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Financial literacy, financial inclusion and participation of individual on the Ghana stock market

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  • Agnes Akpene Akakpo
  • Mohammed Amidu
  • William Coffie
  • Joshua Yindenaba Abor

Abstract

This paper examines the impact of financial literacy and financial inclusion on stock market participation in Ghana. It employs a sample of 1,966 respondents across the 10 regions of Ghana for the year 2018. We employ biprobit models to estimate the influence of financial literacy on financial inclusion, while robust probit models are used to independently analyse the effect of financial literacy and financial inclusion on stock market participation as well as their joint effect. We find the following results: first, financial literacy positively influences financial inclusion. Second, the study does not support previous findings that financial literacy is not a determinant of stock market participation in Ghana. Third, financial inclusion through using an account to save significantly affects stock market participation. Finally, the interaction of financial literacy and financial inclusion on stock market participation provides evidence of no significant effect.

Suggested Citation

  • Agnes Akpene Akakpo & Mohammed Amidu & William Coffie & Joshua Yindenaba Abor, 2022. "Financial literacy, financial inclusion and participation of individual on the Ghana stock market," Cogent Economics & Finance, Taylor & Francis Journals, vol. 10(1), pages 2023955-202, December.
    • Handle: RePEc:taf:oaefxx:v:10:y:2022:i:1:p:2023955
    DOI: 10.1080/23322039.2021.2023955
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    Cited by:

    1. Marshall Wellington Blay & Alhassan Musah & Charles Ayariga & Daniel Odei Okyere, 2024. "Determinants of Financial Literacy and its Effect on Stock Market Participation among University Students in Ghana," International Journal of Economics and Financial Issues, Econjournals, vol. 14(2), pages 15-25, March.
    2. Azra Zaimovic & Anes Torlakovic & Almira Arnaut-Berilo & Tarik Zaimovic & Lejla Dedovic & Minela Nuhic Meskovic, 2023. "Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends," Sustainability, MDPI, vol. 15(12), pages 1-30, June.

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