a) When it comes to education, the coefficient for tertiary education is 0.197842. This means that people with tertiary qualifications are 7.3% more likely to have a bank account than those without such qualifications, with a 5% significance level. This implies that educated people have easier access to higher-paying jobs, which increases their chances of having a bank account and saving money. Furthermore, many educated individuals strive to work in formal sectors, which typically need a bank account for salary deposits.

b) The data indicates that individuals who do not identify as Muslim have a 4.6% higher chance of owning a bank account than those who do. This difference is statistically significant at the 1% level. Additionally, the study found that an increase in weekly working hours by one unit results in a 0.010% increase in the likelihood of owning a bank account. This indicates that people who work more tend to earn more and are more likely to save with a financial institution. The study suggests that individuals with lower education levels, those who are married, and those who identify as Muslim should be prioritized in efforts to improve financial inclusion. These factors have the most significant impact on an individual's likelihood of owning a bank account, while age and hours worked have a relatively smaller effect.

c) 4.5 Financial Inclusion and Economic Growth

Achieving economic growth depends on financial inclusion, which is a crucial aspect of a well-functioning financial system. Banks play a vital role in this process by collecting savings and unused funds, which they then lend out to investors, households, and entrepreneurs for various projects and purposes, with the aim of making a profit. This practice is fundamental to modern economic theory and is known as economic development. To measure the impact of economic growth, this research uses it as an independent variable (proxy for Gross Domestic Product or GDP) and dependent variables such as Aggregate Deposit and Credit Levels of Scheduled Commercial Banks, Monetary rates, and Mobile Money usage from 2018 to 2022.Table 4.4.1 Aggregate Deposit & Bank Credit Schedule for Commercial Banks in Ghana (In millions)

d) It has become evident that commercial banks are striving to improve accessibility to bank credit to foster wider participation in the financial system. This is evident in the differing levels of bank credit availability observed between 2019 and 2022. By providing greater access to bank credit, commercial banks aim to drive economic growth by encouraging investors, entrepreneurs, and business owners to borrow and invest in various economic activities. As Gross Domestic Product (GDP) is comprised of consumption, investment, government spending, and net exports, a boost in investment levels is likely to result in increased GDP, thereby indicating economic growth.

e) The Central Bank of Ghana's monetary rate reflects the interest rate at which it loans money to commercial banks. As per the figures in table 4.4.1, the monetary rate in Ghana declined from 2019 to 2021, but rose in 2022. The decrease in monetary rate between 2019 and 2021 resulted from a move to expand the money supply and spur economic growth while curbing unemployment. In contrast, the increase in monetary rate in 2022 was the outcome of a policy to restrict the money supply, which can help manage inflation but also lead to a drop in economic growth due to reduced aggregate demand, including consumption. It is worth noting that consumption is a significant aspect of GDP, and a decrease in aggregate demand may cause a decrease in GDP and economic growth overall.

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