Exploring Factors That Enhance the Growth of Small and Medium Enterprises in Ghana

Seth Amoako and Seth Amoako
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Seth Amoako: Lecturer, AAMUSTED P.O. BOX 1277 Kumasi
Seth Amoako: Lecturer, AAMUSTED P.O. BOX 1277 Kumasi

International Journal of Research and Innovation in Applied Science, 2025, vol. 10, issue 4, 355-360

Abstract: This study examines the factors affecting the growth and survival of small and medium enterprises (SMEs) in Ghana, focusing on the Bosomtwe District in the Ashanti Region. It investigates key growth variables, available funding sources, and challenges faced by SMEs. Using a quantitative and descriptive approach, data were collected from 540 SME operators and managers through primary and secondary sources, with sampling methods including quota, stratified, and convenience techniques. The findings highlight significant hindrances to SME growth, including supply delays, market scarcity, legal challenges, and difficulty in accessing customers and finance. Key growth drivers include strong customer relationships, product quality, availability, and fair competition. Debt financing, especially long-term loans from rural banks, was the main funding source. Additionally, technology, legal frameworks, economic factors, and government policies were identified as critical influencers. The study emphasizes the need for improved financing, infrastructure, and policies to support sustainable SME growth in Ghana.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:bjf:journl:v:10:y:2025:i:4:p:355-360

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