Financial Literacy Among Female Entrepreneurs in Ghana: Evidence from Traditional Markets

Godwin Ahiase, Maya Sari, Nugraha Nugraha, Denny Andriana, Percy Chris Kpodo, Philipina Ampomah


This study examines the financial behaviour and utilisation of e-finance among female entrepreneurs in traditional marketplaces in Ghana. The researchers collected data from 385 female entrepreneurs using a quantitative research method. The data was collected through a descriptive survey design and analysed using ordinary least squares regression models. The results show significant correlations between e-finance adoption, financial literacy, and financial behaviour. This highlights the importance of financial literacy in enabling women to participate in the market. The study also found that financial literacy had a greater impact on the financial behaviour of younger women, suggesting the need for targeted interventions that leverage technology. Additionally, the study found that the level of education had a significant impact on the adoption of electronic finance. This emphasises the importance of improving digital literacy to bridge the skills divide. Based on these findings, the study suggests the need for tailored financial education programmes and comprehensive initiatives to promote responsible financial practices and the adoption of modern financial technologies by female entrepreneurs in traditional markets.


Female Entrepreneurs; Financial Behaviour; Financial Literacy; Traditional Markets; Use of e-Finance

Full Text:



Adomako, S., & Ahsan, M. (2022). Entrepreneurial passion and SMEs’ performance: Moderating effects of financial resource availability and resource flexibility. Journal of Business Research, 144, 122-135.

Ajzen, I. (2011). The theory of planned behaviour: reactions and reflections. Psychology & Health, 26(9), 1113-1127.

Aman, H., Motonishi, T., Ogawa, K., & Omori, K. (2024). The effect of financial literacy on long-term recognition and short-term trade in mutual funds: Evidence from Japan. International Review of Economics & Finance, 89, 762-783.

Andarsari, P. R., & Ningtyas, M. N. (2019). The role of financial literacy on financial behaviour. Journal of accounting and business education, 4(1), 24-33.

Ansari, Y., Albarrak, M. S., Sherfudeen, N., & Aman, A. (2023). Examining the relationship between financial literacy and demographic factors and the overconfidence of Saudi investors. Finance Research Letters, 52(2), 103582.

Atkinson, A., & Messy, F.-A. (2020). Measuring financial literacy: Results of the OECD/International Network on Financial Education (INFE) pilot study. Online library of the Organisation for Economic Cooperation and Development, 23(1), 1-11.

Banna, H., & Alam, M. R. (2021). Impact of digital financial inclusion on ASEAN banking stability: implications for the post-Covid-19 era. Studies in Economics and Finance, 38(2), 504-523.

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.

Basias, N., & Pollalis, Y. (2018). Quantitative and qualitative research in business & technology: Justifying a suitable research methodology. Review of Integrative Business Economics Research, 7(3), 91-105.

Boateng, K. (2018). Ghana's progress in reaching out to the unbanked through financial inclusion. International Journal of Management Studies, 5(2), 1-10.

Boldar, J., Omanwa, C., & Baimwera, B. (2022). Promotion of Financial Literacy through Financial Education Partnership for Financial Inclusion in Kenya: Case of Commercial Banks. Journal of International Business, Innovation and Strategic Management 6(2), 70-88

Bongomin, G. O. C., & Ntayi, J. M. (2020). Analyzing the relationship between financial literacy and financial inclusion by microfinance banks in developing countries: social network theoretical approach. International Journal of Sociology and Social Policy, 40(11/12), 1257-1277.

Bongomin, G. O. C., Woldie, A., & Wakibi, A. (2020). Microfinance accessibility, social cohesion and survival of women MSMEs in post-war communities in sub-Saharan Africa: Lessons from Northern Uganda. Journal of Small Business and Enterprise Development, 27(5), 749-774.

Chorlton, K., Conner, M., & Jamson, S. (2012). Identifying the psychological determinants of risky riding: An application of an extended Theory of Planned Behaviour. Accident Analysis Prevention, 49(2), 142-153.

Conner, M., & McMillan, B. (1999). Interaction effects in the theory of planned behaviour: Studying cannabis use. British Journal of Social Psychology, 38(2), 195-222.

Damoah, O. B. O., & Peprah, A. A. (2021). Synthesis of small and medium enterprise research in Ghana. Journal of Global Entrepreneurship Research, 34(2), 451-468.

Dannels, S. A. (2018). Research design. In The reviewer’s guide to quantitative methods in the social sciences (pp. 402-416). Routledge.

David-West, O., Iheanachor, N., & Umukoro, I. O. (2019). Mobile money as a frugal innovation for the bottom of the pyramid–Cases of selected African countries. Africa Journal of Management, 5(3), 274-302.

Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19.

Desai, R., Bhatt, K., & Raval, A. (2023). Financial Literacy and Its Impact on Financial Inclusion: Moderating Role of Gender. The Journal of Wealth Management, 25(1), 1-22. ttps://

Franzke, S., Wu, J., Froese, F. J., & Chan, Z. X. (2022). Female entrepreneurship in Asia: a critical review and future directions. Asian Business & Management, 21, 343–372 (2022).

Ghana Statistical Service, G. (2021). 2021 Population Housing Census. Provisional results (1682-1750).

Goyal, K., & Kumar, S. (2021). Financial literacy: A systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80-105.

Graña-Alvarez, R., Lopez-Valeiras, E., Gonzalez-Loureiro, M., & Coronado, F. (2024). Financial literacy in SMEs: A systematic literature review and a framework for further inquiry. Journal of Small Business Management, 62(1), 331-380.

Hasan, M. M., Yajuan, L., & Khan, S. (2022). Promoting China’s inclusive finance through digital financial services. Global Business Review, 23(4), 984-1006.

Hermawan, A., Gunardi, A., & Sari, L. M. (2022). Intention to use digital finance MSMEs: the impact of financial literacy and financial inclusion. Jurnal Ilmiah Akuntansi Dan Bisnis, 17(1), 171-182.

Irrinki, M. K., Kalyani, C. V., Mahalakshmi, K., Reddy, T. M. V., & Sricharan, D. (2023). Connotation of financial literacy on financial inclusion–a study in west Godavari district. Journal of Pharmaceutical Negative Results, 14(2), 1738-1750.

Jana, D., Sinha, A., & Gupta, A. (2024). Determinants of financial literacy and use of financial services: an empirical study amongst the Unorganized sector workers in Indian scenario. Iranian Journal of Management Studies, 12(4), 657-675.

Jennah, H. (2022). OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion 2022.

Kandpal, V., Chandra, D., Dalei, N. N., & Handoo, J. (2023). Financial Literacy for Promoting Sustainability. In Financial Inclusion in Circular Economy: A Bumpy Road Towards Sustainable Development (pp. 79-89). Cham: Springer International Publishing.

Kass-Hanna, J., Lyons, A. C., & Liu, F. (2022). Building financial resilience through financial and digital literacy in South Asia and Sub-Saharan Africa. Emerging Markets Review, 51, 100846.

Kirschning, R., & Mrożewski, M. (2023). The role of entrepreneurial absorptive capacity for knowledge spillover entrepreneurship. Small Business Economics, 60(1), 105-120.

Koskelainen, T., Kalmi, P., Scornavacca, E., & Vartiainen, T. (2023). Financial literacy in the digital age—A research agenda. Journal of Consumer Affairs, 57(1), 507-528.

Muchandigona, A., & Kalema, B. (2022). Mobile Phone-Based Money as a Tool for Financial Inclusion in Developing Countries: A Review. Available at SSRN 4331717.

Munyuki, T., & Jonah, C. M. P. (2021). The nexus between financial literacy and entrepreneurial success among young entrepreneurs from a low-income community in Cape Town: a mixed-method analysis. Journal of Entrepreneurship in Emerging Economies, 14(1), 137-157.

Panos, G. A., & Wilson, J. O. (2020). Financial literacy and responsible finance in the FinTech era: capabilities and challenges. The European Journal of Finance, 26(4-5), 297-301.

Prasad, H., Meghwal, D., & Dayama, V. (2018). Digital financial literacy: A study of households of Udaipur. Journal of Business and Management, 5, 23-32.

Rai, K., Dua, S., & Yadav, M. (2019). Association of financial attitude, financial behaviour and financial knowledge towards financial literacy: A structural equation modelling approach. FIIB Business Review, 8(1), 51-60.

Saif, M. A., Hussin, N., Husin, M. M., Alwadain, A., & Chakraborty, A. (2022). Determinants of the intention to adopt digital-only banks in Malaysia: The extension of environmental concern. Sustainability, 14(17), 11043.

Shanmugam, K., Chidambaram, V., & Parayitam, S. (2023). Relationship Between Big-Five Personality Traits, Financial Literacy and Risk Propensity: Evidence from India. IIM Kozhikode Society & Management Review, 12(1), 85-101.

Singh, R., & Mallick, H. (2024). Financial inclusion in India: an analysis from the user-side perspective. International Journal of Social Economics.

Van Nguyen, H., Ha, G. H., Nguyen, D. N., Doan, A. H., & Phan, H. T. (2022). Understanding financial literacy and associated factors among adult population in a low-middle income country. Heliyon, 8(2), 9638-9649.

Watanapongvanich, S., Binnagan, P., Putthinun, P., Khan, M. S. R., & Kadoya, Y. (2021). Financial literacy and gambling behaviour: evidence from Japan. Journal of Gambling Studies, 37, 445-465.

Wealth, E., Svotwa, T. D., & Makanyeza, C. (2023). Impact of financial education on financial literacy and financial inclusion in Namibia. In Financial Inclusion Regulatory Practices in SADC (pp. 76-89). Routledge.

Wernerfelt, B. (1995). The resource‐based view of the firm: Ten years after. Strategic Management Journal, 16(3), 171-174.

Widati, S., Putri, G. A., & Arfiani, R. D. (2023, September). The Effect of Financial Inclusion and Financial Literacy on The Performance of MSMEs Batik Wonogiren (Case Study on Batik MSMEs in Wonogiri Regency). In RSF Conference Series: Business, Management and Social Sciences (Vol. 3, No. 3, pp. 196-207).

Yang, J., Wu, Y., & Huang, B. (2020). Digital finance and financial literacy: An empirical investigation of Chinese households. Applied Economics 36(1), 19-32.

Yang, Y., & Konrad, A. M. (2011). Understanding diversity management practices: Implications of institutional theory and resource-based theory. Group Organization Management, 36(1), 6-38.

Ziegler, T., Shneor, R., Wenzlaff, K., Suresh, K., Paes, F. F. D. C., Mammadova, L., ... & Knaup, C. (2021). The 2nd global alternative finance market benchmarking report.



  • There are currently no refbacks.

Copyright (c) 2024 Godwin Ahiase, Maya Sari, Nugraha Nugraha, Denny Andriana, Percy Chris Kpodo, Philipina Ampomah

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Creative Commons License

Image : Jurnal Riset Manajemen is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

View My Stats