Is the Business of Business only Business? Exploring Corporate Social Responsibility (CSR) Perspectives of Financial Services Firms in Ghana.

Abstract

This article reports the findings of an empirical study on the practice of corporate social responsibility (CSR) by financial services firms in Ghana. The justification for the study derives from the increasing concern of governments about corporate social responsibility, the pressure exerted on firms to demonstrate high ethical standards and increasing demands on firms by local communities and lobby groups to exhibit behaviours that promote the well being of their immediate environment. The study sampled companies listed in the Ghana Club 100 database, an annual ranking of the most prestigious firms in Ghana. The study adopted an in-depth, exploratory and comparative approach in examining the CSR issues from the perspectives of non-financial services firms versus financial services firms in Ghana. The key findings of the study were that firms in Ghana’s financial sector seem to exhibit a better grasp of the various dimensions of CSR and how these could be used for business and strategic advantage.