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Challenges of services sector SMEs in a developing country: A case of Ghana

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  • Afia Serwaa Attrams
  • Makgopa Tshehla

Abstract

Small and medium-sized enterprises (SMEs) face diverse challenges that require solutions to enable the sector to thrive. The study used a sector-based approach to assess the challenges of SMEs from the financial institutions’ and SMEs’ points of view and suggested solutions to the challenges with a focus on the service sector in Ghana. The findings revealed that diversion of funds, inconsistencies in business, and lack of documentation prevail and are curbed by using mobile banking, improving relationship banking, and monitoring. From the analysis of 688 SMEs, high taxes and informal competitions are the highest-ranked challenges, while access to finance is ranked tenth. The policy recommendation is to reduce SME taxes and ban the importation of inferior goods.

Suggested Citation

  • Afia Serwaa Attrams & Makgopa Tshehla, 2022. "Challenges of services sector SMEs in a developing country: A case of Ghana," Journal of the International Council for Small Business, Taylor & Francis Journals, vol. 3(3), pages 228-236, July.
    • Handle: RePEc:taf:ucsbxx:v:3:y:2022:i:3:p:228-236
    DOI: 10.1080/26437015.2021.1982369
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