, which can be measured in monetary terms, such as salary and benefits, promotion and disciplinary action. Extrinsic motivators can have an immediate and powerful effect, but it will not necessarily last long. Intrinsic motivation refers to internal factors such as job satisfaction, responsibility, freedom to act, scope to use and develop skills and abilities and challenging work and opportunities for development. Intrinsic motivators which are concerned with the “quality of working life” are likely to have a deeper and longer term effect. These two different aspects of motivation are connected to each other and cannot be seen in isolation. Motivation, according to Gellerman (1976) is defined as something to steer one’s action toward certain goals and to commit part of one’s energy to reach them. In a simplest form, motivation is seen as how to influence a people to act in a desired

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