Foreword
Acknowledgements
List of Figures and Tables
Abbreviations
About Financialisation and Poverty Alleviation in Ghana
1 Introduction
1 The Historical Background of Finance and Growth
2 Scope and Limitations of the Book
3 Structure of the Book
2 Neoliberalisation and Financialisation The Debate
1 Introduction
2 The Rise of Neoliberal Capitalism
3 Theoretical Debates and Historical Precedents of Financialisation
4 From Stagnation to Financialisation
5 French Regulation School Theory of Financialisation 6 Post-Keynesianism and Financialisation 7 Trans-nationalisation and Liberalisation of Finance
8 Financialisation and Poverty Alleviation: Banking the Unbanked
9 Conclusion
3 Finance-Growth-Nexus Theoretical and Empirical Literature
1 Introduction
2 The Rise of Finance and the Financialisation of Everything
3 The Financial Profit Conundrum – Profit in Marxist Economics
4 Real Commodity Accumulation and Fictitious Accumulation
5 Contemporary Heterodox Perspectives on Finance-led Growth Debate
5.1 Banks, Financial Markets and Economic Growth: The Dilemma
6 Economic Functions of Financial Intermediaries
6.1 Empirical Evidence on Finance and Growth
6.2 Cross-country Studies of the Finance-Growth Nexus
6.3 Contemporary Literature on Econometric Models for Ghana
7 Dynamics of Financial Development, Income Distribution, Economic Growth and Poverty Reduction in Ghana
8 Poverty and the Pandemic: The Case of Ghana
8.1 The Economics of It All
9 Conclusion
4 The Case of Ghana
1 Introduction
2 Country Profile and Overview of Recent Economic Performance
3 The Political Economy of Ghana: From State-led Accumulation to Neoliberalism
3.1 Political and Economic Developments from Independence (1957) to 1982
3.2 Political and EconomicDevelopments 1983–2019
4 Neoliberalism in Ghana
4.1 Neoliberalism and Housing Provision in Ghana
5 Financial Sector Reforms in Ghana – A Historical Perspective
5.1 Pre-structural Adjustment Financial Reforms 1957–1982
5.2 Post-liberalised Reforms
5.3 Relaxation of Bank Entry Restrictions, and Abolishment of Secondary Reserve Requirements 2005–2006
5.4 Recapitalising Banks
6 Financialisation in Sub-Saharan Africa: Accounting for the Ghanaian Paradox
6.1 Under-financed
6.2 … Yet Financialising
6.3 Reverse of Net Capital Flows – A Subordinate/Inferior Financialisation
7 Conclusion
5 Dimensions of Capital Structure and Liquidity Management in Ghana
1 Introduction
2 Theories of Capital Structure
2.1 Capital Structure: Traditionalists’ View
2.2 Value-irrelevance Theory by Modigliani-Miller
2.3 Capital Structure: Trade-off Theory
2.4 Capital Structure: Pecking-order Theory
3 Financialisation and Capital Structure Accumulation in Ghana
4 Classification of Capital Accumulation Process in Ghana
5 Contradictions in Political-Economic Arrangements in Ghana
5.1 Financing Challenges
5.2 Government Policies
5.2.1 Corruption
5.2.2 State of Infrastructural Development
6 Conclusion
6 The Issue of Poverty
1 Introduction
2 Poverty Measurement Conundrum
3 Absolute Poverty
3.1 Poverty in Administrative Regions
4 Relative Poverty
4.1 Using Non-monetary Deprivation
5 The Paradox of Sub-Saharan Africa’s Middle Class
5.1 The Two Competing Narratives on Africa
6 Neoliberal Globalisation and Poverty
7 Conclusion
7 Financialisation and Households From Theory to the Context of Ghana
1 Introduction
2 Theory of Consumption Function: Household Debt and the Life Cycle and Permanent Income Hypotheses
3 The Political Economy of Household Finance
4 Payment Systems in Ghana: A Route towards Financialisation
4.1 Background-Mobile Money Services in Ghana
4.2 The Role of Mobile Money in Financial Inclusion in Ghana
5 Financialisation, Financial Inclusion and Mobile Money
6 Conclusion
8 Conclusion
1 Summing Up the Argument
2 The Content of Financialisation in Ghana
2.1 Banking Sector
2.2 Industrial Enterprises
2.3 Households
3 Policy Recommendations
References
Index
