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Published in:
A General Overview Read chapter Read first chapter

2018 | OriginalPaper | Chapter

11. Banking and Finance

Authors : Mozammel Huq, Michael Tribe

Published in: The Economy of Ghana

Publisher: Palgrave Macmillan UK

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Abstract

Money and credit have many functions in an economy, but from the point of view of economic development, their role in financing agriculture, industry, commerce and other activities is vital. Working as intermediaries, the banking and finance institutions play a major role in raising savings and investment and this role is, obviously, of great importance in developing countries, where both these functions need to be strengthened for faster economic growth.

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Appendix
Available only for authorised users
Footnotes
1
This part depends heavily on Bawumia (2015) who served as the Deputy Governor of Bank of Ghana from 2006 to 2009 and has remained a keen observer, becoming the Vice President following the 2016 General Election. See also Bank of Ghana (Annual Reports) and MFW4A (2017).
 
2
According to Edwards (2016): “The U.S. Department of Agriculture (USDA) spends $25 billion or more a year on subsidies for farm businesses. The particular amount each year depends on the market prices of crops and other factors. Most agricultural subsidies go to farmers of a handful of major crops, including wheat, corn, soybeans, rice, and cotton. Roughly a million farmers and landowners receive federal subsidies, but the payments are heavily tilted toward the largest producers.” In the case of the European Union, the Common Agricultural Policy (CAP) is a major programme which was introduced in 1962. In the early 1980s, some 70% of the EU budget used to be spent on this programme, currently down to around 40%.
 
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Metadata
Title
Banking and Finance
Authors
Mozammel Huq
Michael Tribe
Copyright Year
2018
Book
The Economy of Ghana

Print ISBN: 978-1-137-60242-8

Electronic ISBN: 978-1-137-60243-5

Copyright Year: 2018

DOI
https://doi.org/10.1057/978-1-137-60243-5_11