Using Balanced Scorecard for Managing Performance in Selected Ghanaian Banks

Prior to 1992, Kaplan and Norton posited that organizations solely rely on financial measures to manage their performance. It has become possible for organizations to incorporate in addition to financial measures non- financial measures to manage their performance. It is in this light that balanced scorecard is one of the tools used to manage performance. However, managing the overall performance of organizations using balanced scorecard is limited in literature in Ghanaian banks. This study explores the extent of use of the four perspectives of balanced scorecard as a tool to for managing performance in selected Ghanaian banks. Survey research method was employed. In relation to the extent of used of balanced scorecard perspectives by selected Ghanaian banks to manage performance, it was found that financial perspective was used followed by customer perspective, learning and growth perspective, and internal business process. The ANOVA test showed that the mean scores of the four perspectives of the balanced scorecard was statistically and significantly different from each other. The research concludes that, Ghanaian banks relied heavily on financial perspective to measure performance.