V2I11P08

Navigating Non-Financial Obstacles: Microfinance Experiences of Ghanaian Small-Scale Entrepreneurs

Forgive Kwadamah^1*, Francis Pol Costoy Lim^2,3

Abstract

Small-scale entrepreneurs contribute to the economic growth and development of their nation. This study investigated the non-financial challenges faced by small-scale entrepreneurs in their efforts to contribute to the economic growth and development of Ghana through borrowing from microfinance institutions. This qualitative study ascertained that small-scale entrepreneurs faced many non-financial challenges in their attempt to contribute to economic growth and development. The study was conducted in the La-Nkwantanang-Madina Municipality of the Greater Accra Region of Ghana. Sixteen participants, six males and ten females, provided data for this study. Participants aged between 30 and 55 years. Participants were selected from the small-scale industries of bakery, fish preservation, printing and publishing and restaurant. The Five-Step approach of Taylor-Powell & Renner (2003) was used to analyse data. Six major themes emerged from the study, namely: (Theme 1) Integrity and safety challenges; (Theme 2) Occurrences during input purchase period; (Theme 3) Occurrences during production period; (Theme 4) Issues in product marketing; (Theme 5) Issues in product storage; and (Theme 6) Modes and issues in product delivery. The study recommended that government must empower the Ministry of Power and Energy to produce constant power for enterprises.

Keywords:

Constraint, economic development, economic growth, entrepreneur, microloan, micro-insurance, small-scale enterprise, entrepreneurship, innovation, indicators