Business, Management and Accounting
4 years ago

Access to Finance and Inflation: Critical Risks for SMEs in Ghana.

Research Journal of Finance and Accounting
An Empirical Assessment of SMEs’ Financing Risks in Ghana
Safia Wemah, Mathias Akamba, Luu Yin

Paper Summary

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Small and Medium sized Enterprises (SMEs) in Ghana face challenges in getting loans from banks due to a lack of financial products and services tailored for them. The main issues are a shortage of debt financing, regulatory rigidities, and a lack of trust between SMEs and financial institutions. A study found that access to finance and inflation are the biggest risks for SMEs in industries like Agro processing, Agriculture, Trade, and Textile. Most financial institutions blame SMEs' default in loan repayment and mismanagement for not providing loans. This research provides valuable information for future studies and collaborations to improve SMEs' access to financing.