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Sustainability of Small and Medium Scale Enterprises in Rural Ghana: The Role of Microfinance Institutions

Author

Listed:
  • George Kwadwo Anane
  • Patrick Brandful Cobbinah
  • Job Kwame Manu

Abstract

This paper is based on a research work undertaken in 2012 on the dynamics of microfinance institutions (MFIs) and their contribution to the development of small and medium scale enterprises (SMEs) in Ghana. It investigates the effects and challenges of MFIs on the development of SMEs in rural Ghana. Using a case study approach, both theoretical and empirical data were sourced to explore the role and impact of MFIs on 93 SMEs in rural Ghana. Although there are challenges of untimely disbursement and repayment of loans, the paper suggests recipients of microfinance products and services are better off in terms of enhancing the activities of their SMEs, improving outputs and ensuring prudent financial management than those without microfinance services. The paper recommends timely disbursement of credit, flexible terms of credit repayment and awareness programmes to ensure the sustainability of SMEs.

Suggested Citation

  • George Kwadwo Anane & Patrick Brandful Cobbinah & Job Kwame Manu, 2013. "Sustainability of Small and Medium Scale Enterprises in Rural Ghana: The Role of Microfinance Institutions," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(8), pages 1003-1017.
    • Handle: RePEc:asi:aeafrj:v:3:y:2013:i:8:p:1003-1017:id:1067
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    Citations

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    Cited by:

    1. Obi Berko Obeng Damoah & Augustine Awuah Peprah, 2021. "Synthesis of small and medium enterprise research in Ghana," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 11(1), pages 451-468, December.
    2. Oderanti, Festus Oluseyi & Li, Feng & Cubric, Marija & Shi, Xiaohui, 2021. "Business models for sustainable commercialisation of digital healthcare (eHealth) innovations for an increasingly ageing population," Technological Forecasting and Social Change, Elsevier, vol. 171(C).
    3. Benjamin Asunka, 2017. "A Case for Regulating Corporate Governance for SMEs in Ghana," International Journal of Business and Management, Canadian Center of Science and Education, vol. 12(4), pages 168-168, March.
    4. Habibu Sani & Shazida Jan Mohd-Khan & Mohd Saifoul Zamzuri Noor, 2018. "Microfinance training and the number of loans received by SMEs. An empirical evidence from emerging economy," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(2), pages 326-341, April.
    5. Michael Addaney & Jonas Ayaribilla Akudugu & Edwin Supreme Asare, 2016. "Prospects and Challenges of Rural Small Scale Industries in the Sunyani Municipality of Ghana," Asian Development Policy Review, Asian Economic and Social Society, vol. 4(4), pages 111-126, December.
    6. Cankun Ma & Md. Qamruzzaman, 2022. "An Asymmetric Nexus between Urbanization and Technological Innovation and Environmental Sustainability in Ethiopia and Egypt: What Is the Role of Renewable Energy?," Sustainability, MDPI, vol. 14(13), pages 1-25, June.

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