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Effect of Interest Rate on Savings Behaviour among Ghanaians: Evidence from Kumasi, Ghana.

Abstract

The purpose of this paper is to explore how Ghanaians respond to changes in interest rate on savings. In other to effectively explain how changes in interest rate affect the savings behaviour among Ghanaians, the study administered 200 questionnaires and analysis of the data was done with descriptive statistics and chi-square test. The results show that, in general, changes in deposit interest rate loosely explain why people save. Again, decision to save with respect to changes in deposit interest rate depends on the knowledge the individual have on deposit interest rate and notices they receive from banks with respect to changes in deposit interest rate.

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