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The effects of Ponzi schemes and revocation of licences of some financial institutions on financial threat in Ghana

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  • Edmond Ofori

Abstract

Purpose - The purpose of this study was to assess the effects of the Ponzi schemes and revocation of licences of some financial institutions in Ghana on financial threat. Design/methodology/approach - The study adopted a quantitative research approach. Convenient sampling method was used to select 435 individuals from three regions in Ghana. Standardize questionnaire developed by the researcher was used as the main data collection instrument. The binary logistic regression was used to test the relationship between the dependent variable and the independent variables. Findings - The results of the study showed a positive relationship between financial threat and job loss, general health, information search and loss of investment. However, negative relationship was identified between financial threat and total debt, stress, economic hardship and anxiety. Findings from this study imply that job loss, general health, information search and loss of investment are major factors that determined financial threat in Ghana. Practical implications - This indicates that individuals in Ghana have become uncertain regarding the use of current and future financial services in Ghana because most individuals have lost their jobs in the financial institutions, cannot get access to safe drinking water and education, need to gather more information before investing in financial institutions in Ghana and losing of funds invested. Originality/value - This study is the first to test the effects of the Ponzi schemes and the revocation of licences of some financial institutions in Ghana on financial threat using binary logistic regression.

Suggested Citation

  • Edmond Ofori, 2020. "The effects of Ponzi schemes and revocation of licences of some financial institutions on financial threat in Ghana," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 30(2), pages 583-593, March.
    • Handle: RePEc:eme:jfcpps:jfc-01-2020-0003
    DOI: 10.1108/JFC-01-2020-0003
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    Cited by:

    1. Tilahun Aemiro Tehulu, 2021. "What drives microfinance institution lending behavior? Empirical evidence from Sub-Saharan Africa," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 18(8), pages 1745-1765, July.
    2. Rayenda Khresna Brahmana & Maria Kontesa & Josephine Tan-Hwang Yau, 2024. "Does information seeking moderate the relationship between financial loan inclusion and Fintech P2P lending?," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(1), pages 171-185, March.

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