Small and Medium Enterprises Failure in Ghana: Causes, Effects, and Solutions

Daniel Bamfo*, PhD Candidate
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Daniel Bamfo*, PhD Candidate: School of Graduate Studies, Valley View University, Accra, Ghana

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 3s, 4278-4289

Abstract: This study explored the causes, effects, and potential solutions to the high failure rates of Small and Medium Enterprises (SMEs) in Ghana. Recognizing the critical role SMEs play in economic development and job creation, the research sought to address the pressing need for sustainable strategies that can enhance their viability. Utilizing a qualitative research methodology, the study relied on secondary data collected from academic journals, government reports, and reputable publications published between 2020 and 2024, employing a systematic literature review to synthesize findings. Key findings revealed that financial constraints, managerial shortcomings, regulatory challenges, and inadequate infrastructure significantly contributed to SME failures, impacting the broader economy and workforce. The implications of these findings underscore the necessity for targeted interventions, including improved access to finance, effective managerial training, and streamlined regulatory processes, to foster a supportive environment for SMEs in Ghana. Ultimately, the study provides a foundation for future research and policy formulation aimed at enhancing the sustainability and growth of SMEs in the country.

Date: 2024
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