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

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  • Seth Amoako

    (Lecturer, AAMUSTED P.O. BOX 1277 Kumasi)

  • Seth Amoako

    (Lecturer, AAMUSTED P.O. BOX 1277 Kumasi)

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.

Suggested Citation

  • Seth Amoako & Seth Amoako, 2025. "Exploring Factors That Enhance the Growth of Small and Medium Enterprises in Ghana," International Journal of Research and Innovation in Applied Science, International Journal of Research and Innovation in Applied Science (IJRIAS), vol. 10(4), pages 355-360, April.
    • Handle: RePEc:bjf:journl:v:10:y:2025:i:4:p:355-360
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