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                <text>Public Sector Financial Management Reforms in Developing Economies: Insights from Ghana</text>
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                <text>M Owusu-Akomeah, Joseph Asare, Stephen Owusu Afriyie, EA Kuma</text>
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                <text>Financial decentralization (FD) is key to bringing development closer to the citizenry. Therefore, there is a need to ensure the judicious use of funds mobilized by local authorities to bring about the desired level of development. To achieve this, governments of developing economies have to put measures in place to safeguard funds raised or provided to the public. One of such measures is the continuous reform of laws and regulations governing the mobilization and utilization of public funds. In Ghana, one of such Public Financial Management Reforms (PFMRs) is the Program Based Budgeting (PBB) which is aimed at ensuring the judicious utilization of public funds while meeting the demands of citizens. This study aimed at assessing the impact of PFMRs, with a special emphasis on fiscal decentralization in a selected Municipal Assembly in Ghana. The investigation used the mixed research method (quantitative and qualitative approaches) of data collection. Also, both primary and secondary data were used in this study. Primary data were collected through questionnaires and interviews, while secondary data were retrieved from the institution’s financial records. The study results revealed that there exists a positive relationship between PFMRs and FD, and a strong linkage between PBB and Service delivery in Municipal Assemblies. However, the assessment of the impact of PBB on service delivery at the selected Municipal Assembly showed a moderate impact. The study also revealed an improvement in revenue mobilization and expenditure, while noticing that resource dependency remains a challenge at the selected Municipal</text>
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                <text>Re-engineering Mutual Funds Performance in Sub-Saharan Africa: Evidence from the Ghana Stock Exchange</text>
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                <text>The study presents an examination of mutual funds average returns relative to the benchmark in Ghana using Sharpe and Treynor’s index for a sample of ten Ghanaian Mutual Funds selected on the basis of consecutive data availability during the period of 1st January 2010 to 31st December, 2014. The results revealed that 80% of the Mutual Funds recorded high raw returns with a strong correlation coefficient of +0.6089 between the raw returns and total risk. It was also found that the average Sharpe index for all the Mutual Funds was 1.351 outperforming the benchmark index of 0.300 and more so the average Treynor index for all the Mutual Funds was 12.68 beating the benchmark index of 9.59. Moreover 80% of the Mutual Funds were highly diversified with an average adjusted R-square of 59.88%. The analysis concluded that, the money market funds had a superior performance than the balanced and equity …</text>
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                <text>The study presents an examination of mutual funds average returns relative to the benchmark in Ghana using Sharpe and Treynor’s index for a sample of ten Ghanaian Mutual Funds selected on the basis of consecutive data availability during the period of 1st January 2010 to 31st December, 2014. The results revealed that 80% of the Mutual Funds recorded high raw returns with a strong correlation coefficient of+ 0.6089 between the raw returns and total risk. It was also found that the average Sharpe index for all the Mutual Funds was 1.351 outperforming the benchmark index of 0.300 and more so the average Treynor index for all the Mutual Funds was 12.68 beating the benchmark index of 9.59. Moreover 80% of the Mutual Funds were highly diversified with an average adjusted R-square of 59.88%. The analysis concluded that, the money market funds had a superior performance than the balanced and equity funds under all the three performance evaluation techniques</text>
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                <text>Examine the long run effect of corporate governance on Ghana SIC’s financial performance</text>
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                <text>M. A Amponsah, E. A. K, Asumadu, E., Appiadjei, E. A., Owusu-Akomeah</text>
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                <text>M. Afzalur Rahim</text>
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                <text>The study sought to first evaluate problems and prospects of outsourcing in the banking sector using Zenith bank as a case study and it also identify the types of activities outsourced by the Zenith Bank Ghana limited. The study assesses the factors influencing outsourcing at Zenith Bank Ghana limited. It also assesses the benefits and challenges associated with outsourcing in the bank. A simple random sampling was used in selecting one hundred officials of Zenith Bank Ghana Limited and questionnaires were used to collect the requisite information from the officials. The data was analysed using descriptive statistic such as frequencies, percentages and means. The study revealed that majority of the respondents has acquired at least a bachelor’s degree. majority of the respondents have been working in the bank for at least 1 year hence have acquired the necessary knowledge to answer the research question. From the study it was revealed that one of the major functions outsourced is the activities associated to security of the bank. It was also revealed that the bank outsources its cleaning and printing activities. Recruitment of supporting staffs is outsourced by the bank. The study revealed that increased and uncontrolled operational cost influences outsourcing decision of the bank. Scarce internal resource for other purposes influences the decision to outsource decision of the bank. It was also revealed that outsourcing provides core staffs the requisite time to focus more on designing the appropriate organizational strategies and provides the bank access to the vendor’s technology. The study revealed that outsourcing brings about a loss of managerial control over outsourced operations and has the tendency to affect the quality of operation of the bank. The study recommends that management should outline clearly the operations of the activities that are outsourced so as to prevent conflict of interest that could affect the quality of operation.</text>
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