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We investigated the mediating role of financial inclusion in the relationship between financial literacy and financial well-being in Ghana. Using PLS-SEM, we found that financial inclusion indeed mediates financial literacy and financial well-being in Ghana. We also documented a positive and significant relationship between Ghanaians' financial literacy and financial well-being. Again, financial literacy has a direct positive effect on financial inclusion. Hence, to enhance the impact of financial literacy on financial well-being in Ghana, policymakers should grant financial institutions enough freedom to offer a variety of financial services; financial institutions that have lost credibility in Ghana (such as insurance companies) should be put in check to build the trust of Ghanaians in them; and the cost of using a mobile phone and internet services to access financial services in Ghana should be reduced. The management of financial institutions can utilize the freedom offered to them by policymakers to offer various financial services to the public, build trust in customers, and offer lower-cost services to help improve the financial well-being of Ghanaians. [ABSTRACT FROM AUTHOR]

This study built on the tax avoidance literature in at least two main strands: 1) applying the tax avoidance theories and hypothesis to financial institutions which have been neglected in the empirical literature; and 2) assessing the possibility of tax avoidance persistence among banks, from a developing country perspective. Data from 18 commercial banks in Ghana from 2010 to 2014 were analyzed using systems generalized method of moments estimation technique. The study concluded that while the presence of non-executive directors on boards, aging banks, and liquidity condition motivate banks to engage in tax avoidance schemes, big banks and banks at their latter stages in their lifecycle are discouraged from undertaking tax avoidance activities. Thus, tax avoidance activities exist in financial institutions just like non-financial firms but no evidence exists to support the assertion that tax avoidance schemes persist among banks. Managers of financial institutions must take advantage of existing tax avoidance opportunities by designing appropriate policies that factor in relevant firm-level characteristics. [ABSTRACT FROM AUTHOR]

This study extends the literature on financial literacy and cultural (Catholicism or Protestantism) beliefs to SME performance in a developing economy setting. Two basic questions motivated the study: (1) does culture influence financial literacy?; and (2) does culture mediate the relationship between financial literacy and firm performance in Ghana? The results, from 300 randomly sampled SME-Owners and based on Ordinary Least Squares and Logit regressions, suggest that cultural values militate against financial knowledge acquisition. Furthermore, Protestant beliefs strengthen the probability that SMEs would take advantage of growth opportunities due to financial literacy. Thus, the study concludes that the relationship between financial literacy and SME growth is cultural-context dependent. The study recommends that (1) religious bodies should inculcate financial education in their teachings; (2) financial literacy training programmes for SME-Owners should be tailored to meet their needs; and (3) cultural beliefs of SME-Owners should be of prime consideration in designing financial literacy programmes. [ABSTRACT FROM AUTHOR]