The effects of financial innovation on financial savings in Ghana

The study principally looked at the relationship between financial innovations and financial savings in Ghana, over 1963 - 2006. The other subsidiary objectives were to establish the extent of financial innovation development and to identify, if any, challenges confronting financial innovations in Ghana. Co-integration and vector error-correction models were applied in order to study the relationship between financial innovations, financial savings, deposit rates, lending rates, inflation, and exchange rates in accordance with the theoretical concepts. The study presents interesting results on the effects of financial innovations on financial savings.