EuroEconomica, Vol 37, No 3 (2018)

Working Capital Management Policies of the Listed Manufacturing Firms in Ghana

Anokye M Adam, Edward Quansah, Seyram Kawor


This study sought to examine the relationship between the aggressive/conservative current asset investment and financing policies for six manufacturing firms listed at Ghana Stock Exchange for a period of 2000-2013. Data were sourced from the annual reports of the firms and the publication of Ghana Stock Exchange. Descriptive statistics, One-way ANOVA and rank order correlation were used for analyzing the data. The results revealed that the listed manufacturing firms were following moderate working capital management policies. The study found significant differences among the current asset investment policies across different firms. However, no significant differences were observed for firms’ policies concerning relative aggressive/conservative current asset financing. Additionally, these significant differences or otherwise are not stable over time with the instability more prevalent in the current liability management. 


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