INTEGRATING BLOCKCHAIN INTO FINANCIAL ACCOUNTING SYSTEMS: A STUDY OF GHANA'S EMERGING CORPORATE SECTOR

This study investigates the integration of blockchain technology into financial accounting systems within Ghana’s emerging corporate sector, addressing persistent challenges such as fraud, delayed audits, and inaccuracies in financial reporting. The research is significant due to the rising incidence of financial fraud-amounting to over GH¢320 million from 2018 to 2022-and the urgent need for transparent, tamper-proof accounting systems. The study aimed to evaluate how blockchain improves the accuracy, timeliness, and security of financial reporting. Employing a descriptive research design, the study utilized secondary data from 2018-2023 across Ghanaian institutions, applying statistical tools such as regression, correlation analysis, t-tests, and time series. Key findings reveal that blockchain integration reduced financial reporting errors from 15% to 5%, audit completion times by up to 15 days, and fraud incidence by 25% in firms with high integration. A strong positive correlation was observed between blockchain adoption and performance improvement, with an overall correlation coefficient of r = 0.87 and a regression model indicating R² = 0.79, F(3,96) = 41.52, p < 0.001. These results suggest that blockchain significantly enhances financial transparency, operational efficiency, and stakeholder trust. The study recommends increased policy support, regulatory clarity, and capacity-building initiatives to scale blockchain adoption. Findings have broad implications for emerging markets seeking to modernize financial accountability systems through secure, digital innovations.