The Impact of ICT on Financial Sector Policy Reforms in Post-Financial crisis era in Ghana: An institutional theory perspective

Julius Yaw Asamoah and Linda Owusu-Agyei
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Julius Yaw Asamoah: Dept. Electronic Systems, Aalborg University, Copenhagen, Denmark
Linda Owusu-Agyei: Department of Business, Ghana Technology, University College, GTUC/Coventry University-UK, Accra, Ghana

International Journal of Finance & Banking Studies, 2020, vol. 9, issue 2, 82-100

Abstract: The paper seeks to enhance the understanding of relevant policy measures and reflects on what else could be done. The article further studies the effect of change in the institutional environment on bank governance practices primarily to improve the industry’ssupervision and regulation, related to the post-crisis exit strategies. This paper discusses the development of ICT infrastructure and application as a basis for the main dimension of Ghana’s digital transformation in financial services. This paper is, therefore, motivated by the lack of empirical studies that examines how the impact of the banking reforms play a substantial role in promoting innovative digital payment systems to replace cash transactions. From the perspective of institutional theory, the study looked at why (and how) a number of policy measures have a significant impact on the financial performance of banks? And how the applications of e-finance in ICT and financial practices, provides several benefits within the banking sector improve thesector’s image and leads to a broader, faster and more efficient market? The application of Koppenjan and Groenewegen (2005) ‘s four-layer model ‘levels of institutional analysis’ perspective seems to be the most useful starting point, which provides the basis for an improved understanding of revealing the inefficient delivery of Ghanaian banking industry in the past. A combination of a review of secondary and empirical data, interviewed used in the analysis. Findings indicate that the financial and banking sector reforms help the industry advance digital banking culture and impact on the general expansion of the financial and the infusion of financial inclusion in Ghana. These conclusions would be particularly useful in a similar picture in other developing countries, as well as by the bank authorities to create their future policy. It also joins the debate on the impact of the banking reform, a key turning point towards better regulation to refine crisis prevention and resolution mechanisms.

Keywords: Institutional Theory; Financial and banking sector reforms; Financial inclusion; Information and Communications Technology (ICT); Ghana (search for similar items in EconPapers)
Date: 2020
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