ASSESSING THE IMPORTANCE OF RETAIL BANKING TO THE DEVELOPMENT OF GHANA (A CASE STUDY OF ADUM METROPOLIS

Abstract

This article studies the importance of retail banking to the development of Ghana, a case study of Adum metropolis. This aims to provide the explanation as to why people do not make full use of the retail banks they have been transacting business with day in and day out and how important these retail banks are to the Ghanaian economy. A well designed quantitative questionnaires was used to collect data from respondent within the scope (Adum metropolis). The probability method (simple random technique) was used to select respondents to answer the questionnaires. The respondents included a staff of twenty-five (25) from the selected retail banks and customers of about seventy-five (75) as well. The data were analyzed to identify, describe and assess the importance of retail banks to the development of Ghana, using the Statistical Package for Social Sciences (SPSS) software version 25.0. A generalization was made after the data analysis to achieve the research objectives. The generalizations made from the analyses included; Retail banks helps to fight against unemployment in the economy, Retail banking is presumed to be for the middle and low class when it comes to social and economic status, Services charges are more affordable. Based on the results, we recommend that future researchers who wish to pursue this topic should concentrate on areas such as Service quality in retail banking and Customer service in retail banking and its importance in the banking sector.