Potential Critical Success Factors common to Banking Sector Projects in Ghana

Abstract

This paper presents insights on critical success factors for banking projects in Ghana. It identifies Critical Success Factors (CSFs) that are common to projects in the Banking sector of Ghana. The study adopted a quantitative research approach and utilized survey methods to collect data from 95 Project Practitioners in the Ghanaian banking Sector. Results from the study indicated that out of eighteen (18) critical factors, seven (7) factors correlated negatively to project success. Improper feasibility studies, inadequately defined tasks, ineffective monitoring and control, improper definition of specifications and lack of user involvement, among others, were the five (5) most Critical Success Factors that affected Banking sector projects in Ghana.. The study recommends that before public sector project implementation authorization is granted there must be defined monitoring and control procedures to measure the attainment of project objectives. Also, feasibility study teams should be appropriately constituted and an independent third party must thoroughly review feasibility reports and advice on all the implications on carrying out projects. It is further recommended that future studies focus on other sectors. The outcomes of the study would inform banking project planners in project formulation, planning, and implementation. Findings of this study will inform policy makers on current trends in the Ghanaian banking industry. In addition, researchers, banking professionals, and policy makers would find the results of this study useful.