Factors influencing the growth of SMEs: The case of Ghana.

This study examines the factors that affect the growth of small and medium‐sized enterprises (SMEs) in the context of Ghana, using entrepreneurs (or owner/managers) of SMEs as the unit of analysis. The data draws on in‐depth fieldwork undertaken for a period of three months involving 75 owner‐managers that were drawn from the three main sectors of the economy: agriculture, manufacturing, and services. Thematic technique was employed to analyze audiotaped interview transcripts. Findings show that several factors, including level of education, poor energy supply, access to external finance, competition, inflation and government policies influence the growth of SMEs in Ghana. The study recommends that sustained energy supply, review of lending and borrowing regulations, favorable fiscal policies, measures to combat unhealthy competition, provision of adequate training centers to equip entrepreneurs, and regulation on land acquisition should be government's priority to ensure consistent growth of SMEs in Ghana. [ABSTRACT FROM AUTHOR]