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Chasing credit: the bane of small and medium scale enterprises in Assin North Municipality, Ghana

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  • Suleman Dauda
  • Samuel H. Nyarko

Abstract

This article assesses the institutional arrangements for sourcing credit and constraints facing SMEs in accessing credit to finance their operations in Assin North Municipality of the Central Region, Ghana. A descriptive cross sectional survey research design was employed in the study. A sample size of 80 respondents was drawn for the study and questionnaire was the instrument used for collecting the data. The study reveals that friends or family members were the principal sources of funding available for SMEs. Also, high collateral requirements, high level of taxation and competition from large scale businesses for finance and market were the major constraints facing the growth and expansion of SMEs. These challenges have stifled the growth and expansion of SMEs in the municipality. It is recommended that a special fund be established by the government and other stakeholders in the finance sector to respond solely to the credit needs of SMEs in the municipality.

Suggested Citation

  • Suleman Dauda & Samuel H. Nyarko, 2014. "Chasing credit: the bane of small and medium scale enterprises in Assin North Municipality, Ghana," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 22(2), pages 218-230.
    • Handle: RePEc:ids:ijesbu:v:22:y:2014:i:2:p:218-230
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    Citations

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    Cited by:

    1. Nyanzu, Frederick & Quaidoo, Matthew, 2017. "Access to Finance Constraint and SMEs Functioning in Ghana," MPRA Paper 83202, University Library of Munich, Germany, revised Dec 2017.
    2. Joseph Mbawuni & Simon Gyasi Nimako, 2015. "Getting Loan Clients to Recommend Financial Service Providers: The Role of Satisfaction, Trust and Information Quality," Accounting and Finance Research, Sciedu Press, vol. 4(1), pages 1-78, February.
    3. 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.

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