Analysing Factors that Enhance the Growth and Survival of Small and Medium Enterprises in Ghana

Seth Amoako (PhD), Elvis Boateng (PhD) and Edward Domina Attafuah (PhD)
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Seth Amoako (PhD): CEO- S AMOAKO VENTURES, Post Office Box 8984, Ahinsan, Kumasi
Elvis Boateng (PhD): Manager Ghana Water Company Limited, Kumasi- Ashanti.
Edward Domina Attafuah (PhD): School of Finance and Financial Management, Universidad Empresarial De Costa Rica

International Journal of Research and Scientific Innovation, 2024, vol. 11, issue 2, 335-351

Abstract: The economy of Ghana has been growing consistently during the recent years, and this growth has increased poverty and increased the number of middle-income countries in the region. Meanwhile, the current regional and global economic slowdown requires a new growth model for Ghana, with strengthened fluctuation for Small and Medium-sized enterprises (SMEs) to raise national productivity. Small and Medium Enterprises (SME’s) in Ghana play a dynamic role in the development of this nation, and this cannot be over- emphasized. It also serves as a means of employment in the country thus releasing the pressure on the civil and public sector in the case of employment. The study seeks to solve a problem of technology by Small and Medium Enterprises (SME’s) surveyed in Ghana by using PESTEL theory. It that painful process that Small and Medium Enterprise face to access the loan. Examine the various causes that hinder the growth and survival of small businesses in Ghana. To examine the variables that leads to the growth and survival of small businesses. To enumerate various sources of funds available to SMEs in Ghana and to ascertain the impact of hindrances by SME‟s to the growth of Ghana economy. Finally, the study also revealed that most of the entrepreneurs do not have much knowledge in using technology and it has affected the growth and the survival of SME. It is believed that if all the recommendations are taken into consideration, that entrepreneurs must regard the legal aspect of their day-to-day activities and process the necessary documents to avoid legal actions taken against them.

Date: 2024
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