58816606 Barriers to Sme Growth in Ghana

8/12/2019 58816606 Barriers to Sme Growth in Ghana

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Small Business Economics (2008) 30:385403 Springer 2007

DOI 0!007"s87#007#$04%#

&'e Barriers o ro*' in'ana

+aul ,! -! .o/son

Bernar -! O/eng

-BS&.-1&! &'is paper presens 'e

resuls o orere logi regression moels o'e pro/lems ace / 500 enrepreneurs

rom si regions o 'ana agains 'e

c'aracerisics o 'e enrepreneurs an 'eir

/usinesses an *'e'er 'ese *ere

ssemaicall relae o a lis o 37 acors

'a 'e perceie as limiing 'eir a/ili o

ac'iee 'eir o/6ecies in 'e perio 2002

2005! &'e resuls s'o* 'a 'e eucaion

/u no 'e se or age o 'e enrepreneurs

*ere relae o /usiness /arriers! amil

Businesses gro*ing /usinesses 'ose

proiing raining an 'ose *'ic' i no

spen mone on .9D *ere more liel o

encouner /usiness /arriers! &'e inings o

'e researc' also reeale 'a in general

irms in conur/aions *ere more liel o

encouner /arriers!

;E< =O.DS: Enrepreneurs'ip/usiness /arriers /usiness o/6ecies-rica!

,E> 1>-SSII1-&IO?S: D2 >2 >2%@3!

! Inroucion

&'ere is a as enrepreneurs'ipan small /usiness lieraure*'ic' is concerne *i'eplaining 'e acors /e'insuccessul irms paricularlpapers looing a 'eeerminans o gro*' (>iunenan &o'mo 2003A


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s o 'e enrepreneurs an 'eir/usinesses an *'e'er 'ese*ere ssemaicall relae o alis o 37 acors 'a 'eperceie as limiing 'eir a/ilio ac'iee 'eir o/6ecies in 'e

las 3 ears an 'e *ere alsogien 'e opporuni o inicae i'ere *ere o'er acors noinclue in 'e lis! .esponensinicae *'e'er 'e acors ellino one o our caegories no

imporanmoeraelimporan

imporan orcruciallimiaion!&'is

acaemicsan alsopolic maersso 'a ourunersaningo

enrepreneurs'ip can /eaance analso 'apu/lic secormone is

aanageousl spen or'e /enei ooseringgro*'! ='ils'e ocus o

'e researc'is 'anacomparisons*i' /usinesspro/lems


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386 +aul ,! -! .o/son an Bernar -! O/eng

and difficulties in the US, UKand other coun-tries willalso be made in the paper.

This study is

therefore aimed toidentify andunderstand the natureof entrepreneurship inhana and to identifythe problems, whichentrepreneursencountered. !f hana,and "frica more#enerally are to #rowand to achie$e le$elsof prosperity which arecloser to those le$elsen%oyed in de$eloped

countries such as theUS then there is aneed to better under-stand entrepreneursproblems.

The ne&t sectionbrie'y re$iews thepre$ious research. Thethird section describesthe data set andmethodolo#y and thehypotheses, which aretested a#ainst thecharacteristics of thebusi-nesses and theentrepreneurs. Thefourth sectionpresents the mainresearch (ndin#s.)astly, a conclusioncompletes the paper.

2! +reious researc'

Ta#oe et al. *+used si& case studiesto e&amine the impactof (nancial sectorliberali-sation */S)policies on the formalmana#e-ment of smalland medium-si0edenterprises in hana.

Ta#oe et al. *+found that the main(nancial challen#efacin# S12s wasaccess to aordablecredit.

4olf *+5analysed a data set of enter-prises in theformal commercial

a#ricultural andmanufacturin# sectors

in hana. 4olfs *+5 studye&aminede&porters,performanceindica-tors,and the mainbusiness

obstacles.4olf *+5used a si&point scale of7not, little,somewhat,uite, $ery,ande&tremely,and re-portedthe results of9 factors, butdid not relatethese to thecharacteristicsof the

enterprises ortheir owners.She found thatinterest rates*6+:, accessto credit*+:,depreciation*56: andin'ation *53:were the fourmostimportantbusinessobstacles inhana, where

thepercenta#e inparentheseswere thecombined $eryor e&tremelyproblematicscores.

1ambula*++inter$iewed 3+small busi-nessentrepreneursin ;i#eria aswell as#o$ernmentofficials, banie'olm ($$8)oun in eas-rica 'a 'egener o 'eo*ner#manager*as a signiicaneermi#nan o'e surial raeo 'e /usiness! -su


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3? +aul ,! -! .o/son an Bernar -! O/eng

by Sau and 1anu*+5 reported thatthe hanaian female-owned (rms weremore lihGuali(cations. !t wouldbe #enerally e&pectedthat those entre-preneurs with hi#hle$els of educationencoun-tered fewerproblems than thosewith lower le$els ofeducation.

The education of theentrepreneurs was

cate#orisedaccordin# totheir hi#hestuali(ca-tioninto one of four #roups7 *ipost#raduate,professional

uali(cations,de#rees orA2 H" le$els,where thelater are theuali(cationswhichdeterminesentry touni$ersities inhana and theUK, and areeui$alent tohi#h school#raduation inthe USC *iitechnical,

$ocational andapprenticeshipsC *iii A2 H@le$el whichcorresponds tothose with aneducation upto 6 years ofa#eC and, *i$

%unior schoolcerti(-cates,or noeducation.

3!2! >ocaion

!n the UK $ariousstudies ha$efound thatsmallbusinesseswhich werelocated inmore Haccessi-ble rural areasperformedbetter thantheircounterpartsin the urbanareas *Keeble,+3.

=owe$er,similar studiesunderta


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the perfor-mance and#rowth of smallbusinesses by loca-tion. The closenessbetween (rms andtheir customers canpro$ide impetus forde$elopment due tothe ease with which

the (rms can identifycustomer needs. Thus,it is e&pected thatthose (rms inconurbationsencounter fewerbarriers than othertypes of locations.

4! .esuls

The entrepreneursindicated if each ofthe fac-tors was notimportant, moderately

important, important,or of crucial important./or ease of interpretation of theresults it was feltdesirable to combine

to#etherimportant andcrucial for thesummarystatistics,althou#h inthe re#res-sionmodels thefourcate#orieswere retained

and estimatedby orderedlo#it models.

Tests formulticollinearity usin#correlationmatrices,tolerancestatistics and$ariancein'ationfactorssu##est thatthis is not aproblem in themodels.Table !shows the listof barriers,

which wereencounteredin tryin# tomeet theirbusiness

ob%ecti$eso$er the last 3years.

The hi#hrate of in'ation wasthe most per-cei$edlimitation and

it wasmentioned by9.5: of therespondents.

This wasfollowed bytoo hi#hinterest rateswhich wasmentioned by68.: of therespondentsand the hi#hrate of thedepreciationof the Aedi

occupied thethird positionwith 63.:.


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&'e Barriers o ro*' in 'ana 3?

T"B)2!

)imitations encounteredby entrepreneurs in

achie$in# their businessob%ecti$es o$er the last 3

years, *: report-in#important, or crucial

limitation

/actor

inance!nadeuate access to debt (nance

!nadeuate access to euity (nance

!nterest rates too hi#h

Go not ha$e collateral to

secure ban< loan

Gifficult to meet loan criteria

!nadeuate family (nance

@are!nadeuate demand

Too many competin# (rms

Aompetition from imported

#oods

=i#h ad$ertisin# costs

!nadeuate mar


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*See Tables !!EF!!.1ore speci(callyfamily businesseswere more li


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3$2

T"B)2

encounteredb

yentrepreneursinachie$in

#theirbusine

s

s ob%ecti$es o$er the last three years, by (nancial factors

!nadeuateaccess

!nadeuate accessto !nterest rates

to debt (nance euity (nance too hi#h

rowth ).6 *.5 ).5 *.a

1anufacturin# ).6?? *.+3a ).53*.+88

Ser$ices ).8+ *.+6a ).+59*.+?

Si0e *)o# .6? *.+6a ).*.+9?

2&porter ).3 *.+3 .+?8 *.+3

!nno$ator ).3 *.+8 ).368*.+56

IG ).36+ *.+39 .?5 *.++

Trainin# .9 *.? .3+6*.++?

/amily Business .59 *.+9c .++?*.+56

ender ).9 *.+8 .53 *.36

"#e .66? *.88c ).9*.??5

=i#h school #raduation plus ).+65 *.++ .9? *.+8

TechnicalJ Foc ).36*.+ ).533*.+?9

H@ )e$els ).88*.+99 ).5*.3+?

Aonurbation .+5 *.+3+ .69 *.+9

)ar#e Town .+ *.+89 .63 *.353

)o# li


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foreduca

tionthee&clu

dedcomparison

#roupisDunio

rSchoolAertifi

cate *plus no education, 3 obser$ationsC for location thee&cluded comparison #roup is small towns.


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+aul

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&'e Barriers o ro*' in 'ana

&-B>E III

Esimaes o an orere logi moel o 'e limiaions encounere /enrepreneurs in ac'ieing 'eir /usinesso/6ecies oer 'e las 'ree ears /

mare relae acors

Inaeuae &oo man 1ompeiion rom ig' aerising Inaeuaeeman compeing irms impore goos coss mare researc'

ro*' 0!004 (0!004) 0!003 (0!004) 0!0% (0!005)a

0!008(0!005)c

0!00(0!005)@anuacuring )0!2%4 (0!25% ) 0!75 (0!25) )!52 (0!28)

a0!454(0!2%4)

c)0!%5(0!257)

Serices )0!223 (0!2%0) 0!250 (0!255) )!543 (0!2$5)a

0!430(0!2%8) )0!287(0!2%2)Sie (>og) )0!7$ (0!2%)

a)0!334 (0!25) )0!3$0 (0!287) )0!322(0!2%5) 0!8(0!2%%)

Eporer 0!502 (0!230)/

)0!300 (0!220) 0!223 (0!255) 0!050(0!230) 0!04$(0!233)Innoaor )0!387 (0!202)

c0!2$$ (0!207) 0!3$ (0!237) )0!335(0!2 )0!5(0!25)

.9D )0!28% (0!233) )0!87% (0!22%)a

)0!%2% (0!27)/

0!77(0!225) )0!334(0!234)&raining 0!22 (0!$2) )0!20 (0!$) 0!07$ (0!222) 0!22(0!$5) )0!4(0!20)

amil Business 0!402 (0!22)c

0!3$3 (0!208)c

)0!44% (0!235) 0!27(0!28) 0!%$8 (0!23)a

ener )0!37% (0!27%) 0!37$ (0!278) 0!0% (0!322) )0!358(0!2%7) )0!005(0!288)-ge 0!%22 (0!87$) )!857 (0!85%) )0!454 (0!$$2)

/)!307(0!8$5) 0!7$(0!$05)

ig' sc'ool )0!053 (0!245) )0!5%4 (0!247)/

0!3$4 (0!28)c

)0!25$(0!25) )0!0(0!2%)grauaion plus

&ec'nical"Goc 0!053 (0!24) )0!40$ (0!248)c

0!47% (0!284)c

0!428(0!247)c

0!53% (0!255)/

HO >eels )0!373 (0!280) )0!473 (0!2%3)c

0!374 (0!307) )0!0%3 (0!274) )0!003 (0!288)1onur/aion 0!3 (0!224) 0!584 (0!22$)

/!300 (0!30)

a)0!7%2(0!233)

a)0!382(0!24)

>arge &o*n )0!2%4 (0!278) 0!%32 (0!27$)/

0!$82 (0!355)a

)0!7$$(0!283)a

)0!24(0!2$5)

>og lieli'oo )5%2!40 )58$!%08 )442!84% )552!237 )505!434

? 443!a

Sig

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/

Signiica

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Sig

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results showed nostatistically si#ni(cant rela-tionship with familybusinesses. !n e&aminin#the infrastructure factorsand socio-cultural factorsa#ainst family and non-family businesses shown in

TableF!!, the data re$ealedthat hi#h transport costsand the use of businessresources to support familywere the only statisticallysi#ni(cant results. Theresults are consistent withpre$ious researchers whoha$e established lin


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supply, which were bothinfrastructure barriers showninTableF!!C and more li


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3$4

&-B>Ere /

enrepreneursi

nac'ieing'eir/us

inesso/6eciesoer'elas'reeea

rs

/managerialanec'nical

acors

S'orage o ig' *ages -ccess o ne*

sille la/our or sille la/our ec'nolog

ro*' 0!007 (0!004) 0!0(0!004)a

0!00%(0!004)@anuacuring )0!378 (0!25$) 0!380(0!255) 0!533 (0!248)

/

Serices )0!04 (0!2%0) 0!2$5(0!25$) )0!%4(0!254)

Sie (>og) 0!238 (0!2%%) 0!5(0!257) 0!82(0!25)Eporer )0!0$5 (0!242 0!54(0!227) 0!44(0!224)

Innoaor )0!%4 (0!22)a

)0!570 (0!203)a

)0!024(0!207)

.9D )0!27 (0!240) )0!57%(0!22%)a

)0!%4%(0!227)a

&raining 0!32 (0!202) 0!055(0!$2) 0!8(0!$4)amil Business 0!%00 (0!225)

a0!$07 (0!20)

a0!4%$ (0!2$)

/

ener )0!344 (0!275) )0!3(0!277) 0!452(0!283)-ge !32 (0!$2%) 0!7%(0!875) 0!80(0!880)

ig' sc'ool )0!035 (0!258) )0!43%(0!242)c

)0!447(0!25)c

grauaion plus)0!%&ec'nical"Goc 0!472 (0!255)

c0!0$(0!243) (0!24%)

HO >eels 0!377 (0!28) )0!204(0!274) 0!034(0!27$)

1onur/aion )0!83 (0!238)a

)0!342(0!234) )0!34$(0!233)>arge &o*n )0!253 (0!288) )0!37(0!288) 0!2%$(0!288)

>og lieli'oo )520!04$ )575!%%7 )5%2!883

? 443!a

Si

gniicanaFleel!/

S

igniicana5Fleel!c

Si

gniican

a0Fleel!


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T"B)2F

2stimates of an ordered lo#it model of the limitationsencounteredbyentrepreneur

sinachie$in#theirbusinessob

%ecti$eso$erthelastthreeyear

s,byin

putsre-lated

factors

=i#hcost =i#h cost ofof local imported raw

raw materials materials

rowth .*.a

.3 *.1anufacturin# ).38*.+6 ).+5 *.+6

Ser$ices ).3?9*.+6?a ).93 *.+9a

Si0e *)o# ).6*.+66/ ).33 *.+6

2&porter ).+*.++? .8 *.++/

!nno$ator .?*.++ .5? *.+5/

IG ).36*.+3 ).5+ *.+35c

Trainin# .353*.++c . *.++a

/amily Business .355*.+ ).68 *.+

ender .99*.+8 .6 *.+?3

"#e ).+39.8? ).9?6 *.8?9/

=i#h school ).655*.+3/

).53 *.+

#raduation plus

).+8 ).53TechnicalJ Foc. *.+5 *.+6

H@ )e$els ).3*.+98/ ).3+8 *.+8


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Aonurbation ).6*.+38/ .63 *.+53/ ).+5*.+3? ).36

)ar#e Town ).9?+*.+?+a ).59 *.35 ).+66 *.35 .+

)o# li


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&'

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arriers

(o)ro*

('

in)'

an

a


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3$5


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3?6 +aul ,! -! .o/son an Bernar -! O/eng

&-B>E GI

Esimaes o an orere logi moel o 'e limiaions encounere / enrepreneurs in ac'ieing 'eir /usinesso/6ecies oer 'e las 'ree ears / economic"regulaor acors

ig' rae o ig' epreciaion ig' a an .egisraion" 1orrupioninlaion o 'e cei impor uies >icensing".e ape

ro*' 0!004(0!005) 0!00%(0!004) 0!004 (0!004) 0!07(0!004)/

0!00%(0!005)@anuacuring )0!357(0!252) )0!044(0!24%) 0!7$5 (0!25)

a0!3(0!2%2) )0!455 (0!252)

c

Serices )0!507(0!25%)/

)0!0$(0!252) 0!77% (0!257)a

0!2%0(0!2%%) )0!582(0!2%)Sie (>og) )0!2$4(0!252) 0!2% (0!250) )0!00% (0!255) )0!2(0!2%$) )0!08(0!2%%)Eporer )0!030(0!22%) )0!7(0!2$) 0!333 (0!22$) )0!5(0!238) )0!205(0!23%)

Innoaor )0!00(0!20%) 0!070(0!202) 0!284 (0!204) 0!450(0!23)/

0!74(0!23).9D )0!04(0!225) )0!304(0!225) )0!$0 (0!222) 0!32 (0!234) )0!2$0(0!23$)&raining 0!270(0!$4) 0!04(0!$0) 0!338 (0!$5)

c0!44$(0!203)

/0!20(0!20)

amil Business 0!0%7 (0!24) 0!0$ (0!2) )0!087 (0!22) 0!548(0!234) 0!57$(0!228)

ener )0!3$%(0!282) )0!020(0!27$) 0!033 (0!283) )0!0%%(0!2$4) )0!45(0!285)-ge )0!80$(0!878) )!%28(0!857)

c0!008 (0!852) 0!38(0!$5) 0!387(0!$4)

ig' sc'ool )0!7$(0!250) )0!078(0!247) 0!2 (0!248) 0!570(0!2%0)/

0!05(0!258)grauaion plus

&ec'nical"Goc! )0!074(0!250) 0!7$(0!250) 0!002 (0!24%) 0!%4(0!2%0) )0!05%(0!258)HO >eels )0!84(0!2%8) 0!0% (0!2%3) )0!040 (0!2%%) 0!25$(0!27%) 0!87(0!28)

1onur/aion 0!082(0!22%) 0!278(0!224) !023 (0!23)a

0!504(0!24)/

0!4$4 (0!235)/

>arge &o*n )0!54(0!28)c

)0!44(0!277) 0!370 (0!27%) 0!0%$(0!2$5) )0!78(0!2$%)

>og lieli'oo )55!22 )584!703 )572!444 )4$3!285 )503 !73

? 443!aSigniican a F leel!

/Signiican a 5F leel!

cSigniican a 0F leel!

of business resources to support family*See Table F!!. These results support the

earlier (ndin# of 1ead and )iedholm*??8 who reported that micro (rmse&perienced hi#her closure rates than thesmall and medium (rms due to a lac< ofdemand and the shorta#e of wor


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&'e Barriers o ro*' in 'ana 3?9

!n hana it is e&tremelydifficult for the small businessowner-mana#er to secure euity

loans from the stoc< mar


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si#ni(cant at the : le$el orbetter7 inadeuate access todebt (nance, interest rates toohi#h, no collateral to secureban< loans, the difficulty to meetloan criteria, and inadeuatefamily (nance. !n four inputsmodels sector was statisticallysi#ni(cant at the : le$el andthey were7 the hi#h cost of localraw materials, the hi#h cost ofimported raw materials,inadeuate supply of rawmaterials, and the poor ualityof local raw materials.

!n contrast, ser$ice sector (rmswere much more li


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3$8

&-B>E

encounere/en

repreneursinac'ieing'eir/usines

so/6eciesoer'e

l

as 'ree ears / inrasruc#ure an socio#culural acors

ig' cos o uili >ac o inusrial ig' ranspor >o* uali o +oor elecommunicaio

c'arges sies coss elecrici"*aer ne*or:ssuppl

ro*' 0!04 (0!004)a

0!00(0!005)/

0!008 (0!004)c

0!005 (0!004) )0!005 (0!005)@anuacuring 0!773 (0!254)

a!00 (0!282)

a)0!40$ (0!243) !0$3 (0!2%)

a0!3$0 (0!270)

Serices 0!72% (0!258)a

0!%% (0!287)/

)0!387 (0!250) 0!802 (0!2%3)a

0!57% (0!275)

Sie (>og) )0!828 (0!258)a

)0!354 (0!270) )0!523 (0!25%)/

)0!08 (0!257) 0!020 (0!2%4)

Eporer )0!247 (0!28) )0!00$(0!230) 0!$8 (0!222) )0!288 (0!22) )0!00 (0!23)Innoaor 0!53$ (0!203)

a0!28%(0!22) 0!225 (0!20) 0!5%2 (0!208)

a)0!04 (0!2)

.9D 0!040 (0!22%) #0!47(0!240)c

0!52 (0!22%) 0!3$8 (0!225)c

0!300 (0!228)&raining 0!278 (0!8$) 0!230(0!200) 0!0$4 (0!$) 0!50 (0!$3)

a 0!3$% (0!20)amil Business )0!04% (0!2) 0!405(0!2$) 0!373 (0!20$)

c0!44$ (0!2$) 0!575 (0!22%)

ener )0!04 (0!285) 0!533(0!2%0) )0!224 (0!277) )0!5$4 (0!273)/

)0!275 (0!28%)

-ge !%8 (0!877)c

0!053(0!$02) )!00 (0!872) !0% (0!857) !%55 (0!8$2)

ig' sc'ool 0!54 (0!24%) #0!%82(0!2%0)a

)0!35% (0!243) )0!00 (0!24$) 0!588 (0!2%)grauaion plus

)0!044 )0!20 )0!28&ec'nical" Goc! (0!245) (0!25) 0!287 (0!247) (0!250) 0!274 (0!2%)HO >eels )0!25% (0!2%$) )0!58 (0!288)

/)0!05 (0!272) )0!48 (0!27%) 0!455 (0!28)

1onur/aion 0!427 (0!22%)c

0!%5% (0!245)a

0!22$ (0!22%) 0!40 (0!23)c

)0!240 (0!240)>arge &o*n 0!053 (0!27$) 0!35(0!302) )0!228 (0!27%) 0!$ (0!287) )0!88 (0!2$8)

>og lieli'oo )580!27$ )52$!233 )58!532 )5%2!04% )508!2%8

? 443!a

SigniicanaFleel!/

Signiicana5Fleel!c

Signii

can

a0Fleel!


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+aul

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&'e Barriers o ro*' in 'ana 3??

supply, and poortelecommunication networ


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mana#ers.

4!! Eucaion

!n the models the e&cludedcomparison #roup was %uniorschool certi(cates. There were$ery few relationships between

secondary school certi(cates, ortechnical and $ocational uali(-cations compared to %uniorschool le$els of education andthe business barriersC only fourmodels showed ne#ati$elysi#ned statistically si#ni(cant

relationships. !ncontrast thoseentrepreneurs withle$els of educationassoci-ated with "le$els or hi#her,correspond to#raduatin# from hi#hschool in the US, weremuch less li


33/39


the hi#h cost of localraw materials,outmoded euipment,the hi#h cost of replacin# oldeuipment, thedifficulty in (ndin#

appropriateeuipment and thepoor uality of imported rawmaterials.

The model resultscon(rm the analysis ofthe crosstabulations ofeducation a#ainst thebusi-ness barriers andthat thoseentrepreneurs whoha$e stayed on andachie$ed a formalle$el of educationassociated with an 8year old, or hi#her, aremuch less liocaion

The results show thatlocation plays animpor-tant part ine&plainin# theli


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were more li


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&'e Barriers o ro*' in 'ana 5

percenta#e of respondents whoindicated that thiswas an important or a

crucial problem. Thestudy found thatbusinesses whichemployed familymembers were moreli


36/39

conditions for anentrepreneurialeconomy in hanathey ha$e clearly hada short term ad-$erseimpact on business.

The (ndin#s doallow #o$ernment to

loo< at those factorswhere they can maonon:

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