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Article
Publication date: 4 July 2016

D. Owusu-Manu, E.A. Pärn, K. Donkor-Hyiaman, D.J. Edwards and K. Blackhurst

The purpose of this study is to explore the mortgage affordability problem in Ghana, an issue that has been associated inter alia with high mortgage rates, which results from the…

378

Abstract

Purpose

The purpose of this study is to explore the mortgage affordability problem in Ghana, an issue that has been associated inter alia with high mortgage rates, which results from the high cost of capital, an unstable macroeconomy and unfavourable borrowers’ characteristics. Concurrent improvements in both the macroeconomy and borrowers’ characteristics have rendered the identification of the most problematic mortgage pricing determinant difficult, consequently making the targeting of policy interventions problematic.

Design/methodology/approach

This research sought to resolve this aforementioned difficulty by providing empirical evidence on the relative importance of mortgage pricing determinants. A data set of mortgage rates of selected Ghanaian banking financial institutions from 2003 to 2013 was examined and analysed by applying Fisher’s model of interest rates and an ex post analysis of the standard regression coefficients.

Findings

The risk premium factor emerged as the most important determinant in Ghana compared with the inflation premium and the real risk-free rate, although all are statistically significant and strongly correlated with mortgage rates.

Originality/value

This study provides an insight on the relative importance of mortgage pricing determinates and subsequent macro-economic guidance to support policy interventions which could reduce mortgage rates/enhance mortgage affordability. The paper specifically aims to engender wider debate and provide guidance to the Ghanaian Government and/or private enterprises that seek to provide affordable mortgages. Further research is proposed which could explore ways of reducing mortgage rates as a means of engendering social equality and adopt innovative international best practice that has already been tried and tested in countries such as South Africa and the USA.

Details

Journal of Engineering, Design and Technology, vol. 14 no. 3
Type: Research Article
ISSN: 1726-0531

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Article
Publication date: 5 October 2012

E. Badu, D.J. Edwards and D. Owusu‐Manu

Trade credit is treated as a financial intermediation device whereby construction vendors act as financial providers to their customers through deferred payments of goods…

636

Abstract

Purpose

Trade credit is treated as a financial intermediation device whereby construction vendors act as financial providers to their customers through deferred payments of goods purchased. The purpose of this paper is to investigate and report upon the key factors and motives influencing vendors' decision on trade credit provision to small to medium sized construction firms.

Design/methodology/approach

Adopting deductive methodological approach, this paper utilises a combination of primary data emanating from structured survey questionnaires supplemented by secondary source of data from an extensive literature review, to present insightful commentary about trade credit provision in Ghana. The structured survey questionnaire was administered to 100 construction vendor firms/suppliers to elicit relevant data about their trade credit intentions. Drawing upon the principles of a total design method (TDM) of survey, a relatively high response rate of 57 percent was achieved. Principal component (factor) analysis was adopted to obtain simplification of variables and to detect underlying dimensions and reveal potential complex structures within decision variables.

Findings

The underlying constructs and motives of vendors on trade credit were intricately interwoven in two principal factors: risk distribution and liquidity; and sustaining business relationship and liquidity. Despite the uncharacteristic manifestation of the liquidity measure being associated with the two principal components, the findings demonstrate the relative importance of liquidity in the trade credit debate. A critical observation stemming from the analysis was that trade policy was absent within the trade credit market in Ghana; this poses a potential threat to trade credit exchange and its development.

Originality/value

The paper's methodological approach is uniquely positioned between the conceptual and empirical interface and the overarching research is pioneering within the developing world nation of Ghana. The paper's findings will be useful to contractors, particularly, small and medium size contractors who are considering feasible finance options; and vendors who seek to consolidate their clientele base.

Details

Journal of Engineering, Design and Technology, vol. 10 no. 3
Type: Research Article
ISSN: 1726-0531

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Article
Publication date: 27 June 2022

Augustine Senanu Komla Kukah, De-Graft Owusu-Manu, Edward Badu and David John Edwards

This paper aims to evaluate the risk factors and determines the overall risk level (ORL) of public-private-partnership (PPP) power projects in Ghana using fuzzy synthetic…

390

Abstract

Purpose

This paper aims to evaluate the risk factors and determines the overall risk level (ORL) of public-private-partnership (PPP) power projects in Ghana using fuzzy synthetic evaluation methodology (FSEM).

Design/methodology/approach

In this paper review of literature led to the development of a 67-factor risk list which was ranked by experts and industry practitioners through a questionnaire survey.

Findings

These factors were grouped into principal risk factors (PRFs) using component analysis and they served as the input variables for fuzzy analysis. The seven components were: Contract and Payment risks, Environmental risks, Financial and Cost risks, Legal and Guarantee risks, Operation risks, Socio-Political and Performance risks (SPR) and Tender and Negotiation risks. Study showed that the ORL of Ghanaian PPP power projects is high implying they are risky to both the public and private sectors. Fuzzy analysis also confirmed SPR as the most critical principal factor.

Originality/value

This study is significant and demonstrates that fuzzy methodology can be used as a useful risk evaluation tool and risk assessment framework for private investors, policy makers and public sector.

Details

Benchmarking: An International Journal, vol. 30 no. 8
Type: Research Article
ISSN: 1463-5771

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Article
Publication date: 10 May 2022

Augustine Senanu Komla Kukah, De-Graft Owusu-Manu, Edward Badu and David John Edwards

This study aims to evaluate the key risk factors inherent in public–private partnership (PPP) power projects in Ghana and further determine the critical risk factors affecting…

342

Abstract

Purpose

This study aims to evaluate the key risk factors inherent in public–private partnership (PPP) power projects in Ghana and further determine the critical risk factors affecting both the public and private sectors in PPP power projects.

Design/methodology/approach

Ranking-type Delphi survey in two rounds was conducted to establish a comprehensive list of critical risk factors of PPP. Purposive and snowball sampling techniques helped obtain experts for the Delphi survey. Mean score ranking, factor analysis, Cronbach α coefficient and Kendall’s concordance were used for analysis. The probability of occurrence and severity of each risk factor were computed to obtain the risk impact.

Findings

From the list of 67 risks, 37 risk factors were deemed to be critical. The five topmost risk factors were: delay payment on contract, private investor change, political risks, fluctuating demand of power generated and public opposition. Principal component analysis grouped the risk factors into seven major themes.

Originality/value

This study develops an authoritative risk factor list for PPP power projects, which reflects both sector and country conditions for prioritizing and mitigating risk factors. Delphi approach adopted in this study can be used by future studies in similar environments where PPP is novel and expert respondents scarce.

Details

Journal of Facilities Management , vol. 22 no. 1
Type: Research Article
ISSN: 1472-5967

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Article
Publication date: 8 October 2024

Emmanuel Doe Dzramado, Richard Ohene Asiedu, De-Graft Owusu-Manu, David J. Edwards, Michael Adesi and Alex Acheampong

This paper explored the socioeconomic factors affecting green cities development. Extant literature have highlighted green cities as a major path towards sustainability in the…

68

Abstract

Purpose

This paper explored the socioeconomic factors affecting green cities development. Extant literature have highlighted green cities as a major path towards sustainability in the construction industry but very little is known on the socioeconomic aspect of green cities and its bid in promoting sustainability in the construction industry; hence, the premise of this study which highlights the socioeconomic factors affecting green cities development in Ghana.

Design/methodology/approach

A comprehensive literature review was conducted to identify the socioeconomic factors affecting green cities. A quantitative research strategy was adopted to collect primary data from respondents who have the requisite understanding and knowledge in green cities using questionnaires. The data gathered was then analysed using descriptive statistics and exploratory factor analysis viz principal component analysis.

Findings

The socioeconomic factors affecting green city development comprised: Green support mechanisms (i.e. innovation and technology, green city planning (urban planning), stakeholder engagement, awareness, city planning (transportation) and environmental regulations); green inhibitors (i.e. population, culture, housing and policy implementation); green market and finance (i.e. digital finance, green market mechanism, green investment finance, risks and uncertainties, income levels of clients). It was evident that socioeconomic factors are significant to the development of green cities in Ghana and hence policy makers and various stakeholders should prioritize socioeconomic factors in the bid to achieve sustainability through green cities in the construction industry.

Originality/value

This paper presents a foremost and comprehensive study on the socioeconomic factors affecting green cities in Ghana. The study results showed that even though the path to sustainability in green cities has pivoted mainly on environmental factors, socioeconomic factors are also significant to green city development, hence, policy makers and the construction industry should keenly consider the socioeconomic factors affecting green city development in the bid towards sustainability for cities.

Details

Smart and Sustainable Built Environment, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2046-6099

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Article
Publication date: 14 October 2022

Sakibu Seidu, De-Graft Owusu-Manu, Augustine Senanu Komla Kukah, Michael Adesi, Eric Oduro-Ofori and David John Edwards

The demand for energy infrastructure projects has increased steadily over the last few decades and has come at a high cost. Disruptive technologies (DTs) have the inherent…

389

Abstract

Purpose

The demand for energy infrastructure projects has increased steadily over the last few decades and has come at a high cost. Disruptive technologies (DTs) have the inherent capability to affect the performance of energy infrastructure projects. Therefore, this research aims to explore the implications of DTs on the performance of energy infrastructure projects.

Design/methodology/approach

This research adopts a positivist philosophical position. A quantitative strategy and deductive approach (based on a survey design) guided this study. Sixty-six respondents participated in the study. The study’s population comprised of experts in energy infrastructure projects who possessed a high level of industrial experience including top- and middle-level management of power generation companies. Cochran’s formula was used to select a sufficient sample for the study. Linear regression, one sample test and Cronbach’s alpha were the analytical tools adopted.

Findings

This study established that there is an 18.4% increase in the performance of energy infrastructure projects in Ghana when DTs are applied. In order of importance, DTs improve speed of operations in energy projects; reduce operating cost and enhance efficiency of energy projects; drive sustainable economic development; enhance security in energy projects; and improve environmental sustainability of projects. The study also revealed that e-commerce technologies, renewable energy technologies, three-dimensional printing, bar code technology, photogrammetry, global positioning systems, geographic information systems and nanotechnologies were the topmost ranked DTs with the most impact on the performance of energy infrastructure projects.

Originality/value

This is a novel investigation on the implications of DTs on the performance of Ghanaian energy infrastructure projects. This study’s practical implication is evident in both policy and practice. Energy sector policymakers should endeavour to adopt DTs in their operations to enhance sustainability and performance.

Details

International Journal of Energy Sector Management, vol. 17 no. 5
Type: Research Article
ISSN: 1750-6220

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Article
Publication date: 14 August 2018

Francis Kwesi Bondinuba, Alex Opoku, Degraft Owusu-Manu and Kenneth Appiah Donkor-Hyiaman

The emergence of housing microfinance (HMF) as a response to the low-income groups’ inability to access traditional housing finance is an innovative strategy by creative…

330

Abstract

Purpose

The emergence of housing microfinance (HMF) as a response to the low-income groups’ inability to access traditional housing finance is an innovative strategy by creative Microfinance Institutions. Yet, low-income groups’ still face barriers in accessing these innovative products, particularly in Ghana. This paper aims to examine the critical demand barriers and how to develop and improve the design and delivery of HMF interventions in the low-income housing market in Ghana.

Design/methodology/approach

The paper achieves its aim by adopting a focus-group discussion strategy to examine the constraints to the demand for HMF among low-income groups’ in Ghana.

Findings

Nine factors constrained the design, delivery and demand for HMF – affordability issues; risk; land tenure insecurity; high interest rate; collateralization and insurance challenges; unfavourable HMF loan conditions; lack of social capital; high cost of land and building materials; and ineffective consumer protection.

Research limitations/implications

Although limited to low-income groups, strategies to stimulate demand for HMF should focus on three broad problems – affordability, macroeconomic management and institutional development and government intervention.

Social implications

The paper makes significant contributions to the body of knowledge, regarding understanding the low-income housing market and its financing in the context of a developing country.

Originality/value

The novelty of the paper is founded on the premise of the research methodology adopted to unearthed the barriers to the demand of HMF in Ghana. Future research effort should be directed at exploring the motivations behind low-income groups’ decision to demand HMF and the risk associated with the use of HMF in the context of Ghana.

Details

Journal of Facilities Management, vol. 16 no. 3
Type: Research Article
ISSN: 1472-5967

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Article
Publication date: 2 November 2012

E. Badu, D.J. Edwards, D. Owusu‐Manu and D.M. Brown

Failure to resolve Ghana's infrastructure deficit, coupled with inability of traditional financing methods to meet current infrastructure demand, have triggered recent studies to…

1646

Abstract

Purpose

Failure to resolve Ghana's infrastructure deficit, coupled with inability of traditional financing methods to meet current infrastructure demand, have triggered recent studies to explore strategic issues underpinning innovative financing (IF) of infrastructure. The purpose of this study is to explore potential impediments inherent in IF tools available to Ghana.

Design/methodology/approach

The empirical aspect of the investigation used structured interviews and a survey questionnaire to gather data from project implementation agencies with experience of infrastructure IF. Factor analysis (principal component analysis) established which variables measured aspects of the same underlying dimensions.

Findings

A total of three key challenges were identified, and explained in terms of: investment capacity; implementation and revenue mobilization. Findings provide an early failure signal when implementing IF.

Practical implications

Conclusions and recommendations are of benefit to various international development partners and governmental and non‐governmental organizations that develop and/or implement infrastructure projects. Further research will seek to explore strategic, innovative solutions to on‐going challenges.

Originality/value

Knowledge of the critical challenges facing implementation of IF remain scant and incomplete.

Details

Journal of Financial Management of Property and Construction, vol. 17 no. 3
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 3 April 2017

De-Graft Owusu-Manu, David John Edwards, E.K. Kutin-Mensah, Angela Kilby, Erika Parn and Peter Edward Love

Investment in power and electricity generation for replacing aging infrastructure with new represents a major challenge for developing countries. This paper therefore aims to…

469

Abstract

Purpose

Investment in power and electricity generation for replacing aging infrastructure with new represents a major challenge for developing countries. This paper therefore aims to examine infrastructure projects’ characteristics and how socio-political and economic investment environments interplay to influence the degree of private sector participation (PPP) in infrastructure delivery in Ghana.

Design/methodology/approach

Using World Bank Public-private infrastructure advisory facility (PPIAF) and private participation in infrastructure (PPI) project database data from 1994 to 2013, binary logistic regression was used to: determine the probability of a higher or lower degree of PPP; and examine the significance of factors that are determinants of private investments.

Findings

The findings reveal that the private sector is more likely to invest in a higher degree of PPP infrastructure projects through greenfield and concession vehicles as opposed to management and leasing contracts. From the extant literature, drivers of PPP included infrastructure project characteristics and the social–economic–political health of the host country. However, the significance, direction and magnitude of these drivers vary.

Originality/value

This paper identifies investment drivers to PPP advisors and project managers and seeks to engender discussion among government policymakers responsible for promoting and managing PPP projects. Direction for future work seeks to explore competitive routes to infrastructure debt and equity finance options that finance energy projects.

Details

Journal of Engineering, Design and Technology, vol. 15 no. 2
Type: Research Article
ISSN: 1726-0531

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Article
Publication date: 28 January 2020

David Mensah Sackey, De-Graft Owusu-Manu, Richard Ohene Asiedu and Adam Braimah Jehuri

Ghana has recently reviewed its renewable energy Act 835 with an objective of providing 10% of its energy from renewables by 2020 (Ackah and Asomani, 2015). Meanwhile, solar…

358

Abstract

Purpose

Ghana has recently reviewed its renewable energy Act 835 with an objective of providing 10% of its energy from renewables by 2020 (Ackah and Asomani, 2015). Meanwhile, solar Photovoltaic (PV) accounts for less than 2% of the energy mix (Energy Commission, 2018). In combating environmental issues such as climate change and meeting these policy targets, there is the urgent need to increase investment into the renewable sector. Therefore, the purpose of this paper is to critically examine the impeding constraints to photovoltaic investment in Ghana.

Design/methodology/approach

The Literature evaluation was carried out of critical constraints surrounding PV investments. Questionnaire was developed and administered online using Google form. Descriptive statistics was used to describe the features of each constraint. In addition, inferential analysis using relative importance index was used to rank these indicators. Again, one sample t-test was used to test the significance of the indicator. Multiple indicators were used to measure the latent constructs. Finally, independent test of mean equity was used to test relationship between the working experiences of despondence who have worked with solar PV below five years and those who worked from five years to ten years.

Findings

The research has highlights high installation and maintenance costs, lack of access to long-term capital finance, access to affordable consumer finance and lack of support to research and development as the major investment obstacles to solar PV investment in Ghana.

Research limitations/implications

It is recommended that the Government of Ghana should provide incentives such as tax waivers, which will encourage entrepreneurs, invest into PV. In addition, it is recommended that solar PV companies must collaborate with financial institutions to provide low interest and flexible consumer financing schemed that can enable home users to purchase the technology. Future research should complement this work by focusing on the impact of domestic currency volatility on PV investment. The scope of this study is constrained to the PV industry in Ghana.

Practical implications

This study will serve as a guide to the private sector business owners to help make critical PV investment decisions. It has also brought to the forefront the reason why solar PV account for a small fraction of Ghana’s energy mix.

Originality/value

This paper seeks to espouse the prevailing constraints to PV investment in Ghana and seeks to contribute to already existing literature that will make profound changes in state policy around PV investment. By understanding these difficulties, driving pointers can be recognized to encourage effective future venture inside the sustainable power source area. In this way, the research leads to a better understanding of the impeding factors that hinders PV investment in Ghana. Again, the paper has achieved new discovery with regards to variations between years of experience with PV use. The variation being less than five years with over five years of PV use. By understanding these difficulties, driving pointers can be recognized to invigorate effective future ventures.

Details

International Journal of Energy Sector Management, vol. 14 no. 4
Type: Research Article
ISSN: 1750-6220

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