Title: Enhancing domestic savings mobilisation in Ghana: does religion matter?

Authors: Samuel Tawiah Baidoo; Linda Akoto; Makafui M. Tayviah

Addresses: Department of Economics, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana ' Department of Economics, University of Ghana, Legon, Accra, Ghana ' Department of Religious Studies, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana

Abstract: Domestic savings in many developing countries including Ghana remain low and have therefore attracted policy discourse and attention of researchers globally. Several determinants regarding saving decisions among individuals have been revealed. However, the role of religion has not been emphasised especially in Sub-Saharan Africa region even though religion is asserted to have influence on economic outcomes. This paper revisits saving determinants in Ghana with focus on religion. The study uses primary data and employs the probit regression for analysis. It is revealed that the effect of religion on saving is positive but statistically insignificant. However, financial literacy, employment status, education and income have significant effect on saving. Based on these findings, relevant policy implications have been suggested in order to avert the low savings mobilisation in Ghana.

Keywords: domestic savings; economic growth; religion; probit regression; Ghana.

DOI: 10.1504/IJBG.2021.118683

International Journal of Business and Globalisation, 2021 Vol.29 No.3, pp.385 - 405

Received: 07 Sep 2018
Accepted: 02 Jun 2019

Published online: 03 Nov 2021 *

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