Assessing the Impact of Monitoring, Information and Communication on Banks Performance in Ghana
Simon Akumbo Eugene Mbilla *
Department of Business Studies, Regentropfen College of Applied Science, PMB, Bolgatanga, Ghana and Department of Accountancy, Bolgatanga Polytechnic, P. O. Box 767, Bolgatanga, Ghana.
Joseph Dery Nyeadi
Department of Management Studies, University of Mines and Technology, P. O. Box 237, Tarkwa, Ghana.
Michael Kwame Gbegble
Department of Accountancy, Wa Polytechnic, P. O. Box 553, Wa, Ghana.
Redruth Nyaaba Ayimpoya
Department of Accountancy, Bolgatanga Polytechnic, P. O. Box 767, Bolgatanga, Ghana.
*Author to whom correspondence should be addressed.
Abstract
The global financial sector is undergoing structural reforms and system improvement in their internal operations and activities. These global reforms in the financial sectors have been occasioned by globalization and technology revolution around the world. In view of the rapid changes, institutions both public and private institutions have experienced various limitations in their quest to reach their objectives. This study therefore formulates three objectives to investigate the effects of internal control systems on financial performance of listed banks in Ghana. In this quantitative study, 300 representatives from twelve listed banks were engaged. Descriptive and regression analysis was performed on the field Data. The study result shows that Information and communication have a weak significant effect on financial performance. There was no significant effect between Monitoring and financial performance. The study therefore recommends that managers of listed Banks must invest more on information and communication in order to improve performance.
Keywords: Listed bank, financial performance, monitoring, reform.